Cobble Hill's 'Most Affordable' Townhouse Is $1.68M

COBBLE HILL, BROOKLYN — Even those looking for a bargain home in Cobble Hill should be ready to shell out more than a million, a new listing for the "most affordable townhouse" in the neighborhood shows.

Realtors have advertised a 114 Butler Street two-bedroom townhouse as the "best-priced property in Cobble Hill," even though it asks for nearly $1.68 million. The three-story family home also boasts the lowest maintenance costs of any property in the neighborhood, the firm said, with real estate taxes at approximately $195 a month and all other maintenance at under $500 a month.

The $1.68 million will get you about 1,400 square feet, which includes a master bedroom with suite marble bath, third floor second bedroom, a private roof garden and a dining, living and kitchen area downstairs.

The price, though, shouldn't come as too much of a surprise to anyone who has been following the upward trajectory of the trendy neighborhood.

Real estate prices have been on the rise in Cobble Hill for several years now — arguably more so than its surrounding neighborhoods — and officially surpassed prices in Manhattan back in 2016.

The median price to buy a home in the neighborhood has just about tripled since five years ago, jumping from about $327,000 to $985,000, according to data from Trulia.

Buyers could have even found cheaper options if they began their search within the past year. The median price was more than $100,000 less, at $860,000, just three months ago, the data shows.

Cobble Hill still hasn't reached the level of luxury as of some of its neighboring hotspots, though it is getting close. Most of these neighborhoods — including Park Slope, Brooklyn Heights and even Carroll Gardens — offer median sale prices around $1.3 million, or as much as $1.9 million in Brooklyn Heights, according to the Trulia data.

The difference, though, is that these expensive neighborhoods were all already at or near the $1 million range five years ago, when Cobble Hill was still somewhat affordable. Even in the past year, Cobble Hill has seen the most growth, with its median price spiking about 40 percent compared to a dip in Carroll Gardens and only about a 14 percent increase in Park Slope.

Brooklyn Heights came the closest with about a 33 percent increase over last year.