Today's article on real estate in Crown Heights

whynot_31

This article doesn't say anything you don't already know, but we could use this thread to post future articles on the topic, for those who don't have google.

http://www.bloomberg.com/news/2014-08-28/brooklyn-boom-squeezes-buyers-pushing-into-crown-heights.html

southeast

This one actually amazed me.  This is quite a hefty sum for this area, IMHO.  http://www.brownstoner.com/blog/2014/08/crown-heights-south-flip-brings-in-1-85-million/

eastbloc

Bloomberg: bringing you six year old news today.

homeowner

@southeast, I think that the housing stock on prime blocks in CHS is far and away more desireable than most of what's in CHN. You have detached, and semi-detached homes, most with driveways and/or garages. It doesn't shock me at all, especially when you think that people are paying $1.5 million for brick townhouses in Bed Stuy.

whynot_31

I've grown to expect houses in CHN and CHS to be between $1.3M and $2.3M.

mugofmead111

The houses on Sullivan Place between Rogers Avenue and Bedford Avenue have driveways/garages as well.

southeast

@homeowner  I would agree with you.  I presume you are referring to CHSE.  I am not sure they have much of what you are describing on the west side of CHS; I don't really venture to that area.

However, this is definitely a first.  Houses on President between Kingston and New York Avenues have got for that and more for a while now, but not really anywhere else in CHSE.  Until now.

People are paying $1.5m for a brick townhouse in Bed Stuy because, as @whynot_31 once noted, nothing draws a crowd, like a crowd.  CHSE doesn't have the crowd (yet).  

The alleys and driveways which are common in CHSE are indeed awesome.

goldemi1

Beautiful house, semi detached, and if in/near hassidic area its totally understandable it would fetch this price these days.  Not an area I desire, but desirable and necessary for others.  Meaning hassidic folks kinda need to live within their community and walking distance to schul . Thats why Gravesend houses are astronomically priced by our views, but not if youre a wealthy Syrian garment tycoon.

southeast

@goldemi1 - My understanding is that the house on Union which we are discussing was not sold to a member of the local Jewish community.

southeast

5 BROOKLYN NABES WHERE YOU CAN (STILL) BUY A HOUSE FOR UNDER $1 MILLION

http://brickunderground.com/blog/2014/07/five_brooklyn_neighborhoods_where_you_can_still_buy_a_house_for_under_1_million

CROWN HEIGHTS:

Median asking price: $987,000

Number of houses listed: 40

Average sale price as of July 2014: $460,271​

Number of houses sold as of July 2014: 200

whynot_31

At the current rate of inflation, it shouldn't take Crown Heights long to go from $987k to over $1M.

A lot of people will never get to own a home here, which is consistent with most expensive neighborhoods in the US.

mugofmead111

A lot of people will never get to own a home here, which is consistent with most expensive neighborhoods in the US.

Welcome to our world.

whynot_31

I am known as Captain Obvious for a reason.

http://www.google.com/search?tbm=isch&hl=en&source=hp&q=captain+obvious&gbv=2&oq=captain+obvious&gs_l=img.3..0l10.1608.6946.0.7778.20.13.0.7.7.2.149.918.10j2.12.0....0...1ac.1.34.img..3.17.760.GKRXibjn3ys

pheightsresident

At the current rate of inflation, it shouldn't take Crown Heights long to go from $987k to over $1M.

A lot of people will never get to own a home here, which is consistent with most expensive neighborhoods in the US.

I'd agree, except that there is a huge gap between median asking price and average selling price, at least at present. CH is still not as expensive as the median asking price would make one think, though this depends on what area of CH one is looking and on the type of home, etc. 

whynot_31

Yes, the median price is misleading in that way.

However, $427k is also pretty exclusive.

We are rapidly becoming an area in which people move after selling their prior home, or after inheriting $.

....not many people are able to buy here solely using the funds they saved from their job as a bus driver, or NYC employee.

They once could, but can not any longer.

whynot_31

Speaking of which, 591 Washington is now ready:

southeast

While reading this article, I couldn't help but compare to what we have going on in our area - Crown Heights vs. Bed-stuy...

http://brickunderground.com/blog/2014/09/moving_out_of_bed_stuy

And a response on Brownstoner:  http://www.brownstoner.com/blog/2014/09/backlash-against-bed-stuy-hype-grows/

whynot_31

Change is more difficult for some than others.

Dawndew

WHy was that article in Brickunderground.com published at all? Look out, Spike here comes another one.

whynot_31

Depending upon your position, here is more good or bad news:

http://mobile.bloomberg.com/news/2014-10-09/brooklyn-home-prices-reach-record-in-third-quarter.html

southeast

1.2 million - It's not a brownstone; it's attached; it's not large (the 3,720 Sq Ft noted includes the cellar), AND its in southeast CH!  - http://www.brownstoner.com/blog/2014/10/house-of-the-day-1239-president-street/

I don't recall seeing anything similar close to this price range.  This seems to be raising the bar in this area.

whynot_31

It is between NY and Nostrand, which is quite nice. The President St 2/5 stop is right there...

southeast

The location may be great as a result of the 2/5 stop, but the block is not particularly nice.  There is an ugly condo section in the middle on the north side, and a giant building/compound on the south side taking up half the block.  I never really liked the look of this block.

And, added to above, it doesn't parking.

Unless being that close to train station adds approximately 25% in value, I would say this listing is that much more than recent sales of comparable properties in the area, but further east. 

whynot_31

I don't watch that area that closely, so I'll take your word.

I have noticed that people are taking the bars off the windows and porches.

whynot_31

November 7:

http://www.brooklyneagle.com/articles/2014/7/21/crown-heights-now-most-sought-after-brooklyn-neighborhood-multifamily-investment

southeast

As a follow up, holy cow! It's moving east, and fast.

- On President St. - $1.5m for a brownstone practically on Troy: https://www.coldwellbanker.com/property/1540-President-Street-Brooklyn-New-York-11213-MLS-DC1540P

- On Carroll St. - $1.3m for brick between Troy and Schenectady:  https://www.coldwellbanker.com/property/1580-Carroll-Street-Brooklyn-New-York-11213-MLS-389386

Interestingly enough, North of EP on Linclon just off of Troy, "only"  $900k:  https://www.coldwellbanker.com/property/1221-Lincoln-Place-Brooklyn-New-York-11213-MLS-2688804

I'm going to venture a guess that quite a few people in my neck of the woods are going to refinance using these comps, assuming they sell.

whynot_31

I do hope that they all get their asking prices.

Dawndew

one day soon Eastern Parkway will be glorious the full length. And living around Lincoln T

errace Park

https://foursquare.com/v/lincoln-terrace-park/4bfadfb365fbc9b6bda6906c

 will be desirable. 

ehgee

A lot of the 1920s 2-families just south of Eastern Parkway seem very competitively priced at a bit over ~$1M, considering they are a fast commute to Manhattan, an easy walk/bike ride to many of Brooklyn's nice neighborhoods, and the equal-sized rental space will pay much more of the mortgage than a small garden apartment. And many have parking, too.

southeast

one day soon Eastern Parkway will be glorious the full length. And living around Lincoln T

errace Park

https://foursquare.com/v/lincoln-terrace-park/4bfadfb365fbc9b6bda6906c

 will be desirable. 

I can't wait for this to happen!  It will take a while though.  Utica will need to turn first.

whynot_31

As a result of Brooklyn being the worst in the US for home affordability, wealthier renters may find their way toward Utica.

http://www.bloomberg.com/news/2014-12-04/brooklyn-worst-in-u-s-for-home-affordability.html