The Real Estate Board of New York released their first Brooklyn sales report yesterday, and the results are shocking?nay, earth-shattering. Apartment and townhouse prices in the borough are (wait for it) ... going up! Some areas are even outpacing Manhattan neighborhoods, but how much higher can those prices climb before the only people remaining on the island are the ones living off plundered Nazi gold. We're looking at you, Kravitz! The Post offers up some REBNY report highlights:
1) The average sales price for a Brooklyn co-op or condo increased from $354,000 in 2004 to $478,000 last year.
2) DUMBO had the highest apartment sales prices, with an average of $1,255,000 ($717/sf).
3) Bed-Stuy had the lowest, at $301,000 ($228/sf).
4) Fort Greene had the biggest price surge, an 81% jump to $456,000 ($/sf increase was 114.2%, to $562).
5) Brooklyn Heights had the highest average sales price for one- and two-family homes, at $2,722,000 ($853/sf).
Maybe this "Brooklyn" place has legs, eh? REBNY's Manhattan sales report will be out later this year.
· B'klyn is One Big Hot Hou$e [NYPost]