R
eal estate agents in Brooklyn report a surge in demand for move-in-ready properties and rising home prices. According to Alexander Maroni of Douglas Elliman, buyers are willing to pay a premium for new townhouses and condos, while older projects with renovation needs sit on the market.

    Maroni notes that prime locations like Cobble Hill, Brooklyn Heights, and Park Slope remain highly sought after, with multiple offers over asking price. However, he attributes this trend to a lack of appetite for renovations, which has become less appealing due to the residual effects of Covid-19.

    Ravi Kantha of Serhant agrees that the market is experiencing a "tale of two cities," where renovated properties in prime locations sell quickly, while those requiring renovation languish. Tariffs and stock market volatility have injected uncertainty into the market, making it challenging for sellers and buyers alike.

    Kantha believes that people waiting for mortgage rates to drop may find a good buying opportunity when rates are lower. However, he notes that some individuals, such as hedge fund clients, benefit from high volatility in the luxury markets.

    Charlie Pigott of Corcoran reports a robust start to 2025, with properties receiving lots of attention and many bidding wars. He attributes this to buyers becoming comfortable with higher interest rates and the new normal. Pigott is bullish on the market for 2025, citing potential rate cuts and people fleeing the stock market by investing in hard assets like real estate.