Location, Location, Access?

In the wake of the subway fire that has crippled the A and C lines for months, New York real estate entrepeneurs wonder whether the lack of transit service to Manhattan will effect the real estate market in outlying borroughs. Some sellers think that the decrease in service will make showing their properties more difficult. Bently Rand, who is trying to rent his garden apartment in Brooklyn says, "it will be harder for people to come look at houses," because "it's a longer trek." The walk to the nearest open subway station, which was half a block, is now six long blocks. Some real estate professionals don't foresee a slowdown in the market. Frederick Peters, president of Warburg Realty, said there has been no rush to sell properties in many areas served by the crippled lines and no drop in the number of bidders trying to lock down deals. In the end, most agree that the New York real estate market is driven by the desire to own a home over amenities like good subway service. Brooklyn broker, Jerry Minsky, thinks that "nothing will stop New Yorkers from buying, even if they have to yellow-cab it to the house."

Thanks to Peter Buryk