Brooklyn Still A Manhattan Alternative

Brooklyn remaims a home-buying alternative to Manhattan, according to a new report from the powerful Real Estate Board of New York.

The median apartment price in Brooklyn rose 6 percent from 2005 through 2006 to $343,000. That’s less than half the Manhattan median sale price, which ended 2006 at $799,000, according to appraisal firm Miller Samuel. The median for one-, two-, and three-family homes in Brooklyn increased 16 percent in 2006 to $570,000. Try getting a Manhattan townhouse for that price.

Brooklyn condo prices, according to the REBNY report, increased 9 percent to a median of $477,000. The median sale price for Manhattan condos by the end of 2006 was $1.03 million. The median for a Brooklyn co-op at the end of last year was $253,000; in Manhattan, it was $650,000.

You get the picture.

Full REBNY release after the jump.

- Tom Acitelli

BROOKLYN RESIDENTIAL MARKET BOOMING

Median and Average Sale Prices Both Score Solid Gains

NEW YORK, March 5, 2007 – Sale prices of all Brooklyn apartments and one, two and three family dwellings, including townhouses, showed solid gains in 2006, according to the Real Estate Board of New York’s (REBNY) annual Brooklyn Residential Sales Report.

The report, which compiles data from a variety of brokerage firms and city government sources, found that one, two and three family Brooklyn dwellings saw their median sale price reach $570,000 in 2006, a 16 percent jump from a year earlier. The median price per square foot jumped 14 percent to $320 over the same period.

Apartment sale prices fared well in 2006, with the median sale price for all Brooklyn apartments (cooperatives and condominiums) rising six percent above the 2005 level to $343,000. These include both co-ops and condos. The median sales price per square foot rose four percent.

“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 REBNY. “Although apartment prices are at all time highs, buyers are still entering the market, which indicates that they too anticipate additional appreciation. We see no signs that the current upward trend is slowing.”

In individual neighborhoods, Carroll Gardens posted both the highest average sale price of $681,000, a 12 percent increase, and the highest average price per square foot for a cooperative at $800, a 32 percent surge, compared to 2005.

Greenpoint had the highest percentage jump in median sale price of an apartment in 2006, spiraling upward by 65 percent from a year earlier. The highest percentage increase in median price per square foot for an apartment was in Williamsburg at 28 percent.

DUMBO/Fulton Ferry reported the highest average sale price of a condominium at $1,053,000. In 2006, Brooklyn Heights maintained the highest average price per square foot for a condominium at $914.

Among other highlights of the report:

Brooklyn Heights one, two and three family dwellings had the highest median sales price in 2006 of $3,035,000, a 21 percent surge compared to last year; the median sale price per square foot rose 23 percent to $1,020.

Overall, the median price for a Brooklyn condominium increased nine percent to $477,000 in 2006 compared to 2005. Over the same period, the median price per square foot was up four percent to $468.

The median sale price of a Brooklyn cooperative increased 12 percent to $253,000 while the median price per square foot jumped 11 percent to $383 in 2006, compared to 2005.

The Real Estate Board of New York is the city’s leading real estate trade association with 12,000 members. REBNY represents major commercial and residential property owners and builders, brokers and managers, banks, financial service companies, utilities, attorneys, architects, contractors and other individuals and institutions professionally interested in the City’s real estate. REBNY is involved in crucial municipal matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes and legislation. In addition, REBNY publishes reports providing indicators of market prices for both the residential and commercial sectors.