The New Coney Island - Brooklyn's Times Square by the Sea

Thursday, January 15, 2015

NY Mag - Brooklyn Real Estate Prices Are at Record Highs

Excerpt -

As Manhattan goes, so goes Brooklyn. That's the word from fourth quarter real-estate market reports released today. According to the brokerage firm Douglas Elliman, the borough has broken records with its year-to-date average ($739,610, up from $674,272 in 2013) and median ($570,220, jumping from $550,000) prices. "Those are the highest [numbers] since 2003," says appraiser Jonathan Miller, the report's author who started tracking Brooklyn trends that year. This despite a slight dip — 3.1 percent — in transactions compared to the same period in 2013 and inventory rising by a meaningful 41 percent. In fact, says Miller, the gap between Manhattan and Brooklyn prices continues, on the whole, to thin out, a sign that buyers are increasingly less defined by borders and more by neighborhoods. An Astoria apartment-hunter may be just as likely to pick Hell's Kitchen or Cobble Hill. In Park Slope, a mansion made headlines for selling in November for a record-setting $10.775 million, a number that's typically associated with Manhattan houses.

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