BEDFORD-STUYVESANT — Buyers can still score a Bedford-Stuyvesant townhouse or multi-family home for less than $200 per square foot — but not for long, experts say.
As home values climb in central Brooklyn, the most affordable properties listed in Bed-Stuy this August are priced as low as $156 per square foot, and are mostly found on the neighborhood’s borders, according to real estate research and analytics company Neighborhood X.
In many cases, Bed-Stuy house-hunters can find multi-family properties priced comparably to some homes in Bronx neighborhoods, said Neighborhood X co-founder Constantine Valhouli.
The neighborhood saw listing prices for townhouses and multi-family homes between $156 to $909 per square foot, a range nearly identical to prices for co-ops, condos, houses and multi-family buildings in Riverdale, Valhouli noted.
The most affordable properties listed in The Bronx’s Spuyten Duyvil and Mott Haven in July and Riverdale in August ranged between $121 and $214 per square foot, compared to this month’s cheapest Bed-Stuy listings, which were priced between $156 and $249 per square foot.
The Bed-Stuy prices are a bargain compared to Manhattan and northwest Brooklyn, Valhouli said — in East Harlem, the most affordable listing in July was $482 per square foot and in Cobble Hill, the cheapest was priced at $666 per square foot in August.
The low numbers likely won’t last long, though, experts said.
“We might see a lot of reduction in the number of opportunities under $200 per square foot, those are going to get snapped up,” Valhouli said of the Bed-Stuy townhouses and multi-family homes.
This month’s listings with the cheapest price per square foot included 33 Monaco Place near Atlantic Avenue, a 3,000-square-foot property priced at $468,000 — or $156 per square foot.
The average price in Bed-Stuy came in at $495 per square foot, with a property at 225 Putnam Ave. near Bedford Avenue topping the list and asking for $909 per square foot.
Buyers will see an increase in price per square footage because of a changing market, said Halstead Property’s Ban Leow.
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“They’re beautifully designed. It has a lot to do with the renovated, high-end properties we’re seeing now being put back on the market,” Leow said, adding that Bed-Stuy prices are a “block-by-block situation.”
Prices per square foot get lower as buyers look east of Malcolm X Boulevard and north of Gates Avenue, he added, moving more towards the Ocean Hill area of Brooklyn.
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“I think the $200 per square foot market is going to diminish,” Leow said. “But Malcolm X [Boulevard] being a live wire right now for all the restaurants coming in, will increase the price per square foot east of it, on blocks like MacDonough, Macon, Bainbridge.”
Blocks like Howard and Ralph avenues will see an increase in prices, he said, due to their proximity to the growing commercial corridor.
