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2018’s Hottest NYC Neighborhood’s Revealed

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Sheepshead Bay, Brooklyn: New developments — like 56-unit condo 1 Brooklyn Bay — have pushed Sheepshead Bay’s sales prices higher this year. Photo Credit: Stribling Marketing Associates

It was Will Rogers who famous advised someone to buy land, because “they’re not making any more.”

The real estate market is different now, but it still turns a penny or two, according to real estate listings website StreetEasy.

Rego Park in Queens spot, which sits along the M and R lines between Elmhurst and Forest Hills, was one of the biggest gainers in terms of home value this year, The median sales price of a one-bedroom jumped 15.7 percent from $258,000 in 2017 to its current $298,500.

“The rise of Rego Park is emblematic of NYC real estate in 2018, a year that saw sales prices and rents drop in many prime Manhattan and Brooklyn ’hoods, and increase in a number of less-hyped areas,” noted the New York Post.

Making the list of neighborhoods with the largest declines in sales prices were areas including the Upper East Side and the West Village.

“For rentals, some prime Brooklyn names like Williamsburg and Fort Greene notched big drops,” said the Post. “Meanwhile, often-overlooked spots like Sheepshead Bay and Kensington in Brooklyn, and Kew Gardens in Queens, saw big jumps in sales prices, while the rental market was led by neighborhoods including Mott Haven and Fordham in The Bronx and Brownsville and East New York in Brooklyn.”

Sheepshead Bay, Brooklyn is one of the neighborhoods that StreetEasy lauds, noting: “Sheepshead Bay extends far beyond the southern shores of the Brooklyn bay that supplies its name. Even at the inland center of this large, relaxed neighborhood, a hint of sea breeze and coastal charm can be detected in the air. The area offers a mix of classic NYC haunts and local quirks, making residents proud and inspiring newcomers to stop and linger. The Q train cuts through the center of Sheepshead Bay. Get off at Avenue U and wend your way through the neighborhood, or wait until the Sheepshead Bay Q stop and find yourself right where the city and the water meet. Either way, you’ll find 1970s-era single-family homes, a long-established Slavic community, a burgeoning Chinese population and the strong scent of sea air.”

Another is Williamsburg, Brooklyn. Says the web site, “Five months before the halt in L subway service between Brooklyn and Manhattan, demand for rentals in Williamsburg shows firm signs of decline. In the same period, the supply of apartments has reached near all-time highs, second only to this past September, when inventory was slightly higher amid summer’s peak rental season.”

A new StreetEasy index based on user and market data shows that rental demand in Williamsburg is down 1 percent since October of last year, even as it continues to rise all over the rest of the city. “A 1 percent decline, however, is not a sign of the end times,” say the site’s braintrust. “New Yorkers are still looking along the L train in Williamsburg and North Brooklyn, and still deciding to live there. Yet the 15 month halt in transit service has Williamsburg looking anemic at a time when the city’s economy is at its highest point in 10 years, and when other, similarly priced neighborhoods are seeing rents rise.”

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