Is it a matter of time? With the proposed Morris Park Metro North Train Station, the surge in property values in Manhattan, Brooklyn and Queens as well as the shortage of apartment, is Morris Park in a position to benefit from rising property values and benefit from its own surge in property values?Richard Greco of Richard Greco Appraisals and owner of Richard Greco Real Estate, a Morris Park Real Estate Brokerage Service say YES.Simply put, there isn't any more property to develop, the only solution is the purchase of older, non-land mark properties, demolition and build new. Fact is, older homes too will benefit from the demand of reasonably priced homes that are in reach of Middle Class Americans and Morris Parkites.
As an Appraiser, Richard Greco can tell you that atypical 1920 two family home on a 25 x 100 lot in Astoria, Flushing, Crown Heights Brooklyn can command a price of $900,000 to 1.4 Million dollars.The same home in The Bronx command a sales price of $450,000 to $550,000 practically one half of it counter part in Queens and Brooklyn.
How long will it take for the prices in the Bronx to match the prices in Queens and Brooklyn? That may never happen. However, as long as prices continue to rise and supply is low and demand is high, Queens and Brooklyn home prices will continue to surge and so will the prices of homes in the Bronx.The question now arises. Should you sell or hold on to the property pending the completion of the Metro North Train Station. Of course that depends on your financial condition.Richard Greco, as a Morris Park Real Property Investor can tell you that he will hold onto his Realty Holdings.
To find out what your property is worth now, call Richard Greco at 718-518-8588.