Brighton Beach Real Estate Soars

Posted by Brooklyn Views on Sunday, September 27, 2015

Brooklyn Home Prices Hit a Crazy New Record

Brooklyn Home Prices Hit a Crazy New Record -- NYMag

(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.

You Can't Afford Brooklyn-Who can't?

You Can't Afford Brooklyn -- NYMag

Manhattan who? Real estate database Streeteasy.com just released a report comparing median prices in Brooklyn (from the first seven months of the year) to Manhattan's, and it proves something many of us have long suspected: Brooklyn is expensive, yo. So expensive, the price of real estate in some of its neighborhoods easily surpassed Manhattan's median sale price of $890,000.

A Tower in Brooklyn, but Soon Just a Memory

A Tower in Brooklyn, but Soon Just a Memory - NYTimes.com

(Excerpt)
From the East River Ferry, it seems to belong more to the industrial Brooklyn Navy Yard than to the increasingly glass and steel skyline of Williamsburg: a hulking mass of brick, covered with graffiti, that could pass for a ruined castle were it not for the insistent modernism of the beige refinery tower that squats to its right. But the tower holds what to many is the most important part of the whole structure: the yellow letters that spell out Domino Sugar.