Plenty of Reasons for Buying Brooklyn Foreclosures

by Simon Lindsay on cities

Aside from the availability of affordable Brooklyn foreclosures, there are other great reasons for out-of-state buyers to invest in Brooklyn real estate.

Brooklyn has the biggest population among the five boroughs of New York, and Kings County – which has the same boundaries as Brooklyn – has the biggest population among counties in the state of New York.

Brooklyn has an estimated population of 2.56 million, almost 31 percent of the total population of New York City, based on estimates in July 2008. Queens is next, with about 2.3 million. Manhattan has about 1.6 million, the Bronx has about 1.4 million and Staten Island has the least, with less than half a million.

With more people, there are greater prospects for reselling repossessed homes at a profit. The availability of Brooklyn foreclosures is not a problem since Brooklyn and Queens accounted for the huge majority of foreclosure postings in the first quarter, based on reports from New York University real estate analysts.

Nearly 1,600 Brooklyn homes were notified of default and foreclosure sale in the first quarter, in addition to the nearly 7,000 residential units that entered foreclosure in 2009. Because of job losses, many of these distressed homes eventually became bank foreclosure homes for sale.

Another reason for investing in bank owned foreclosures in Brooklyn is the position of the borough in relation to Manhattan. Aside from having its own large business district, Brooklyn also functions as the best back office for large business enterprises in Manhattan. Additionally, more than 50 percent of Brooklyn’s residents work in other boroughs, indicating the value and attractiveness of Brooklyn to workers in other boroughs.

Brooklyn itself hosts plenty of businesses, with about 40 percent of residents working within the boundaries. Although most employers in the borough are small enterprises, there are big corporations like Pfizer, banks, credit and those operating in the Brooklyn Navy Yard.

Indeed, with 2.5 million in population and still rising, investors in Brooklyn foreclosures have a lot of prospective clients in the borough.

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