Dumbo 2nd Quarter 2008 Average Sale Prices Up 33% Compared to 2007

We previously reported that Dumbo is Brooklyn’s priciest neighborhood, according to the Real Estate Board of New York report. The report, the 2nd Quarter 2008 residential sales report was released yesterday on their ResidentialNYC.com site. The average Brooklyn apartment sale price was up 3% from 2007 Q2 ($484k) to 2008 Q2 ($500k), and median went from $440k to $448 for a 1% increase. While the average and median prices went up during this period, the recent stock market and financial turmoil will likely have a negative effect in NYC in the next few quarters.

According to the report, in Brooklyn, Vinegar Hill/Dumbo condo average prices increased 33% to $1,342,000 compared to last year, due in part to the larger impact of high-priced sales on the reduced number of sales in this quarter.


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