In Brooklyn, property developers are in combat against a harsh market. Due to the lack of space, strict laws on zoning and construction of new buildings and many more, condo sales have plummeted rapidly in the country. In 2014, only a shocking 21 condominiums have been sold, amazingly low for such a large and developed country!
One of the huge limitations is that New York property developers would be lucky if they can find the space to build two, maybe even one Condominium! To that, they have developed a new solution – creating new condominiums from old buildings such as dormitories, churches, banks and even a police station!
As you might expect, this task is considered to be a huge headache for property developers who are assigned such projects. They have to go through a lengthy application and planning process with many restrictions placed upon them, such as leaving certain old infrastructure in place.
However, the payoff is worth it. Many prospective homeowners would love to own a house with “history” in it. How prestigious would it be to have a condominium based off an old Church, for example, if you were a religious person? Such projects can go for an asking price of $2 to $4 million so despite the troubles, many architectures consider this a worthwhile plan to solve the housing crisis.
With shrinking space in Singapore having to support a rapidly growing population, could we see the introduction of such wild and creative additions to the property market? Only time will tell…
We hope this has been helpful insight into your future plans of property investment. If you’re looking to take advantage of this opportunity, at Condo New Launches we have a wide variety of information on new properties for you to pursue.
