Stable Prices Mask Crazy Year for Brooklyn Real Estate Sales
The median price in Brooklyn increased less than half a percent in 2013, going from $458,000 to $460,000. But that sleep-inducing overall number doesn’t tell the whole story: Prices in some neighborhoods increased dramatically. Carroll Gardens, for example, was up 43 percent in the year, to $985,000, making it now the borough’s most expensive area, The…
The median price in Brooklyn increased less than half a percent in 2013, going from $458,000 to $460,000. But that sleep-inducing overall number doesn’t tell the whole story: Prices in some neighborhoods increased dramatically. Carroll Gardens, for example, was up 43 percent in the year, to $985,000, making it now the borough’s most expensive area, The Daily News reported.
“Don’t believe the hype” about escalating prices, said the story. “In the prime areas, there’s just nothing to buy, and that’s really holding down prices,” the story quoted Corcoran broker James Cornell as saying. In Cobble Hill, prices were down 29 percent, to $537,000, because “nothing was for sale,” said the Daily News. Sales were up in Carroll Gardens was because there were so many new developments on the market.
Greenpoint followed in second place with an increase of 38 percent to $665,000. Prices were also up dramatically in East New York, by 38 percent, to $355,000. The News said buyers appeared to be “speculators.” The explanation from MNS CEO Andrew Barrocas: “The L train is lined with gold.”
Prices fell in Ditmas Park and Kensington and some Sandy-ravaged areas such as Gerritsen Beach. Coney Island and Brighton Beach improved slightly.
Stable Real Estate Prices Hide Big Changes in Many City Neighborhoods [NY Daily News]
The conclusion that prices fell in Ditmas Park over the past year is absolute rubbish. Every time a unit sells in my building – or any other co-op building in the area – it is for more than the comparable one before it. Lather, rinse, repeat.