Posted March 15, 2019 04:03:18When the developer of the Berksshire real estate project announced it would close its doors after the second quarter of 2019, it brought to light an ugly truth that many people are not aware of: There’s no real estate boom in Berkeshire, just a handful of new properties that are expected to sell for $2 million or more each.
That’s the situation in the borough that will be home to the first of four buildings in the $1.6 billion redevelopment of the former East Berksire Power Station site.
But it’s not the only development taking place in Berkelshire, and it’s a story worth telling in order to understand why there’s so much buzz around the area, according to the city’s economic development manager, David McNeill.
“The real estate market is really high right now,” McNeill said.
“The average price for a single-family home in Berkenshire is $1,300,000.
It’s going up at an exponential rate.
It has been in the market for five years.”
There’s a lot of hype around Berkesire.
There’s a whole lot of speculation, and people are really excited about it.
But it’s actually not a big thing in Berkelshire, he said.
“Berkeshire is a little bit of a bubble,” he said, adding that the Berkesis aren’t really in a rush to move.
“There are lots of people out there who have the money and want to live in Berkensey.
People have the means to buy a house.
That’s the story here.”
There are some concerns about the impact of the redevelopment on the borough’s reputation.
McNeill points out that Berkesia is a city of about 40,000 residents and has one of the lowest unemployment rates in the country.
But that’s partly due to the fact that the city doesn’t have any large office or manufacturing industries, and has a population of just 2,000 people.
The city is also facing an influx of new people who don’t fit the criteria for the definition of a resident of Berkesley.
“We are a very young, mixed-income population,” McNeil said.
The borough has seen a drop in property values since the Great Recession and the real estate downturn.
Many of those people moved to other parts of the city, or elsewhere in the United States, in search of a cheaper rent, McNeill added.
It’s also a good time to start considering other options for living in Berkhance.
The city already has two housing options available for rent.
One, located at the West Berks Estate, is located in the village of Stonybrook.
The other, at the South Berks Road site, is just off Route 128, about five minutes from the borough.
McNeill said Berksieres population is rising fast.
There are currently 8,500 residents, and the city is seeing an increase of about 200 residents a week, he added.
The other option, located in Stony Brook, is called The West Berkeres House, which is expected to open in 2019.
Brent Breslin, the director of the development firm Breslins, said he was excited about the new development, but warned that it will take time for people to understand the potential for the redevelopment.
Breslin added that the development will bring benefits to the Berkelys economy and the area. “
We don’t want to rush things, but we want to be able to be more proactive in terms of planning and planning in terms a better location for people.”
Breslin added that the development will bring benefits to the Berkelys economy and the area.
He said Berkesville will have the opportunity to be a great destination for those looking to move out of Berksia, because it will be close to downtown.
If people want to stay in Berknies area, he believes there’s a way to do it.
But it will also bring challenges, Breslen added.
“It’s going to be an investment in a lot more ways than just the economic benefits that you’ll see.
People will be moving out and there’s going a lot to learn about Berkeland and the Berkens, he explained.
For more Berkeles coverage, visit berks-tourism.com.