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Brooklyn Real Estate Begins to Collapse, Too
By
Jen Chung
Published Jan 13, 2009
Modified Jan 13, 2009
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By
Jen Chung
Published Jan 13, 2009
Modified Jan 13, 2009
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Following last week's release of sobering 2008 fourth quarter Manhattan real estate data, now it's Brooklyn's turn. Some highlights from Curbed: "Sales fell 42.7%," comparing 2007 4Q with 2008 4Q; median prices "fell 7.5% to $490K from $530K in the same quarter last year; average prices dropped 5.2%"; luxury building median sale prices dropped 6.2%; and "median condo sales prices fell 4.7%, median sales prices of coops went up 2.9%." One upside: Brownstone Brooklyn homes' sale prices increased 12%, but real estate appraiser Jonathan Miller calls them "a relative anomaly in the market."
Tagged
brooklyn
economy
real estate
recession
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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