Median Condo Prices Drop Dramatically in 'Burg -- But Make Sure You Read the Fine Print

Median sales prices on new condos plummeted by more than a fifth in the second quarter of the year in north Williamsburg, according to a story in DNAinfo based on the latest sales and rental report numbers from real estate firm MNS. Not only that, but the price per square foot — a better indicator — dropped 19 percent, from $900 a square foot to $718 a square foot. That’s the lowest median price since 2011. But this doesn’t mean prime Williamsburg is getting any cheaper. It just means that the majority of new condo units on the market are in less-expensive areas in south and east Williamsburg. (Could be all those “boutique” condo buildings that keep popping up!) The report shows that three-bedroom units in those areas have a median sales price of $314 per square foot, while developments in prime north Williamsburg, pictured above, are $914 per square foot. Rental prices also vary greatly, with average rents $1,600 more in north vs. south Williamsburg.

New Williamsburg Condo Prices Plummet This Spring, Report Says [DNAinfo]