What New York City neighborhoods are more affordable for buyers?
Where should I buy a condo as a good investment?
Bed-Stuy & Greenpoint Prices Per Sq. Ft Rise while Downtown Brooklyn & Brighton Beach prices per square foot fall.
Clients, buyers/investors ask me all the time where is a good neighborhood to buy real estate. Where in “next” New York City neighborhood where prices will appreciate in the new few years. Where would buying a condo for investment purposes be a good idea?
Bed Stuy. and Greenpoint, Brooklyn are good places to purchase a well valued home.
The Real Deal recently covered the rising price per square foot in Bed Stuyvesant, Greenpoint and other surrounding areas near Williamsburg.
As they referred to it, “Hipster Brooklyn” could be spreading. Critics would say further gentrification of Brooklyn. These neighborhoods have seen new construction of condos with amenities as the areas begins to change with new restaurants and entertainment. Downtown Manhattan and “brownstone” Brooklyn prices could be too expensive for many.
A friend of mine is constructing a new town house in Bed Stuy from scratch because he sees the neighborhood’s value increasing over the next few years.
In Bed Stuy, where I have a listing coming on soon this spring near Bedford Street. The condos are a normally a good size, over 900 sq. ft. or higher. A good value when you compare these prices to Manhattan and other parts of Brooklyn.
According to the Real Deal , “Greenpoint saw sales prices rise fastest on average, climbing about $200 per foot, to roughly $1,150 in March, up from about $950 in April 2015. The apartments sold were relatively small, about 960 square feet on average, and prices on several sales exceeded $1,200 a foot.
In Bedford-Stuyvesant — fast becoming a gentrification case study– the price per square foot average rose from about $500 in April 2015 to $700 in March 2016, a 40 percent average increase.”
Photo Credit: 315 Gates, Street Easy
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