According to Douglas Elliman’s latest market report, home prices in Brooklyn are higher than ever. The median and average sales prices for the borough both broke records, crossing the $800,000 and $1 million thresholds for the first time in the third quarter of this year. “As the Brooklyn market continues to reinvent itself over the past five years,” says the report, “There is no standard of comparison with historical trends.” It means Brooklyn, and also Queens, boast some of the fastest residential price growth in the country, with new developments cropping up and demand skyrocketing as buyers stream into outer boroughs.
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Photo via CityRealty
Maple East New York Housing, located where the Crown Heights and East Flatbush neighborhoods of Brooklyn meet, is accepting applications for 16 affordable apartments. The building, found at 918 East New York Avenue, contains a blend of affordable and supportive housing, offering a mix of studios, one and two bedroom units. Qualifying New Yorkers earning 60 percent of the area median income can apply for the $1,017/month one-bedrooms and $1,224/month two-bedrooms.
Once enticing New Yorkers with their cheaper rents and mortgages, the outer boroughs of Brooklyn and Queens have set record sales prices during the first quarter of the year. As reported by Crain’s, Brooklyn had a record-setting median sale price of $770,000, more than 16 percent higher than last year. This was driven by an increase in sales activity, with nearly 50 percent more transactions taking place this quarter compared with the beginning of 2016. In Queens, the median sale price was $485,000, but one- to three-family homes set a new record with both average ($697,946) and median ($650,000) sales.
Photo via Brooklyn Historical Society
One of the most exciting things about exploring Brooklyn is seeing the unique architecture of each neighborhood. Now, thanks to an interactive map from urban_calc, you can also learn the age of these structures in the borough with the oldest buildings in the city. Using the city’s OpenData project and Pluto dataset, urban_calc found the median age of buildings in each census tract. The oldest neighborhood is Ocean Hill at 1911, followed by Cypress Hill, Park Slope and Stuyvesant Heights, all with a median building year of 1920. On the other hand, the newest neighborhoods include Coney Island, West Brighton, East New York, Canarsie and Williamsburg.
Brooklyn has long been thought of the place to find great deals, but increasing interest in the borough has also brought with it an increase prices across the board. A story published today by the Times takes a look at the shift back to Manhattan as the “better value” for buyers and renters. Although the median price in the city does remain higher than Brooklyn—$970,000 versus $610,894—northern neighborhoods like Washington Heights, Inwood and Morningside Heights do provide a much cheaper alternative to coveted neighborhoods like DUMBO and Boerum Hill. But is the offer really worth the move?
Architect Tim Seggerman renovated an extended a Brooklyn Brownstone blending Finnish and Japanese aesthetics in a beautiful way. Located in Cobble Hill, this family home was re-conceived in a modern way, respecting its traditional brownstone facade with a surprising extension at the back. Using a variety of wood that includes white oak, mahogany, bamboo, teak and ash, the local architect turned this Brooklyn dwelling into a stylish comfortable place to live.