We know, we know. Real estate news is kind of a double-edged sword. It’s good to stay informed, but sometimes the information about what we can and can’t afford in this city feels cruel.
According to one report by MNS, Bushwick experienced the greatest jump in price per square foot of any neighborhood in Brooklyn between quarters one and two in 2017.
For the uninitiated, price-per-square-foot (or PPSF) is calculated by taking the sale price of a space and dividing it by the amount of square feet. In the first quarter of 2017, Bushwick’s PPSF for new developments was $648. In the second quarter, which ended June 30, the PPSF in Bushwick was $779.
It’s a surprising jump because Brooklyn’s overall new development price-per-square-foot dropped by 2.4 percent from first to second quarter this year.
We reached out to MNS for comment regarding sample size but have yet to hear back. Sample size is very important in this case because if only one Bushwick unit sold in quarter two, any number of variable could have affected the sale price and would not necessarily constitute a trend.
We will update this piece when we hear back.
The possible silver lining in all of this is that Williamsburg studio prices are finally inching down. The average price for a studio in the neighborhood that’s more butt of joke than place to live fell by 8.5 percent from $2,861 in February 2017 to $2,697 in March 2017. For comparison, the average studio price in Bushwick is $2,009.
So, if you’re thinking about switching apartments and saving money, it still looks like staying put is your best bet, unless you’re willing to trek all the way down to Bay Ridge for your new pad.
Photo by jay blacks on Unsplash.