New York City home values may be ho-hum in the year ahead, but parts of Brooklyn appear poised to blaze, a report released on Tuesday showed.
Some of the city's hottest properties of 2013 will be in Brooklyn's Prospect Lefferts Gardens, where the median home value is set to surge 8% to about $901,000, according to real estate data company Zillow.
|(Photo credit: Wikipedia)|
Still, home values in the whole borough are poised to rise just 3%, far more modest than the 11% gain they racked up last year. In the city as a whole, home values will barely budge after gaining about 8% in 2012, Zillow said.
"New York City was definitely hot last year, but we do expect some substantial moderation in home value appreciation," Stan Humphries, Zillow chief economist told the Daily News.
With home prices rising, owners may be more willing to sell, and a bigger supply of homes will likely slow price gains previously driven by tight supply, Humphries said. "No seller wants to sell at the bottom."
In Manhattan, anticipated hotspots include the Flatiron District and Soho, where home values are set to rise just over 6% in 2013.
Some uptown Manhattan neighborhoods, though, still have farther to fall. Median home values in Hamilton Heights are expected to be the hardest hit in the metro area, falling 7%. Harlem is forecast to be the second worst, with a drop of 6.5%.
By Elizabeth Lazarowitz / NEW YORK DAILY NEWS
Read more: http://www.nydailynews.com/life-style/real-estate/brooklyn-home-real-estate-hot-spots-article-1.1244947