On the waterfront, prices are dropping

A Zillow report shows premiums have dropped since 2012

New York /
Jul.July 11, 2018 09:25 AM

2458 National Drive in Brooklyn

It might be difficult to fathom, but the price of living next to a body of water is becoming more affordable, a new report has found.

Since 2012, when waterfront premiums reached a high of 54 percent in the second quarter, costs have dropped to a 36 percent premium in the first quarter of this year, according to Bloomberg. Citing a Zillow report, the current premium is even lower than the 1996 average of 41 percent.

In Miami-Fort Lauderdale, the premium is 38 percent.

The price drop has been attributed to homebuyers fear of living near water, largely due to “catastrophic hurricanes, climate change” and “people’s changing tastes.” The Zillow report also pointed to a “tremendous bounceback in non-waterfront homes since the housing bust.”

However, in New York, developers have been flooding the areas hit by Superstorm Sandy. StreetEasy pointed to an “explosion” of new buildings in waterfront neighborhoods like Red Hook and Belle Harbor in Queens. A report last year found that 27 residential developments were built in Red Hook since 2012. [Bloomberg] — David Jeans 


Related Articles

arrow_forward_ios
Seattle Seahawks receiver and newly-licensed realtor Tyler Lockett along with 812 245th Place Northeast in Sammamish, Washington (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images and Redfin)
NFL star earns his real estate wings
NFL star earns his real estate wings
Toll Brothers' Douglas Yearly and property at Sparks, Nevada (Toll Brothers)
“Honey, I bought the town:” Buyer ends up with big chunk of subdivision
“Honey, I bought the town:” Buyer ends up with big chunk of subdivision
75 Park Lane South (Plaza Construction)
This year’s top-selling Hudson County homes
This year’s top-selling Hudson County homes
(Illustration by The Real Deal with Getty)
Housing affordability hits 33-year low
Housing affordability hits 33-year low
Daniel Grollo and 106 Central Park South (Photo Illustration by Steven DIlakian for The Real Deal with Getty Images)
Trump Parc condo tied to embattled Australian construction magnate hits market
Trump Parc condo tied to embattled Australian construction magnate hits market
Richard Gere and Ryan Murphy with 81 Lyndel Road (Redfin, Getty)
Celeb buyer of Richard Gere’s Westchester estate revealed
Celeb buyer of Richard Gere’s Westchester estate revealed
REAL NY's Louis Adler, Compass' Eugene Litvak, and ROART's Ran Oron with the Milk Factory (REAL New York, Compass, ROART, Milk Factory)
East Williamsburg’s resi market reaches new heights
East Williamsburg’s resi market reaches new heights
Homeward founder Tim Heyl (Homeward, Getty Images)
Power buyer Homeward lays off 20% of staff
Power buyer Homeward lays off 20% of staff
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...