An Insane Decade In Brooklyn Real Estate

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We’re bombarded with outrageous updates about escalating Brooklyn real estate prices more or less daily, but not many are comprehensive enough to make you feel the full weight of a decade’s worth of aggressive development and vaguely defined “gentrification.” Well, is here with just such an outrageous update, and it’s just as much of a gut punch as you’d think it would be.

Lest we forget, this is the same company that floated the idea of Bed-Stuy as “the new Williamsburg” and has invoked Malcolm X as a promotional tool, so they have a pretty vested interest in seeing all this information as a sign of market improvements, presented almost as a kind of sales pitch to outside buyers who aren’t really, truly sure that Brooklyn real estate is the right investment for them.

It also contains updates like the following: “Ten years ago, there were just 12 Condo sales in Bed-Stuy with an average sale price of $351,000 and an average price per square foot of $310/S.F. The Condo apartment market 10 years later revealed sales volume increased to 124 sales (+933%), an average sale price of $416,000 (+19%) and an average price per square foot of$404/S.F. (+30%).”

That is almost an increase of 1,000%! Elsewhere, average townhouse prices in Williamsburg shot up from $371,000 in 2003 to $1.26 million in 2012. The list of frightening statistics goes on and on, but no need to hammer you over the head with the takeaway. We’re sure your next rent (or mortgage) payment will do the trick.

Follow Virginia K. Smith on Twitter @vksmith

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  1. That’s what happens when you have brokers who do very few sales in one neighborhood to venture into reporting on a large area as if they’re the sales experts for it…