MNS: New Development Prices Up in 2011

The Local has nicely uploaded the MNS 4th Quarter 2011 New Development Market Report market report to Scribd. Here’s the summary:

In Brooklyn, 2011 has fared better than 2010, with a peak median sales price in the third quarter of $575K, and a strong finish in the fourth quarter with a high median sales price per foot of $622/SF. Year-over-Year Brooklyn New Development Condominium sales price per foot numbers are up 8% ($622/SF this quarter versus $574/SF in 4Q10), and median sales prices are up 15% ($542K this quarter versus $471K in 4Q10).

The report also notes that sales inventory dropped 36% and sales dollar volume was down 35% from the 3rd to 4th quarter. Brooklyn Heights had the highest average price per square foot of $944 in the fourth quarter (driven largely by big sales at One Brooklyn Bridge Park), with The Edge taking that prize among individual developments with a whopping average of $1,142. Prospect Heights saw a big fall in prices, but that was largely due to a temporary pause in marketing at On Prospect Park due to a broker change-over.