Price Check on Bed Stuy

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Asking prices on generic flips in Bed Stuy have been nothing short of astounding lately, moving from the $500,00-$700,000 asking range into $900,000-plus territory in about a year.

But are buyers actually paying these prices? And where?

The current closing price for a three-story generic renovated flip, even “deep in Bed Stuy” — that is, not close to Clinton Hill or in Stuy Heights  — is now between $900,000 and $999,000, according to BK to the Fullest. The blog lists no fewer than seven such properties that have closed lately:

*730 Hancock Street (pictured above) for $999,998
*486 Halsey Street for $975,000
*937 Greene Avenue for $920,000
*768 Hancock Street for $982,000
*419 Halsey Street for $935,000
*434A Jefferson Avenue for $999,999
*380 Herkimer Street for $950,000

If it’s a four-story or “super quaint,” it can go for more, he said.  “Even in this market, you need some real bells and whistles to command $1,000,000 or higher for a three-story deep in Bed Stuy.” But it’s coming, or at least sellers or going to ask for it.

Where do you see prices in east Bed Stuy and Crown Heights in the next three months to a year? Rise, level or drop? Is the steep appreciation evidence of a bubble or a previously undervalued market?

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