Brooklyn Waterfront Construction
Following in the footsteps of Manhattan, the Brooklyn and Queens real estate markets also posted price declines and huge drops in sales during the first quarter of 2009—but much like the boroughs themselves—they didn't completely follow in the big island's footsteps. Today the Prudential Douglas Elliman/Miller Samuel Brooklyn and Queens market reports were released (available for download here), and there are some juicy findings:
1) Brooklyn: The median sales price in Brooklyn was $474,600 during the first quarter, a 9.9% drop from the previous year's median mark of $527,000. Interestingly, the decline was consistent across all property types (whereas Manhattan resales took a huge dip, while new-development closings actually went up in price thanks to cushy contracts negotiated forever ago). Unfortunately, like Manhattan, the number of sales took a nosedive—down 57% to 1,186. In North Brooklyn, which includes Williamsburg, the median sales price dipped 4.5%. Condos made up 84.5% of all sales in that area. The allegedly invincible Brownstone Brooklyn took a 9.4% hit in its median sales price, which decreased to $1,087,500.
2) Queens
: The median sales price fell 4.8% from last year's $413,000 to $393,000, with similar declines by property type but different peaks and valleys based by region.
Northwest Queens, which includes Long Island City, saw nearly a 16% increase in its median sales price
(to $549,428) thanks to a large amount of new development (new units accounted for 47% of all sales in the area for the quarter). Sales declined 52.2% to 1,801, while inventory surprisingly dropped 7% to 10,421 units. The co-op marker saw the smallest decline in median sales price across the borough, with less than a 1% drop.
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