aptsandlofts.com, a full service real estate brokerage, released its first ever ten year sales study for the Brooklyn market. Reading over the study confirms that prices have gone up by a lot in certain Brooklyn neighborhoods. However, this study shows the numbers over the past decade in the following eight neighborhoods in the borough: Dumbo, Brooklyn Heights, Boerum Hill, Cobble Hill, Carroll Gardens, Williamsburg, Bedford-Stuyvesant, and Park Slope.
A few findings include:
- The average condo price in Williamsburg in 2003 was valued at $331,000, while in 2013 the projected average condo price in Williamsburg is valued at $827,000, a nearly 150% increase.
- From 2005 until 2012, Park Slope averaged about 500 condo and co-op sales per year.
- Bed-Stuy saw a significant increase in condo sales over the last ten years, rising from 12 in 2003 to a projected 132 sales in 2013.
- The Brooklyn Heights townhouse market exhibited an impressive gain over the past decade, rising from an average sale price of $1,926,000 to $4,860,000; a gain of 152%.
For the Dumbo market, some key highlights:
- The average condo price in Dumbo in 2003 was $908k (avg $ per square foot was $588), while in 2013 the projected average condo price is valued at $1.145M, a 26% increase.
- The number of condo sales in Dumbo peaked at 400 in 2007 and dropped to 32 in 2009.
- The projected average price per square foot of $872/square feet is an increase in value of 48% compared to 10 years ago of $588/sqft
- 70 Washington Street sold 213 units between 2003 and 2013, the most of any building in Dumbo.
- The highest condo price per square feet sold was at 1 Main Street PH at $3,358 in 2006.
The see the Dumbo report, click more. To read the full study, go to aptsandlofts.com/news-and-press/sales-market-report-aptsandloftscoms-take-on-ten-years-of-brooklyn-real-estate