The good folks at Property Shark compiled data on how the real estate market has performed in Bed Stuy since the first quarter of 2005. Overall the results show that prices are slowly but surely on the rise following a more sluggish market in 2009 and 2010.
Condos and co-ops: The median sales price rose from just under $300K in 2005 to just under $400K in 2012. A drop in sales price occurred in the second quarter of 2007 (with median prices around $300K) and rose toward the end of 2008 (with median prices around $450K.)
Houses: The median sales price of houses was just under $500K in 2005, and the median price remains in that range in 2012. Prices were highest from the third quarter of 2006 ($650K) to the third quarter of 2007 ($670K), although the number of closings was steadily decreasing. Prices were on a slow decline from the third quarter of 2007 all the way to the fourth quarter of 2010. Since then, prices have been on the rise, leveling out at 119 closed homes at an average price of $496,221 in the first quarter of 2012.
Most Expensive Streets: The three most expensive streets in Bed Stuy from 2005 until the present are Stockton Street, with eight sales averaging $920K, Columbus Place, with nine sales averaging $779K, and Broadway, with five sales averaging $740,500. The most expensive Bed Stuy sale since 2005 was 293 Franklin Avenue, a two family which sold for $1.9 million in March 2007.
Highest/Lowest on the Market: The lowest priced unit on the market is a condo at 156 Macon Street, asking $133,850. The highest priced unit is 184 Lefferts Place, asking $1.9 million.
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All images via Property Shark
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