Average apartment prices grew 35 percent last year in Brooklyn, and one- and two-family home prices jumped 20.5 percent in 2005 compared to 2004, according to the Real Estate Board of New York, a real estate trade association that has about 11,000 members.
The first-ever REBNY Brooklyn real estate report, which uses city and brokerage firm data, found that the DUMBO/Fulton Ferry had the highest Brooklyn-area average sales price of apartments in 2005, at $1.26 million, or $717 per square foot. The survey includes data from 19 Brooklyn neighborhoods.
The average sales price for a Brooklyn apartment was $478,000 in 2005 while the average sales price of one- and two-family homes was $530,000.
Fort Greene reported the highest surge in apartment prices, with an 81.9 percent increase in 2005 compared to last year. Fort Greene average prices per square foot for apartments increased 114.2 percent to $562 per square foot, REBNY reported.
“This report is a testament to the tremendous growth of Brooklyn’s residential market in the last several years. The increased sales activity and surging apartment prices demonstrate a booming market and increased interest on the part of our membership to track trends in the marketplace,” said Steven Spinola, REBNY president.
“Our Brooklyn committee, which was started about a year ago, has seen tremendous growth and we believe this report will help the committee’s brokers do business. We believe our report will be the most comprehensive account of sales in the borough.”
The report also found:
- Overall, the average price per square foot for Brooklyn apartments increased each consecutive quarter from the first quarter of 2004 through the fourth quarter of 2005, and increased 36.6 percent to $469 compared to 2004.
- Brooklyn Heights one- and two-family dwellings had the highest average sales price in 2005 of $2.72 million and an average price per square foot of $853.
- Fort Greene one- and two-family dwellings surged 82.6 percent and average price per square foot increased 63.3 percent.
REBNY represents 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 industry.
Send tips or a Letter to the Editor to email@example.com or call (510) 658-9252, ext. 137.