For many would-be buyers in the tried and true submarkets of Manhattan, news from StreetEasy’s January market report proved auspicious. The headline read “Price Growth Slows and Homes Linger Longer in January,” suggesting that buyers can expect to face less competition in the coming months. Expanding on this trend, StreetEasy data scientist Alan Lightfeldt indicates that the Manhattan market may be seeing buyer’s fatigue setting in after months of blistering sales price growth. Even though the slower price growth stems in some part from shrinking inventory, buyers entering the market are likely to appreciate the extra breathing room.
Brooklyn Price Growth Slows
Cooling prices were not just limited to Manhattan. Brooklyn also saw a slowdown in price growth last month continuing the steady decline it has seen since July of last year. One submarket, however, defiantly bucked this trend. In January, East Brooklyn’s median resale price grew 25.3 percent from last year — an unprecedented number compared with the rest of the city. East Brooklyn’s median resale price reached $494.5K, which is admittedly much lower relative to the overall median resale prices for Manhattan and Brooklyn, which are $991K and $549K respectively.
Emerging Markets in East Brooklyn
The East Brooklyn submarket is comprised of Crown Heights, Bed-Stuy, Brownsville, East New York and Bushwick — neighborhoods that traditionally were not go-to destinations for buyers looking for a solid real estate investment. The combination of the aggressive growth in resale price and relatively low prices, however, is now making East Brooklyn a very attractive market for buyers. The barrier to entry, for the time being, is still low, but the price growth is taking off, suggesting high yielding resale value.
>> See sales in Bed-Stuy, Crown Heights and Bushwick
The area’s emerging appeal is evident in the growing median asking prices in places like Crown Heights, Bed-Stuy and Bushwick. Your grandmother who grew up on Sumner Avenue in Bed-Stuy would be hard pressed to believe that places like Bed-Stuy and Crown Heights have median asking prices of $875K and $874.K respectively, but that’s exactly what they’re commanding these days. Although median asking prices do not directly translate to concrete property values, the fact that brokers and sellers are setting these prices reflects the increasingly aggressive, eyes-on-the-prize atmosphere taking hold in these neighborhoods.
Does this spell, “Now’s the time to buy?” If you’re one of those intrepid buyers, perhaps it does. Here are 10 sales listings in East Brooklyn that are looking pretty attractive. Check them out.
$500K Duplex Loft in Bed-Stuy
Pros:
- 1,000-square feet
- Double-height ceilings
- Two bathrooms
- All new fixtures and appliances
Cons:
- Closest subway is .4 miles away
- Located on industrial block
- Open floor plan layout might not suit everyone’s tastes or need for privacy
$649K 2BR in Stuyvesant Heights
Pros:
- In-unit washer-dryer
- Private balcony
- Access to shared roofdeck
- All new fixtures and appliances
- Living room features a skylight
Cons:
- Small bedrooms
- Living and dining rooms share the same space
- .4 miles to nearest subway
- 4th floor walk-up
$899K 2BR Duplex Loft in Bed-Stuy
Pros:
- 1,285 square feet
- Corner unit
- Two walls of windows
- Views of skyline
- New kitchen and bath
- Great communal outdoor space
Cons:
- Common charges are relatively high for the area at $600/month
- Closest subway is the G; nearest J/M stop is almost a mile away
- Building is located in a busy commercial area near a truck route
$849K 3BR in Crown Heights
Pros:
- Private outdoor space
- Newly renovated kitchen and bathroom
- Exposed brick
- Central Crown Heights location
Cons:
- Third bedroom is small
- The apartment is on the ground floor and doesn’t get a lot of light
- Windows have bars on them
$699K 1BR in Bed-Stuy
Pros:
- Two balconies
- High ceilings
- Spacious layout
- New kitchen and bath
- $200 common charges
Cons:
- Closest subway is the G; The A/C is a half a mile away
- Not a lot of storage space
$879K 3BR in Bed-Stuy
Pros:
- Private backyard
- 1,296 square feet
- Three bedrooms with closets, plus a playroom
- Apartment building is small and intimate with only seven units
Cons:
- Kitchen lacks counter space
- The nearest subway is over half a mile away
- The block lacks trees and has a lot of empty lots on it
$625K 1BR Duplex in Bushwick
Pros:
- 1,078 square feet
- Private garden
- Large downstairs space
- Lots of storage space
Cons:
- Location is deep in Bushwick near the Ridgewood border
- Neighborhood is industrial and somewhat isolated
$729K 2BR in Bed-Stuy
Pros:
- Lots of windows and skyline views
- Two balconies
- 2 large bedrooms
- New appliances and fixtures
Cons:
- Kitchen is small and lacks counter space
- Living room is small
- Location is on the corner of a busy intersection
$698K 1BR in Crown Heights
Pros:
- Private balcony
- New kitchen and bath
- Lots of storage space and additional storage space in cellar
- In-unit washer-dryer
- Directly across the street from neighborhood destination, Berg’n and the Brooklyn Flea
Cons:
- Not many trees on the block
- Location is a more remote and industrial part of Crown Heights
$840K 2BR in Bed-Stuy
Pros:
- 1,000 square feet
- 12-foot ceilings
- New kitchen and bath
- Master bedroom has walk-in closets
- Building offers full-time doorman, a gym and common roof space with grills
Cons:
- Open floor plan layout is currently configured as a one-bedroom with the second bedroom area acting as a home office
- Closest subway is the G; the nearest C train is .7 miles away
- Location is a fun part of Bed-Stuy, but the street itself lacks trees or residential character
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