Deep Brooklyn lures buyers with cheaper homes

Priced out of once-affordable Park Slope, Carroll Gardens and Williamsburg, home hunters explore farther flung ‘hoods

New York /
Mar.March 08, 2013 01:30 PM

In the search for more affordable real estate in Brooklyn, house hunters are pushing deeper into the borough, eyeing neighborhoods with a more traditional vibe, the New York Times reported. Buyers looking for relative affordability are skipping over pricier areas like Park Slope, Boerum Hill and Williamsburg, and purchasing in places such as Sunset Park, Kensington/Ditmas Park, Crown Heights and Bushwick.

Still, with this pick up, housing prices in these areas are now on par with or surpassing prices found in middle class areas of Westchester, northern New Jersey and Long Island, according to Trulia data.

Sunset Park last year recorded a median sales price of $280,000 — significantly lower than the record $670,500 median high recorded in nearby Park Slope last year. But beyond cheaper pricing, the neighborhood is offering its residents something new: the Bush Terminal Piers Park is slated to open this summer on the waterfront.

Another popular destination is Bushwick, parts of which, depending on location, are dubbed East Williamsburg. The area around Morgan Avenue’s L train stop is now referred to as Morgantown.

“It is very similar to what North Williamsburg used to be,” David Maundrell, founder of aptsandlofts.com, told the Times. “Now, it’s like that cool place to be.”

As reported yesterday, Bushwick was the only Brooklyn neighborhood to post double-digit increases in average rents in February, according to MNS. The median sales price here was $336,500 last year.

Crowds are also going to Northern Crown Heights, near Prospect Heights. Last year, the median sales price here was $425,400 — up 13.5 percent year-over-year, Streeteasy.com shows. But compared to nearby Fort Greene, with a median price of $530,000, and Prospect Heights, with a median of $572,000, this is still a bargain, the Times said. [NYT]Zachary Kussin


Related Articles

arrow_forward_ios
Tenants are singing longer leases to lock in low rent. (Getty)
Tenants locking in longer leases as apartment rents rise
Tenants locking in longer leases as apartment rents rise
149 Clinton Street (Google Maps, iStock)
Brooklyn’s priciest rental will run you $30,000
Brooklyn’s priciest rental will run you $30,000
Toby Moskovits (Google Maps, Supreme Court of the State of New York)
Fortress files to foreclose on Toby Moskovits’ Bushwick hotel site
Fortress files to foreclose on Toby Moskovits’ Bushwick hotel site
Venn co-founders Or Bokobza and Chen Avni (Photos via Owler, The Centre for Conscious Design)
This startup creates community to help landlords retain tenants
This startup creates community to help landlords retain tenants
(iStock)
NYC rents hit record lows at the start of 2021
NYC rents hit record lows at the start of 2021
HRI executive director Aaron Carr and 700 West 192nd Street (Google Maps, Facebook)
Brooklyn, Manhattan tenants sue landlords over alleged 421a abuse
Brooklyn, Manhattan tenants sue landlords over alleged 421a abuse
420 Stockholm Street in Bushwick with State Attorney General Letitia James (Google Maps, Getty)
Ownership dispute at Brooklyn rental puts affordable tax break at risk, city says
Ownership dispute at Brooklyn rental puts affordable tax break at risk, city says
A rendering of 85 Jay Street and RXR Realty CEO Scott Rechler (Winick, Getty)
RXR makes $220M apartment bet in Brooklyn
RXR makes $220M apartment bet in Brooklyn
arrow_forward_ios

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

Loading...