There are only two neighborhoods in Brooklyn where the median price per square foot is less than $200. And you’ve probably never heard of either of them.
Where can a Brooklyn buyer on a budget buy a home for less than $200 a square foot these days? That works out to be a whole house for less than $500,000 or an apartment for less than $200,000.
In two neighborhoods: City Line, nestled between East New York and Queens’ Ozone Park, is $199 per square foot. Remsen Village, located between East Flatbush and Brownsville, is $153 a square foot, according to the most recent data from PropertyShark.
Buyers who can stretch to $300 a square foot will have more choices. Altogether, there are 14 neighborhoods where prices are less than $300 a square foot. They include East Flatbush, Cypress Hills, Ocean Hill and Bushwick. Here they are:
Coney Island: $296 psf
New Lots: $296 psf
Bushwick: $287 psf
Flatlands: $273 psf
Sea Gate: $271 psf
Ocean Hill: $267 psf
Canarsie: $254 psf
Farragut: $250 psf
Brownsville: $248 psf
East New York: $230 psf
Cypress Hills: $220 psf
East Flatbush: $203 psf
City Line: $199 psf
Remsen Village: $153 psf
Although technically not under $200, at a median price per square foot of $203, East Flatbush comes close. The area is not exactly under the radar anymore, either.
Real estate agents frequently recommend East Flatbush, as well as Cypress Hills, to clients interested in buying a whole house for well under $1,000,000. Its standalone circa-1900 wood frame Victorian and Edwardian houses are similar to those in Ditmas Park, although the area also has a wider variety of housing types, including many more prewar apartment buildings.
East Flatbush and Cypress Hills, as well as Ocean Hill, are fruitful places to look for buyers who specifically want a turn-of-the-last-century home such as a wood frame house with a porch, brownstone, or bow-fronted row house. Pictured above is Clarendon Road in East Flatbush.
East Flatbush is also teeming with development. Dozens of wood frame houses are being sold as development sites to be razed and turned into big apartment buildings. Development has been brisk in Ocean Hill as well.
The PropertyShark data includes closed sales of all types of homes through 2014. It does not include sales for 2015. It’s likely that by the time all the data is in for 2015 (by the second or third quarter in 2016), Bushwick will no longer be on the list of under $300 per square foot.
Asking prices in Bushwick are now over $1,000,000 for renovated homes, and many sellers have been getting their prices, or close.
To see the price per square foot in 2014 and 2004, and the percent change, click in on a specific neighborhood on the PropertyShark map.
It’s no secret that prices of homes have been rising quickly throughout Brooklyn since 2012. Only five years ago, less than $200 a square foot was the norm in many areas in central Brooklyn, including Bushwick and the brownstone-heavy neighborhoods of Bedford Stuyvesant, Crown Heights and Prospect Lefferts Gardens.
PropertyShark’s data shows price increases of 40 to 72 percent in those areas in the decade since 2004. With the median prices there now running $347 to $465 a square foot, depending on the neighborhood, a whole house will be more than $1,000,000.
[Photo: Clarendon Meadows Civic Association]