House Prices in Brooklyn's Red Hook on the Rise
With townhouses listed for $2 million, are Red Hook real estate sales finally catching up with the hype?
For a while now, Red Hook has been touted as a Brooklyn neighborhood on the cusp of gentrification. Apparently the real estate prices are finally starting to corroborate all the talk. According to an article in the New York Post, bargains in Red Hook are becoming more rare. Gone are the days when you could buy a $1 million house in move-in condition, says Corcoran broker Eva Zurek. "Anyone who comes here looking to buy a finished place at $1.1 million needs to know that it is non-existent," she told the Post.
If you're open to fixer-uppers, you can still find deals. If you're on the market for a fully finished home, though, expect to pay around $2 million and up. A townhouse at 398 Van Brunt St., which includes two apartments, a storefront and carriage house, is on the market for $2,495,000. It sold two years ago for $1,795,000. Eight years ago — pre-renovation — it went for $525,000. A multi-family 4,500-square-foot townhouse on Dikeman Street is listed at $1,995,000, while another multi-family townhouse on Coles Street is going for $1,790,000.
With its cobblestone streets and the ever-growing number of trendy restaurants and boutiques, Red Hook has plenty to offer. Fairway and Ikea are just down the road, and Valentino Park is almost like having the waterfront in your backyard. There are, of course, the unfortunate drawbacks: The neighborhood isn't served by any subway lines and it's smack in the middle of a Zone A flood zone — the highest risk zone. Still, the pros seem to outweigh the cons for more and more New Yorkers.