Brooklyn
Above: “Unique Duplex Condo”, see page 92 for details.
Brooklyn: A Rich History, A Prosperous Future
The real estate market in Brooklyn has remained strong throughout the past year despite the economic uncertainties facing the nation. Driven by the exciting
opportunities in the ever-expanding new development market, Brooklyn continues to lure buyers from Manhattan and around the world. Overall, with the promise
of luxurious amenities, larger homes and abundant green spaces, Brooklyn has attracted the attention of buyers and investors.
In an ongoing effort to provide our clients and customers with the best information and tools possible, Halstead created a new market report focused on sales in
Brooklyn including townhouses and apartments. Some of the highlights from this new sales report for the first half of 2008 include:
The average sale price of townhouses in established neighborhoods such as Brooklyn Heights, Carroll Gardens and Cobble Hill rose 6% in the first half
of 2008 while the median price posted an even sharper increase, rising 12% over the past year.
• Apartments located in Brooklyn Heights, Carroll Gardens and Cobble Hill sold for an average price of $720,488 in the first half of 2008, 11% more than a
year ago. Double-digit pricing gains were posted for all sizes of apartments over the past year.
• Boerum Hill and Park Slope apartment prices averaged $679,333, up 1% from the first half of 2007. The largest gain for the average price in this area
was for the three-bedroom and larger size category, which was 25% higher than a year ago.
• Fueled by strong growth in larger apartments and in new developments, the average apartment price in Bedford Stuyvesant, Clinton Hill and Fort Greene
rose 39% from the first half of 2007, to $553,386.
• Two-bedroom and studio gains helped bring the average price up 6% over the past year for units in the Greenpoint and Williamsburg areas.
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This clearly shows that Brooklyn remains a popular option for buyers and sellers alike. Brooklyn offers a quality of life that is unparalleled. From our diverse
communities to our rich history to our strong neighborhood camaraderie, Brooklyn is full of promise and possibility. Recognizing that potential, Halstead recently
announced plans to open our third office in Brooklyn on the popular Atlantic Avenue in the Boerum Hill section, and we look forward to celebrating the opening
with the community late this year.
Bess Dulany
Director of Sales
Brooklyn
718.855.1591 X82
bdulany@halstead.com
