If you leave out a few neighbohoods like Bedford Stuyvesant, East New York and Brownsville, 2008 wasn't such a bad a year for Brooklyn real estate, says a new report from appraisal firm HMS Associates. While volume was down by more than 50 percent from the fourth quarter of 2007 to the same period in 2008, average prices for the quarter were down just 2 percent; for the year as a whole, prices rose 2 percent. “We are now seeing a very pronounced continuation of the trend from the third quarter of 2008, with more inventory sitting on the market and not moving,” said HMS founder Sam Heskel. “When you look at fourth quarter numbers separately, the drop-off is even more dramatic.” HMS found that the best price appreciation was is Brooklyn Heights, Carroll Gardens and Sunset Park; Boerum Hill, Cobble Hill and Crown Heights were on the losing end.
Elliman: Condos Down, Co-ops Flat, Brownstones Up in 4Q [Brownstoner]
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