Buy Curious

$800,000 in Crown Heights will (still) get you far

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Eager to call Crown Heights home, but not sure what you’ll be able to afford? Andrew Paul Smith of Ideal Properties Group sets out the options in this week’s Buy Curious.

THE WISH LIST:

I’m in the market for an apartment in Crown Heights, and I have a budget of $800,000. What can I expect to get? Where should I look?

THE REALITY:

Relatively affordable housing, a neighborhood feel, a growing number of eateries and shops, and easy access to trains, including the 2, 3, 4 and 5 lines, are all making Crown Heights an increasingly popular choice for buyers from across the city. However, the real beauty for buyers is the variety of properties in the area, from sparkling new condos to beautiful brownstones and stand-alone two-family houses with driveways and yards.

On your budget, you can easily afford any of those options, but it will depend on what you’re looking for—and where.

As with most of Brooklyn, prices get lower as you move further away from Manhattan, so you can still find some real deals on the eastern side of Crown Heights. For example, a two-bedroom condo on the western edge could be $750,000, but that same condo on the eastern side would cost just $400,000; a two-family townhouse on the western border may fetch $1.5 million, while on the east, it would go for $700,000. You’ll have to choose whether you want a yard and more space in an “up and coming” area or an apartment amid an array of shops and restaurants.

The newest, most notable development is evident on and around Franklin Avenue between Atlantic Avenue and Eastern Parkway. Recently added to the abundance of bars and restaurants are the newly opened Berg’n (a beer hall and food court) and flea market Brooklyn Flea. There’s even a Starbucks, always a harbinger of gentrification. Other avenues may experience the same fate in the near future. Rogers Avenue, Nostrand Avenue and Kingston Avenue are poised for more development because of an abundance of commercial space—meaning there’s room for everything from markets to gyms to daycare.

Still, lately it seems like every block has new buildings coming up—including a number of four to 10-unit structures (mostly condos) on the short blocks between the avenues, plus a few larger rental buildings (40 to 60 apartments) like 341 Eastern Parkway (at the northeast corner of Franklin Avenue and Eastern Parkway) and 500 Sterling Place (between Washington and Classon Avenues). If you’d like to explore life in Crown Heights before committing to buying a place, these might also be a good option for you.

Want to move to Crown Heights?

Crown Heights four-bedroom/two-and-a-half bathroom two-family house, $799,000: This renovated brick townhouse at 1206 St. Mark’s Avenue between Utica and Rochester Avenues has exposed brick, skylights, hardwood floors and fireplaces. Both apartments feature two bedrooms. There’s also a finished basement and a yard.

Crown Heights two-bedroom/one-bathroom condo, $715,000: This loft-like condo at 802 Dean Street between Washington and Grand Avenues has an open floor plan, a wall of glass doors and a south-facing balcony, plus in-unit laundry and a soaking tub with a rainfall shower. The nine-unit building offers common roof access, storage rooms for each apartment and a tax abatement until 2034.

Crown Heights two-bedroom/one-bathroom condo, $685,000: Located at the border of Clinton Hill and Crown Heights at 1208 Pacific Street between Nostrand and Bedford Avenues, this condo has two large bedrooms, a renovated kitchen, in-unit laundry, high ceilings and two walk-in closets. 

Crown Heights four-bedroom/three-bathroom townhouse, $745,000: The owner’s duplex in this two-family brick townhouse at 1761 Dean Street between Utica and Rochester Avenues offers a custom eat-in kitchen with stainless steel appliances, two full bathrooms and a large deck leading to a fenced-in garden. There’s also a vacant rental available for tenants.

Related:

5 Brooklyn nabes where you can (still) buy a house for under $1 million

Want a Brooklyn brownstone for under $2 million? Compromise is key

How to buy a NYC apartment

Buying, renovating or refinancing next year? 5 mortgage trends to watch in 2014 (sponsored)

7 questions to ask about the building before you buy an apartment there (sponsored)


Buy Curious is a weekly column in which NYC real estate brokers help buyers develop a realistic search strategy. Want some advice on your search? Send us your wish list.  

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