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Brooklyn Can't Match Manhattan's Sizzle

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The Post has squeezed a second day of life out of those fourth-quarter sales reports stories by focusing solely on the Brooklyn numbers, and it makes sense. Brooklyn lacks the marauding bands of foreign buyers who have come to pillage Manhattan's housing market, so the results there could be a better indicator of where the city market is headed. Not surprisingly, the gains were more modest in the BK. The Post looks at the "high-ticket areas" of Brooklyn Heights, Park Slope, BoCoCa and Fort Greene/Clinton (click on the graphic at right to expand), and the average price was up about 8% over Q4 2006. Condos were up only about 3% overall, and in some neighborhoods the prices even took a dip, including a 13% drop in Brooklyn Heights. Single-family townhouses remain red hot, and co-ops are doing fine. The first-quarter reports for 2008 should be even more interesting, because as we understand it, Brooklyn is pretty much sold out.
· $immer in the City [NYP]
· Fourth-Quarter Sales Reports: Holy Crap, Will This Ever End? [Curbed]