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Bed-Stuy Leads Brooklyn Home Sales with Prices Up 34 Percent, Report Says

By Camille Bautista | October 23, 2015 3:05pm
 With its iconic architecture, Bed-Stuy's housing stock appeals to more and more home buyers, experts say.
With its iconic architecture, Bed-Stuy's housing stock appeals to more and more home buyers, experts say.
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Landmarks Preservation Commission

BEDFORD-STUYVESANT — Bed-Stuy’s housing stock is a hot commodity with the neighborhood topping the list of Brooklyn’s home sales, according to a new report from the Real Estate Board of New York.

The borough’s home sale activity was focused in the area, which saw 190 transactions in this year’s third quarter, the report said.

Bay Ridge and Fort Hamilton came in second with 178 home sales, followed by Park Slope. East New York also made the list, coming in sixth with 143 transactions.

With its historic brownstones and townhouses, Bed-Stuy’s iconic architecture draws in many home buyers, said REBNY’s senior vice president Mike Slattery.

“Parts of Bed-Stuy are quite distinctive, some are designated landmarks and the quality of housing stock is strong throughout the neighborhood,” Slattery said.

Compared to more “established” neighborhoods like Cobble Hill or Brooklyn Heights, homes in the central Brooklyn area are less expensive in terms of initial sales prices, he said.

“If you can get in, it’s a good housing investment and place to live,” Slattery said.

The average cost of a 1-to-3 family home in Bed-Stuy came in at $1.082 million, the report detailed, a 34 percent uptick from the third quarter of 2014. Brooklyn’s average sales price was $925,000, also up from the same time period last year.

Average condo sale prices per square foot in Bed-Stuy also jumped 24 percent from 2014’s third quarter, coming in at $734,000, according to the report.

As the borough’s population and job growth continues, rises in Bed-Stuy’s sales will carry on, Slattery said.

“These positive economic factors are really pushing buyer market activity into these new neighborhoods that were there, but under-appreciated,” he said.

“The demand is there.”