The fact that Brooklyn has been the epicenter of real estate development and price increases is, by now, fairly well known. What may be catching those late to the game by surprise, however, is just how big Bedford-Stuyvesant has become.
In early to mid last year, I began suspecting- purely through anecdotal evidence- that Bed Stuy was quickly becoming Brooklyn’s next “Hot Spot”. Agents in my office were listing properties that lasted a few mere weeks before going to contract. Foreign investment was heavily present. Homes were closing at prices that matched or slightly exceeded asking price.
I recently listed a home in Bed-Stuy (zip 11238) and a quick look at Trulia’s data (above) shows an astonishing pace of growth: median prices in 11238 shot past Brooklyn’s early last year and hasn’t slowed down since. It’s hardly surprising , then, to see why homes that were on the market for weeks a year ago are now only on the market for days. Foreign investors are still purchasing, but they’re overshadowed by families and young couples. Homes continue to sell above asking.
The evolution of Bed Stuy, like so many other Brooklyn neighborhoods, has produced a diversity that fosters community, progress, and cultural immersion. Bedrocks of the community, those who can trace their family line in Bedford-Stuyvesant through generations, are meeting people from rural towns in Minnesota who are new to Brooklyn. Creators, entrepreneurs, community-minded individuals, artists, and professionals- both from the neighborhood and from towns across the US- are converging in this neighborhood to create one of the most unique and positive semblances of community that I have seen in Brooklyn.
- Bed-Stuy has a WalkScore of 91/100
- The area surrounding my listing at 363 Franklin has 14 nearby bus routes and 11 subway stops (G,C), giving it a TransitScore of 94/100
Notable Food and Wine
(my most recent visits… this neighborhood has a ton of great spots)
- Peaches: my favorite in the neighborhood (and right down the block from a Fillmore Real Estate office), Peaches is an eclectic mix of Southern soul food, creative cocktails, and delicious desserts.
- Therapy Wine Bar: If cheese and wine is what you’re looking for, this is the place to go. Open late on weekends, the ambiance is relaxed and the service is down-to-earth and outstanding.
- ScratchBread: Not your run of the mill bakery, this place has amazing bread extremely tasty salads, sandwiches, and desserts. Be sure to check out their site to see when your favorite bread is scheduled to be baked
featured photo courtesy of NewEco Landscapes