REBNY Report Reveals Big Drop in Volume

While Manhattan saw a 63% decline in condo sales in the first three months of 2009 from the year-earlier period, Brooklyn wasn’t far behind, with a 61% drop in sales volume. Meantime, sales in Queens and the Bronx were down 58% and 50%, respectively…Brooklyn neighborhoods Park Slope and Greenpoint recorded increases in average sale prices for condos for the period studied. Condo prices in Greenpoint were up 7% year-over-year in the first quarter, to $543,000, while prices in Park Slope were up 6%, to $698,000. Park Slope has been an established neighborhood for some time now, said Michael Slattery, senior vice president at REBNY, noting that new developments did not skew results in these two Brooklyn areas. There will be continued interest in these neighborhoods. — Crain’s

By Brownstoner |