House prices rebounding in Bed-Stuy

New York /
Sep.September 09, 2011 09:23 AM

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]


Related Articles

arrow_forward_ios
49 East 10th Street and Barbara Corcoran (Credit: Google Maps and Getty Images)
Corcoran to shut down office in building partly owned by Barbara Corcoran
Corcoran to shut down office in building partly owned by Barbara Corcoran
Corcoran President & CEO Pamela Liebman (Credit: Corcoran, Getty Images)
Welcome to Queens: Corcoran opens first borough outpost
Welcome to Queens: Corcoran opens first borough outpost
Corcoran CEO & President Pamela Liebman (Credit: iStock)
Corcoran begins new lead-gen push via Facebook ads
Corcoran begins new lead-gen push via Facebook ads
Brooklyn investors pay $49M for Bed-Stuy rental complex
Brooklyn investors pay $49M for Bed-Stuy rental complex
Brooklyn investors pay $49M for Bed-Stuy rental complex
BRP’s controversial Bed-Stuy project wins approval
BRP’s controversial Bed-Stuy project wins approval
BRP’s controversial Bed-Stuy project wins approval
HAP Investment Developers CEO Eran Polack with 2211 Third Avenue (HAP, StreetEasy)
NYC tries to fix supermarket program’s fundamental flaw
NYC tries to fix supermarket program’s fundamental flaw
611 St. Johns Place, Brooklyn, NY (Getty)
Workforce Housing Group solar deal will also pay for broadband
Workforce Housing Group solar deal will also pay for broadband
David V. Johnson and Corcoran CEO Pamela Liebman. (Liebman ph: Marc Scrivo, Oil Nut Bay)
Corcoran launches first international franchise in British Virgin Islands
Corcoran launches first international franchise in British Virgin Islands
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...