NY Mag excerpt
It may be the most basic economic principle in the books — low
supply, high demand — but it's having its way in Brooklyn's real-estate
market. Though the number of sales practically plateaued at 2,077
transactions, according to third-quarter reports released today by
Douglas Elliman, the median price for the borough now sits at a new
record — $587,515 — above pre-financial-meltdown levels from 2007, a
feat even Manhattan has yet to accomplish.
Those looking to buy in Brooklyn will have to shorten their timeline,
too: It now takes about 92 days for a property to sell in the borough
compared to 143 this time last year.
New developments still
dominate the conversation — the median price for those properties is up 9
percent to $832,000, per the Corcoran Group, and the average price per
square foot is up to a six-year high of $960. Corcoran's Frank Percesepe
says there simply aren't enough places to satiate buyers hungry for
them. "We've had such an incredibly low inventory, and so [what] did
come to the market was snapped up right away," he says.