Q&A with Real Estate Broker Joseph Baglio

Joseph Baglio is a broker and Partner at Madison Estates, one of the leading boutique brokerage firms with two offices serving Brooklyn (one on Douglass Street and the other on Avenue R). Many of Madison Estate’s transactions take place in Carroll Gardens, Cobble Hill, Brooklyn Heights, Park Slope, Bay Ridge, Midwood, Flatbush and Marine Park. Baglio has been working in the industry for over 20 years – though he says his interest in and love for real estate began as a child. After interning for a commercial lender during college, Baglio went out on his own and purchased his first piece of property in Queens, where he developed affordable housing. Currently he’s overseeing all operations of the brokerage with a focus on agent and company growth.

Baglio spoke with us and discussed the current and future states of the housing market, as well as recent purchasing/renting trends.

RHSR: How’s the housing market these days? Is it a buyer’s or seller’s market?

JB: The housing market is still very strong as the demand for homes continues to increase in tandem with the growing population in Brooklyn. I try to stay away from the terms “buyers’/sellers’ market.” At the end of the day everything will sell it’s a matter of when and at what price. Both buyers and sellers often need a good broker to illustrate the value of a property.

RHSR: What are the current trends and things potential purchasers/renters are looking for?

JB: I have noticed that purchasers and renters want to be wowed. In many new developments that we market the purchasers will be looking for that little something extra that makes the home special. It could be anything from smart home features to an extra closet. Even when you may feel that you thought of everything, a purchaser may still say “Well, if only the kitchen sink were larger.”

RHSR: What’s more common for buying and/or renting in South Brooklyn: homes, apartments, condos?

JB: The market has shifted back towards condos in the last couple years. Just a few years ago purchasers would line up to purchase a townhome in South Brooklyn. We saw prices increase by double digits for a couple of years in a row and then it just slowed down. Suddenly no one wanted to deal with renovating a 4- or 5-story home, and the trend moved to turn key condos where all that you had to do was bring your belongings. Don’t misunderstand me there is still a strong market for townhomes – just not at the accelerated pricing that we were seeing in the past. Everyone is looking for value!

RHSR: Based on the trends you’re seeing, what do you think the housing market will look like in 5 years?

JB: I’m very bullish on the housing market and feel it will be even stronger in 5 years. We live in NYC, which is the real estate capital of the world. Even in the worst of times blood will always flow to the heart. The best advice that I ever received was “Don’t wait to buy real state, buy real estate and wait.” Looking back at the crash of 2008, which was conceivably the worst time in our generations’ history, anyone who purchased a property in those months that followed probably made a small fortune.

Top photo courtesy of Baglio