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

Saturday, November 14, 2015

Real Estate Weekly - For builders, Brooklyn streets are paved with gold

Excerpt -

Temperatures are cooling down, but Brooklyn’s residential market certainly isn’t. Both the median and the average sale prices notched record highs as demand for tertiary living continued to thrive throughout the late spring and summer of 2015.

According to the Elliman 3rd Quarter report findings, the lower borough saw an average sale price of $856,839 for condos, co-ops and 1-3 family properties. This is an 18 percent jump compared to the same period last year.

The median price jumped by more than 15 percent to over $676,000, a new high, and the luxury market drove prices to a median level of $2,025,000 per property.

“Brooklyn reached its highest price per square foot level ever for the third quarter in a row, this is mainly due to the lack of supply combined with the aggressive demand to want to buy in Brooklyn,” Nadia Bartolucci, a salesperson at Douglas Elliman who specializes in Brooklyn properties told Brokers Weekly.

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