Brooklyn's Luxury Market Booms

It comes as no surprise that buyers are willing to pay an increasing amount of money for Brooklyn properties. The folks at PropertyShark crunched the numbers for luxury residential sales happening in the borough, and those numbers are big and only getting bigger. PropertyShark tracked residential sales above $1 million from 2007 to 2012. Luxury property sales registered a six-year record in 2012, after a high in 2006, with 945 closed transactions total in 2012. Unsurprisingly, 2009 marked the lowest year of said sales, at 350. But the number of the sales has increased yearly since 2009, when the total share of luxury transations accounted for 4.5 percent of total sales. Now these transactions account for 10 percent of the total number of residential sales in Brooklyn. The neighborhoods that bring in big bucks have not significantly changed in a five-year span, with Williamsburg, Park Slope and Brooklyn Heights coming out on top. Despite the neighborhoods being the same, the number of $1 million-plus transactions have increased dramatically. In Williamsburg, these sales are up by 173 percent, in Prospect Heights the sales are up by 100 percent, and in Brooklyn Heights they’re up by 87 percent. Wowza. Click through to see lots of charts with all the numbers.