search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421a“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment dealMacerich faces “imminent” default on $300M Santa Monica Place loanMacerich faces “imminent” default on $300M Santa Monica Place loanH-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boom
New York

Deep Brooklyn lures buyers with cheaper homes

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

Sunset Park
Sunset Park

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.

Sign Up for the undefined Newsletter

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

Tags
BushwickRental MarketSunset Park