26 JANUARY 20 - JANUARY 26, 2017 BROOKLYN MEDIA GROUP Update on Ridge real estate market BY PATRICK WEINBERG [email protected] Good news for potential buyers: The cool temperatures of winter have also cooled down the usually hot real estate market in Bay Ridge. A quick scan of leading real estate websites, such as Trulia and Realtor. com shows that while there seems to be a decent amount of inventory, with an average of about 300 properties on each site, a combination of homes, condominiums and co-ops, the turnover is just not happening this time of year. Patricia Anderson, closing coordinator at the Bay Ridge office of FirstService Residential attributes this to rising mortgage rates. “The sales are slow because rates are slowly going up," she said. "The prices are the same in this area. They have not gone down or up.” In 2016, average rates for a 30-year fixed mortgage had gone up from 3.69 percent in January to 4.04 percent in December. Anderson says, “Interest rates are just getting too high, and while people may want to buy or even afford a down payment, they just can’t get a mortgage. It’s also the winter.” While many young professionals are looking to be potential buyers in Bay Ridge, as opposed to Park Slope and Williamsburg, interest rates seem to be the main thing keeping them at bay. The median listing price in Park Slope, according to Realtor.com, is $1.7 million, compared to Bay Ridge, with a median listing price of $540,000. With the Ridge’s myriad of restaurants and bars, and a growing number of boutiques, young professionals are looking to the area as a more affordable alternative to the more expensive hipster-filled neighborhoods. The area boasts the most parks per square mile of any Brooklyn neighborhood, and the waterfront promenade along the Narrows is popular among bike riders and joggers. Buyers are also attracted to the unique style of each and every home in Bay Ridge. No two are alike, and there are not many comps, if any, available for a single property because of the variety. While the idea of a high mortgage may seem like too much to bear, there still seems to be a healthy interest from potential buyers, who want to get more value for their dollar, as they look to buy not only a property, but into the neighborhood lifestyle Bay Ridge has to offer. “Bay Ridge is one of the hottest areas in Brooklyn and it’s only growing,” said real estate guru Charles Fabbella, an associate broker of Ben Bay Realty Company of Bay Ridge who just so happens to own the phrase “Specializing in all your real estate needs.” “We’re getting people from everywhere that want to live in Bay Ridge for a number of reasons.” Those Fabbella agreed, include the nabe’s bustling businesses and nightlife, proximity to good schools and, of course, its family-friendly atmosphere. “Bay Ridge is one of the most friendly places to in, so it’s only natural that people want to be here,” he said, adding that, while interest rates are going up, home pricing in Bay Ridge is still hard to beat. “The demand is definitely still here.” Additional reporting contributed by Meaghan McGoldrick. BROOKLYN MEDIA GROUP/file photo The variety of residential properties in Bay Ridge is part of the neighborhood’s appeal. Bank opens first Brooklyn location in Ridge BY PATRICK WEINBERG [email protected] A new bank opened its doors in grand fashion when the First National Bank of Long Island hosted its cocktail reception and ribbon cutting on the evening of January 12. The party welcomed local business owners, customers and invited guests to try a variety of small bites and cocktails as the bank opened its new Bay Ridge location. “This is the first ever Brooklyn branch for this bank,” said Galina Narchuk, assistant manager of the branch, who then showed off a map of Long Island that displayed all of the other branch locations throughout Suffolk and Nassau counties. This is a welcome expansion for the bank, which is celebrating its 90th anniversary, as proudly mentioned by First National Bank of Long Island President Michael Vittorio. The night also had appearances by Deputy Chief of Staff for State Senator Marty Golden John Quaglione, and Senior Vice President of the Brooklyn Chamber of Commerce Rick Russo, who helped Branch BROOKLYN MEDIA GROUP/Photo by Arthur de Gaeta Cutting the ribbon on the Bay Ridge branch of the First National Bank of Long Island. Manager Yajaira Estevez hold the big scissors for the ribbon cutting. The bank, which is decorated with old photos of Bay Ridge in the late 1800s and early 1900s, makes patrons feel like they are in someone’s living room, not a bank, and even has a comfortable sitting area complete with a fireplace. Estevez extended the neighborly welcome by going around to local businesses herself to hand out invitations so that “we call all feel part of the community.” Multiple employees of the bank were also heard throughout the night talking to many new customers, stressing the idea that they hope to “bring a community feeling that larger banks cannot offer,” as stated by Executive Vice President Rick Perro. At the end of the ribbon cutting, a driver passing by yelled out an employee’s name from their car, completely in line with the bank’s motto, “Where everyone knows your name.” The First National Bank of Long Island is located at 9202 Fourth Avenue. It is offering special promotional rates for new customers, including .55 percent APR when you open a savings account, as well as free checking accounts for FDNY employees and their families.
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