Anyone looking to buy a townhouse for under $1,000,000 will get the best bang for the buck in East Flatbush, although they should also check out Bushwick, Bed Stuy and PLG, a real estate agent advised us last night at dinner.
Now this morning DNAinfo has a story saying the time is now to buy a recently renovated townhouse in a “hot” neighborhood for under $1,000,000 – but those opportunities will soon be fading. The areas in question are Bed Stuy, Bushwick, Crown Heights and Prospect Lefferts Gardens.
“Soon” — it’s unclear exactly how soon — townhouse buyers will be priced out of those areas and relegated to Ocean Hill and East Flatbush, said the story, citing our own posts about recent record-setting sales in Crown Heights ($2,900,000) and Bed Stuy ($3,000,000).
The story also quoted a sales report out from the Real Estate Board of New York yesterday. In the fourth quarter, condos were up 13 percent and townhouses were up 17 percent throughout all of Brooklyn, vs the year earlier, said the report. The gains for townhouses in specific neighborhoods are nothing short of astonishing. Said DNA:
Bed Stuy one- to three-family homes, for example, sold for an average price of $887,000 in the fourth quarter of 2014, up 37 percent from the year before, according to a report released Tuesday from the Real Estate Board of New York. Crown Heights homes went for an average of $733,000, up 24 percent over the year. Bushwick homes averaged $633,000, up 35 percent, and Prospect Lefferts homes averaged $673,000, up 16 percent.
Soon the action will turn to condos, as a huge number of new condo buildings are set to launch in these areas, as we’ve reported previously. More specifically, Aptsandlofts.com alone is “representing 40 new buildings slated to open this year and next in areas like Bushwick, Bed Stuy and Crown Heights,” said DNA.
Another agent, Ban Leow of Halstead, recently told us he believes the market will continue to climb for another three years. What do you think?