Downtown Brooklyn Real Estate

Introduction4

Discussion4

Purchase of real estate in Downtown Brooklyn5

Contract of Sale in Downtown Brooklyn6

Extra Costs During The Process Of Purchasing Property In The Downtown Brooklyn8

Reasons for Investing in the real estate market of Downtown Brooklyn9

High return on capital9

Bargain Rental Market10

Strong Economy10

The Best Infrastructure11

Mortgage rates11

Tax Law of the United States Contributes to Investing in Real Estate11

Capital of the World12

Highly Provision12

Limited Time Offer13

Reasonable Prices13

Impact of Global Crisis on United States Real Estate Market13

Impact Of The Mortgage Crisis on the U.S. Real Estate Market15

Impact of Global Crisis on Downtown Brooklyn Real Estate18

The Beginning of the Negative Effects18

Current Happenings in the U.S. Real Estate Market20

Prospects And Possibilities of the Downtown Housing Market26

Conclusion27

References28

Real Estate Market

Introduction

Real estate is referred to a property that consist of land and the building that have been built on it. It is also important to understand that the natural resources that have been cultivated on it including crops, water, and minerals are also involved in the total value of the property. In addition to this, interest vested immovable property and a number of items of real estate including housing and buildings are also part of real estate. The term real estate is considered to be a legal term that is used in the jurisdictions such as United Kingdom, United States, Australia, Canada and New Zealand (Dolan, 2012). The core focus of this research is to discuss the real estate market of the Downtown Brooklyn and the related aspects that affect the real estate market of Downtown Brooklyn.

Discussion

Downtown Brooklyn is the borough's central business district and is located at the foot of the Brooklyn and Manhattan Bridges in the northwestern section of Brooklyn adjacent to Brooklyn Heights, DUMBO, Fort Greene and Boerum Hill. The character of the neighborhood has historically been defined by its office and institutional buildings, but since it was rezoned for residential in 2004, a number of large residential buildings have been constructed. Downtown Brooklyn is very much in the midst of its transformation. Retail has not quite caught up with the influx of new residents, but this is clearly changing. The character and quality of the retail on Fulton Street is improving every time there is a lease turnover. The character and quality of the retail on Fulton Street is improving every time there is a lease turnover. DUMBO is a neighborhood in north-west Brooklyn bounded by the East River to the west, the Brooklyn-Queens Expressway to the east and south, and Jay Street to the north. Formerly an industrial are with large floor plate warehouses and lofts, the neighborhood became home to established artists, craftsmen and furniture dealers starting in the 1980s. With its breathtaking views of the bridges and Manhattan skyline, DUMBO quickly became a coveted residential community. Today many of DUMBO's lofts have been converted to luxury condos and apartments, and its cobble-stone streets are booming with life. Retail has developed substantially over the past decade as the area has become more affluent. While restaurants and boutique shops have gown in numbers substantially, there ...