First Time Buyers Head Far Out in Brooklyn


The median sales price in Brooklyn is $525,000. So where can you snag homes below the median? The New York Observer reports that of the 3,766 homes under that price this year, almost half sit in Sheepshead Bay, Kensington, Flatbush, Gravesend, East New York, Clinton Hill, Bay Ridge, Bedford-Stuyvesant, Williamsburg and Park Slope (where are the Park Slope homes under $525,000?). In Sheepshead Bay, the buyers are apparently Asian, Russian and Turkish. "The newish condos have brought in a high number of B-train-riding Manhattan commuters," they report, who "have transitioned smoothly into the neighborhood, once a predominately Italian and Irish community." Kensington, too, has seen an influx of commuter residents, as has Ditmas Park (and price increases to go with them), but those interviewed didn't seem to think East New York or Flatbush would be the next version of those neighborhoods. "According to Brooklyn-based broker Jeff Grandis," they write, "the sour economy 'has really slowed things down.'”
Where the Bobos Now Buy in Brooklyn [NY Observer]
East 14th St. Photo by Lisanne!

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