Saturday, October 11, 2014

Brooklyn Home Prices Hit a Crazy New Record

Brooklyn Home Prices Hit a Crazy New Record -- NYMag

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.

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