BEDFORD-STUYVESANT — Million-dollar homes are becoming the new normal in Bedford-Stuyvesant, according to a recent report.
Real estate site Trulia analyzed housing markets in the country’s 100 largest metro areas and found that the central Brooklyn neighborhood had the largest increase in seven-figure homes in the city over the past four years.
In May 2012, 1.7 percent of homes in Bed-Stuy were valued at at least a million dollars. Within four years, the percentage of million-dollar homes in the area grew to 56.5, according to Trulia.
The top five city neighborhoods that saw an increase from 2012 to 2016 were all in Brooklyn, the report found, with Greenwood Heights coming in at No. 2 two and Crown Heights, Greenpoint and Borough Park following.
Widespread property renovations contribute to the rise in Bed-Stuy, said Ban Leow, broker with Halstead Property.
“Because the market is so hot right now, renovating properties and putting it for resale over a million dollars — I think that’s where the surge is coming from.”
Brownstones are at the top of the list, he said, with prices of $1.5 million coming in as the “new normal.”
“There’s an influx of people visiting the neighborhood and falling in love with property,” Leow said.
“We all know the connotation of Bed-Stuy to a lot of people, but when people move in and see a welcoming, vibrant neighborhood, it changes their mind and it translates to people telling their friends.”
