Lynne d Johnson



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03.05.07 03:49 PM

Brooklyn Takes on Manhattan

via Crain's New York Business

Residential housing is booming in Brooklyn, sale prices for apartments and family houses surged in 2006, according to a report from the Real Estate Board of New York.

Median process for one-two and three family homes rose 16% to $570,000 in 2006, according to the annual Brooklyn residential sales report. The median price per square foot rose 14% to $320.

Coop and condominium prices rose 6% to $343,000, while the median prices per square foot rose 4%.

"This report clearly shows that the strength of New York's residential real estate market is not limited to Manhattan," said Steven Spinola, president of REBNA, in a statement. (More)

* See, I knew I should have found a way to buy property in Brooklyn when I first moved there in the 90s. With today's market value, I could have mad a fortune. Well, a relative fortune. The truth is though, until hipsters, and young parents with children took over Williamsburg, Fort Green, Clinton Hill, Bed Stuy, Prospect Heights, DUMBO, and surrounding areas, nobody was thinking of living in Brooklyn, unless it was Park Slope or Brooklyn Heights. It's amazing how what used to be the Ghetto in many parts of Brooklyn, now has $1.5 million condos for sale.*

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*This is kind of related to a conversation I overheard in Harlem this weekend. I was on 136th Street on my way to the Library, when I saw a group of white folks who appeared to be on a tour. Then I heard the tour guide say: "Gentrification has become a big issue in Harlem." I should have stayed around to hear the rest, but I didn't. $1.5 million properties are becoming the norm in Harlem as well.*

*The interesting thing about all of this is that you could have a $500,000 apartment right next to a building that still rents one bedrooms for under $600/month. Go figure. Is the $500,000 apartment purchaser foreseeing a time when the entire block is bought out by development companies that will turn all buildings into co-ops and condos? Or, is the apartment owner so desperate to own something that it doesn't matter what the property value of the surrounding properties may be?*

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