Why the Boerum Hill townhouse is a small part of Brooklyn’s tech boom
The changing landscape of Brooklyn’s luxury real estate market
With 18 homes priced at $2 million or more finding buyers in a single week, Brooklyn’s luxury real estate market is looking promising. But why are people flocking to this once-derelict part of New York City? The answer is likely linked to the area’s burgeoning tech industry. With companies like Etsy, Kickstarter, and MakerBot establishing themselves in Brooklyn in recent years, the area has become a hub of innovation, attracting young, affluent buyers who are drawn to the area’s vibrant culture and creative atmosphere.
The tech industry’s impact on real estate pricing
The presence of tech companies in any city can have a major impact on real estate prices. In Brooklyn, this has been particularly evident. As tech companies have moved in and driven up demand for property, the cost of living in the borough has skyrocketed. This has had a knock-on effect on the area’s luxury real estate market, with homes selling for increasingly eye-watering sums. The former Navy boarding house that topped the market last week is a prime example of this trend, fetching a staggering $7 million.
Renovating old spaces for a new generation of buyers
The story behind the Boerum Hill townhouse is also one that reflects the changing fortunes of Brooklyn. Once a boarding house for Navy veterans, the property had fallen into disrepair before being purchased by Samantha Haber, co-founder of the By Chloe vegan restaurant chain, who then renovated it into a stunning six-bedroom family home.
Such transformations are becoming increasingly common in Brooklyn as developers seek to adapt old spaces for a new generation of buyers. Whether it’s a disused warehouse, a former factory, or a rundown boarding house, developers are finding ways to turn neglected properties into high-end homes that appeal to the tech industry’s young and affluent clientele.
The rise of remote working and the demand for home offices
One of the features of the Boerum Hill townhouse that stood out was its home office. This is a reflection of the growing trend towards remote working, as tech companies are increasingly allowing their employees to work from home.
As more people seek to work remotely, the demand for home offices is likely to continue growing. This means that properties with dedicated workspaces, like the Boerum Hill townhouse, are likely to be in high demand among tech industry buyers, driving up prices even further.
The impact of cloud computing on home design
Another trend that is likely to influence the luxury real estate market is the increasing popularity of cloud computing. As more data is stored remotely, the need for physical storage space in the home is being reduced. This means that properties with large basements or attics, once a selling point for many high-end homes, are becoming less attractive. Instead, buyers are looking for properties that are designed to incorporate cloud storage and other smart technologies.
The future of Brooklyn’s luxury real estate market
As Brooklyn continues to attract tech industry buyers, it’s clear that the borough’s luxury real estate market is set to flourish. Developers who can adapt old spaces for a new generation of buyers, incorporating the latest smart technologies and design trends, are likely to be the most successful. And with the trend towards remote working and cloud computing showing no signs of slowing down, we can expect to see a continuing rise in demand for high-end homes that cater to a tech-savvy clientele.
Originally Post From https://therealdeal.com/new-york/2023/10/31/former-navy-boarding-house-tops-brooklyns-luxury-market/
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