A dramatic surge in sale prices and rents is causing change and displacement at a head-spinning pace in Crown Heights, Bed Stuy, Bushwick and other neighborhoods in Brooklyn, according to a story in Bloomberg. Buyers with more than a million to spend are choosing to buy whole houses in Crown Heights and similar neighborhoods rather than cramped apartments elsewhere. The story said:
Young buyers and renters who can no longer afford such established communities as Fort Greene, Park Slope and Williamsburg are moving to Crown Heights, Bedford Stuyvesant and Bushwick, bidding against investors for townhomes that have been neglected for decades. Longtime tenants too poor to afford the new rents in the predominantly black districts are moving out to less-well connected, more dangerous places.
We were particularly struck by this stark — and potentially depressing, depending on your situation — description of the wealth now required to buy in much of Brooklyn:
Families with children are increasingly choosing to stay in New York City and if they don’t have millions to spend, their options are limited, said Kathleen Perkins, a Realtor at Douglas Elliman Real Estate who helped the Katzes find their Crown Heights townhouse. “My cheapest house for sale in Fort Greene/Clinton Hill is $2,500,000,” Perkins said. “If you have $1,500,000 and you’re my client, I’m driving you to Bed Stuy or Crown Heights.”
The story is pitch-perfect, in our opinion, in its overview of what is happening here and why, even though none of it will be news to regular readers of Brownstoner. Does it ring true to you?