Bedford Stuyvesant is one of the 5 quickest growing neighborhoods in Brooklyn at this time. With a 19.4% population increase, there is no other Brooklyn neighborhood growing quite as quickly as Bedford Stuyvesant. As a result of this tremendous growth in population the demand for housing is very high and cannot match current inventory levels of both rentals and residential properties for sale. The reasons for this boom in population growth are a short commute by subway into Manhattan, prices for apartments for rent that are 10 to 30% cheaper than in Manhattan. Gorgeous tree lined blocks with magnificent and historic Brownstone, Limestone and Wood Frame houses on the market for sale have attracted many eager first time house hunters.
The price range of homes in Bedford Stuyvesant has soared over the past several years. Homes that were selling in the $400,000 to $500,000 range 5 years ago are now selling in the $700,000 to $800,000 range. Some home prices in Bedford Stuyvesant have reached into the $1,000,000 + price range depending on the location, size and condition of the property. Some of our customers, who owned properties in Williamsburg and benefitted from the price increase of their condominium units, sold their units and invested in housing in Bedford Stuyvesant.
Many investors and developers have focused on Bedford Stuyvesant for years, knowing that the neighborhood's popularity would grow more and more as time will go by. For example Accord Real Estate Group handled the marketing and sale of a six family home located at 867 Halsey Street, between Saratoga and Howard Avenue. The property had fallen into disrepair and was purchased by an investor and was renovated into a gorgeous rental building.
Halsey St The Sumner Armory
There are many new construction projects in the works now in Bedford Stuyvesant such as the 5 story 28 unit apartment building to be developed at 196 Macon Street and a nine unit apartment building located at 817-821 Dekalb Avenue, nearing completion.
For more information on properties for sale in Bedford Stuyvesant and other wonderful Brooklyn neighborhoods, please call or email us anytime.
Photos by Anna Kader
