Average co-op prices in north and northwest Brooklyn have spiked 71 percent since January to $687,000 and the average condo in Brooklyn now costs $1,080,000, according to a report from Ideal Properties. Both DNAinfo and The New York Daily News carried stories on the report, which is not yet available online.
A lack of inventory, especially of townhouses, is driving the increase, said an executive with the firm. Bidding wars are routine in Brooklyn, where inventory in general is lower than in Manhattan, an executive from Warburg Realty told DNAinfo.
Brooklyn Now the Borough of Kingly Prices [NY Daily News]
Brooklyn Co-op Prices Rise 71 Percent in Past Year, Reports Show [DNAinfo]