House prices rebounding in Bed-Stuy

Bedford-Stuyvesant, the area bordered by Clinton Hill, Bushwick, Williamsburg and Crown Heights, famous for its African-American history and tree-lined streets, saw a bout of foreclosures after the development boom morphed into a recession, the Wall Street Journal reported. Prices dropped and developers switched their condominium plans to rental plans.

Prices in Bedford-Stuyvesant however, though still far from 2008 levels, are on the rise, according to Streeteasy.com. The median sales price of homes that closed in the first half of 2011 was $373,500, an 8 percent jump from the same period last year. The volume of sales in the neighborhood has increased too, in contrast to a citywide trend, the data shows.

“We’re seeing more attendance at open houses, we’re actually getting more offers than we’d recently been getting on properties,” says Anthony Morris, a vice president at Corcoran Group who lives in Bedford-Stuyvesant. “With the influx of new people moving to the neighborhood, you’re seeing new restaurants. The culture is evolving in the neighborhood.” [WSJ]