Golden Age of Sheepshead Bay: Buyers Going Way Deep

[Photo courtesy of Rubys Host/flickr]

So, where are first-time buyers making real estate purchases in Brooklyn? Brooklyn Heights? Carroll Gardens? The answers are no and hell no. They're going to neighborhoods like Sheepshead Bay, East New york and Gravesend. So says the Observer, which looked at the sale of homes below the $525,000 Brooklyn medium. (A measure that almost, by definition, rules out the Slope, Brooklyn Heights, et. al.) In any case, it found that half the sales of 3,766 homes sold under $525K were in 10 neighborhoods: Sheepshead Bay, Kensington, Flatbush, Gravesend, East New York, Clinton Hill, Bay Ridge, Bed-Stuy, Williamsburg and Park Slope. The top neighborhoods are East New York with 234 sales and Sheepshead Bay with 233. By contrast, Park Slope had 128. The median price in Sheepshead Bay is $530,000 versus $1.1M in Cobble Hill and $850,000 in Boerum Hill. Plus, it's close to the water.
· Where the Bobos Now Buy in Brookyn [NYO]

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