Prices Skyrocketing in Emerging Brooklyn
A story in the Post yesterday confirmed what regular readers of this blog have known for some time: Home prices in Bed Stuy are rising quickly — as are prices in other neighborhoods outside the traditional Brooklyn brownstone belt. Average condo prices are up 12 percent and two- to four-family townhouses up 36 percent this…
A story in the Post yesterday confirmed what regular readers of this blog have known for some time: Home prices in Bed Stuy are rising quickly — as are prices in other neighborhoods outside the traditional Brooklyn brownstone belt. Average condo prices are up 12 percent and two- to four-family townhouses up 36 percent this year vs. last year in Bed Stuy, Crown Heights, Bushwick and Prospect Lefferts Gardens, based on data from the Corcoran Group, the story said (presumably it meant as of May, the end of the second quarter, but the story didn’t specify). The reasons given were many: Brooklyn has become a top-tier destination, rising interest rates, not much newly built inventory, and improving retail and amenities — as typified by Franklin Avenue. What do you think the reasons are — and will the prices last?
Stuy High [NY Post]
Please do!
My point exactly. The BIG dip was only two years long before the housing market more than rebounded.
Many are empty and run down. Others are serving a different community, but I like that. I don’t want to live in a monotone hipster ghetto because I certainly am no hipster. And if the commercial rents are too high, well then yes, that’s an obstacle. We will see. Thank you for the comments.
Ah yes, the comments about the commercial rents being already too high are excellent point. I have to admit I am not down that way very often for the very reasons you mention. Are there many empty storefronts? Or are they quite active but serving a different community than yourself?
I am pretty sure they will come, it just may take a little time. 10 years ago Vanderbilt Ave in Prospect Height didn’t have much. A couple of decent restaurants, maybe the bad Soda. The MEt Food was OK, but not great, but improving to meet the changing demands. Then about five years or so ago, POW! This is very similar pattern to what is happening on Cortelyou Road. YMMV, but I suspect it will play out in similar fashion.
I’ve thought about moving, but I love my apartment! That’s what keeps me here and I suppose hope (stupidly) springs eternal! And, there’s always the B63 bus! But it always gets to me when I see something like in today’s Brownstoner about a prepared food shop coming to Myrtle Ave. and I keep asking, why oh why can’t a shop like this come to this part of 5th Avenue. Ben S. is right, but I find it hard to believe that that’s the complete answer.
bodegas need to transform into koren fauxdegas before fancy provisions stores move in. it’s the circle of retail
Landlord — if you read my posts, I said 5th Avenue beyond 17th Street.
As I said, better provisions…better food shops, produce, wine shops, restaurants…all of it that neighborhoods depend on and something more than another generic deli.The critical mass is there to support them.