The Real Deal New York

Condo sales in Bed-Stuy up 1,000 percent from ten years ago

Aptsandlofts.com looked at the last decade in Brooklyn in new report

January 06, 2014 02:20PM

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From left: Condominiums at 440 Kent Avenue in Williamsburg, 360 Furman Street in Brooklyn Heights and 1 Main Street in Dumbo

From left: Condominiums at 440 Kent Avenue in Williamsburg, 360 Furman Street in Brooklyn Heights and 1 Main Street in Dumbo

The Brooklyn residential market has exploded over the last decade, with Williamsburg condo prices increasing nearly 150 percent and the average sale price of a Brooklyn Heights townhouse jumping 152 percent, according to aptsandlofts.com’s first ever ten-year sales study.

Other Brooklyn neighborhoods have experienced similarly stratospheric leaps, with Park Slope condominium prices increasing 55 percent from an average of $471,000 in 2003 to $868,000 last year, according to the report. “BoCoCa” (Boerum Hill, Cobble Hill and Carroll Gardens) experienced a 128 percent average sale price jump, from $360,000 to $820,000, while Dumbo condominium sales prices lifted 25 percent from $908,000 in 2003 to $1.14 million last year.

In Bedford-Stuyvesant, there were only 12 condominium sales in 2003 but 132 last year — a 1,000 percent increase — while the average sales price lifted from $310,000 ten years ago to $459,000 in 2013. The number of condo sales similarly lifted in Dumbo from 93 ten years ago to 130 last year, and went from 42 to 219 in so-called “BoCoCa.”

In Park Slope, condo sales were up from 39 to 190, and in Williamsburg 21 condominiums were sold in 2003, compared with 480 last year.

Even in Brooklyn Heights, where the brownstone reigns supreme, condo sales hit 175 last year — up from only 8 ten years ago. — Julie Strickland

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