Tuesday, March 06, 2007

Carroll Gardens, Greenpoint & Williamsburg Lead Brooklyn Price Surge

The increase in Brooklyn real estate prices is not in your imagination. In fact, a report released yesterday by the Real Estate Board of New York quantifies it. The Real Estate summarized the findings, including the fact that median apartment price in Brooklyn rose 6 percent from 2005 through 2006 to $343,000. The median for one-, two-, and three-family homes in Brooklyn increased 16 percent in 2006 to $570,000. "Try getting a Manhattan townhouse for that price," TRE notes.

According to REBNY's report, the median sale price of all Brooklyn apartments (cooperatives and condominiums) increased six percent above the 2005 level to $343,000. These include both co-ops and condos. In individual neighborhoods, Carroll Gardens posted both the highest average sale price of $681,000, a 12 percent increase, and the highest average price per square foot for a cooperative at $800, a 32 percent increase over 2005. Greenpoint had the highest percentage jump in median sale price of an apartment in 2006, shooting up 65 percent from a year earlier. The highest percentage increase in median price per square foot for an apartment was in Williamsburg at 28 percent.

DUMBO/Fulton Ferry reported the highest average sale price of a condominium at $1,053,000. In 2006, Brooklyn Heights maintained the highest average price per square foot for a condominium at $914.

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