All-cash deals are all the rage in Brooklyn real estate
Brooklyn home sales are hot, hot, hot, the latest numbers from brokerage Douglas Elliman show – but you need stacks of cash to beat out other bidders for increasingly scarce product.
“The amount of all-cash deals we’ve seen in the last six months is unprecedented,” Michael Guerra, an executive vice president and the managing director of Elliman’s Brooklyn operations, told the Brooklyn Daily Eagle. “Twenty percent down won’t cut it.”
The no-mortgage purchases are for all types of housing, from one-bedroom apartments to brownstone buildings, though previously the all-cash purchases were common only for the highest-priced deals.