No need to dub it Bedwick, or ClintStuy, or BedSquilliamsBurg to draw in well-heeled transplants—real estate prices in Bed-Stuy are skyrocketing, with median asking prices in the neighborhood climbing up 50 percent over the past year. Somewhere, the ghost of the Notorious B.I.G. is sobbing on Spike Lee's shoulder.
According to The Real Deal, median sales prices in the neighborhood hiked up to $630,000 from March to June 2014, up from $425,000 in 2013. And median asking prices shot up by 50.4 percent, all the way up to $895,000. One Bed-Stuy house, located a 15-minute stroll from the Brooklyn stoop where a 25-year-old man was gunned down last month, sold for as much as $2.25 million. It's a seller's market over there, one Douglas-Elliman broker told The Real Deal, noting that “the iron’s hot.”
We're also hearing rumors that Lena Dunham's GIRLS protagonist is moving to Bed-Stuy next season.
Note that in February, 75 percent of Bed-Stuy residents complained that the affordable housing situation in the neighborhood was "intolerable"; median income in the neighborhood is $52,253, about 5.8 percent of the aforementioned median real estate asking price. So that's where we are right now. Off to the New Frontier we go!