Report Finds New Life in Brownstone Brooklyn Market

Thursday, Oct 22, 2009  |  Updated 5:34 PM EDT
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Report Finds New Life in Brownstone Brooklyn Market

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With all the doomsday talk about the Brooklyn real estate market, there now seems to be a little light on the horizon.

Sales figures in the third quarter of this year across Brownstone Brooklyn showed a 34-percent average increase in the number of properties sold and a 10.5-percent increase in average sales price — an indication that the worst may be over, at least one real estate firm told The New York Post.

“We are springing back,” said Jonathan Miller, who wrote the Oct. 14 market review for the Prudential Douglas Elliman real-estate firm, the paper said.

Brownstone Brooklyn scored the biggest gains. Across Boerum Hill, Brooklyn Heights, Carroll Gardens, Clinton Hill, Cobble Hill, Downtown, Fort Greene, Gowanus, Red Hook, Park Slope and Prospect Heights, there was a staggering 69.4-percent increase in the number of sales and a 10.7-percent increase in prices, Prudential said.

Sales and prices were up in Williamsburg, Greenpoint, and Bay Ridge, as well.

“[The uptick] does not infer the bottom, but we have definitely experienced the worst of the pain,” Miller told The Brooklyn Paper. “We are not out of the woods, but Brooklyn took a breather.”

Just last month, The Real Deal reported that median sales prices had dropped back down to 2005 levels.  The 19 percent tumble in prices is just the tip of the iceberg.

A city tally early last month found that Brooklyn had more stalled construction sites than any other borough with 214 -- a stunning 47 percent of all 448 projects citywide.

Experts have warned that prices could fall another 5 to 10 percent in the next year or so. !

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