Real Deal excerpt -
For years, young professionals and families turned up their noses at
Bay Ridge, a working-class area of southwestern Brooklyn, because of how
far it is from Manhattan. But as real estate prices in trendier
Brooklyn neighborhoods continue to climb, more and more city slickers
are taking a second glance at the “original Gold Coast,” as locals call
the area. With its phenomenal public schools, copious outdoor spaces,
restaurant row, and affordable housing, Bay Ridge has a lot to offer.
The influx of young people has also changed Bay Ridge. Trendy, pricey
restaurants have popped up on the main drag, a new crowd stays out
later, and rents have significantly increased. Suddenly, Bay Ridge’s
lifelong residents fear being priced out of their homes.
The last shred of Old Brooklyn — the grimy, comfortable,
working-class borough where a cup of coffee cost a buck — is giving way
to “Girls”-era, hipster New Brooklyn. Let’s see what all the fuss is
The neighborhood was developed more than a century ago as a
seaside retreat for wealthy families. Mansions, since torn down, dotted
the ridge along the tidal strait separating Brooklyn from the more
suburban Staten Island.
Today the fabric of the neighborhood is changing. As real estate
prices in trendier Brooklyn neighborhoods like Williamsburg and Park
Slope skyrocket, young professionals and young families have set their
sights on Bay Ridge.
For outsiders, owning property in Bay Ridge seems like a steal.
The median sale price is $656,000, as compared to $1.4 million in the
hipster mecca of Williamsburg, and $1.35 million in Park Slope,
Brooklyn’s “stroller central.”
This migration however, has caused massive spikes in real estate
value. Both the median home sale price and median monthly rent are up
14% year over year, and rents are up 30% over two years.
Bay Ridge took the lion’s share of Brooklyn’s new development
sales in the first quarter — nearly 20% — and sold more new two-bedroom
homes than any neighborhood in the borough.