Did you hear the news? The L train will return to regular service three months ahead of schedule!
For months now, the train has been running on restricted service on nights and weekends. But according to a recent announcement, renovations are ahead of schedule.
The new planned end date is April 2020, instead of July 2020, and we couldn’t be happier.
Northern Brooklyn has had to deal with limited train service for months now, and it has been impacting commuters, local businesses, and the larger real estate market.
So if you are looking to buy, sell, or rent an apartment in NYC in these neighborhoods, you should definitely consider how this announcement may impact real estate in New York City.
History of the L Project
The details about the L train repairs have been a constant back-and-forth. Back in 2016, the MTA had planned to totally shut the line down during 2019. We previously mentioned how some owners were dreading the shutdown and putting their homes up for sale.
With the looming shutdown, demand in neighborhoods like Williamsburg went down. Condo prices and apartment rents decreased.
It wasn’t all doom and gloom, though—in Greenpoint, demand actually increased due to easier access to transit away from the L train.
But then the L train “apocalypse” was averted earlier this year when the shutdown plan was ditched in favor of reduced train service. After the news broke, the future of the northern Brooklyn market was less bleak.
Although demand hadn’t totally bounced back to pre-repair levels, things started looking better.
The New Plan
Originally, the L train renovations were scheduled for a July 2020 completion. The renovations include repairing crumbling tunnel walls and providing more electric power to the tracks. According to the MTA, this means that the improved L trains will run more frequently between Manhattan and Brooklyn.
Apparently things have gone smoothly for the MTA, because the projected end date has been moved forward to April 2020!
Now although the trains are still running on reduced service on nights and weekends, there is a light at the end of the tunnel. And as with all good neighborhood news, this will impact the real estate market.
How This May Impact Your NYC Apartment Sale or Purchase
When the L train apocalypse was upon us, homeowners and renters were leaving impacted neighborhoods to places with more convenient public transportation. But now that the major train line is scheduled to be up and running soon, people will surely be turning their attention back to northern Brooklyn.
What does this mean for home buyers and sellers? We can expect northern Brooklyn neighborhoods to begin catching up to the growth the rest of the borough has seen.
Although the train repairs cannot account for all of the market slowdowns, it was a major factor to consider for many buyers and sellers. With regular service coming, this negative component of property value is removed.
But the initial scare flooded the market with new availabilities, creating a high supply. With increased demand and more homes up for grabs, we may be entering a competitive market as neighborhoods like Williamsburg and Bushwick regain access to the fully operational L train.
Looking to rent or buy a new home in New York City or sell your current one? Have questions about how the end of the L Project may impact your property? Contact us!
