Brooklyn Real Estate Prices in 2011

Brooklyn Real Estate Prices in 2011

Brooklyn Real Estate Prices in 2011

As of February 2011, there were 13,116 real estate listings in the Brooklyn area. Out of these, 3,807 were in the foreclosure status. The median sales price for a home in Brooklyn was $500,000, down by 3.8% one year before. Real estate prices differ from area to area with the most expensive being found close to beaches or Long Island. Manhattan Beach, Mill Basin, Columbia Street Waterfront District, Downtown DUMBO and Red Hook all bring sales prices in excess of $845K.

As you travel further away from the water, prices decrease to $362K and lower. Homes in areas such as East Flatbush, Brownsville and Bedford can range from $180 per square foot to $200. Investors are seeing potential in dividing the famous brownstones into duplexes. Many families do not want to move out of the area but are willing to downsize to a smaller dwelling. Homes that are purchased by contractors in these areas are not for resale but to turn into rental properties, another option that once homeowners are turning to. The more affluent areas of Brooklyn are priced at $400 per square foot and up with remodeling of homes also taking place.

The highest listing price in Brooklyn during the week ending February 9, 2011, was in Boerum Hill at $1,425,020. The average sale price in this northeastern section of Brooklyn is $1,055,188. This is an increase of 4.3% compared to what this home would have been listed at just one week ago. Mill Basin has an average listing price of $1,349,724, also an increase by 2% over the previous week. These figures are pretty impressive until you look at the other end of the scale.

Crown Heights decreased listing prices by 5.5% from last week's figures as did 15 other areas of Brooklyn. Popularity is gaining in areas not one thought of as options. This week, Bedford-Stuyvesant ranked number one as the most sought after area for real estate where the average home price is $451,218, down .02% from last week's listings. Second most popular was Park Slope with an average home price of $869,462, also down from last week's figures by .07%. The least looked at real estate was in Prospect Park South where the average home was listed at $968,952, up from last week by 3.5%.

These figures may indicate that it is still a little early to begin raising prices on homes that are just now beginning to even out in value. Buyers are still out there but are downsizing and looking at less attractive areas where they can still stay in Brooklyn and keep kids in the school system. Many attractive condos are also becoming available that range from $280 to $960 per square foot depending on the area. This also a great option for homeowners that will not have to worry about the upkeep of the exterior and yard work while residing in the same area. With everything fresh and new, hopes are that there will be little repair for quite a few years.

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