Brooklyn Luxury Real Estate Market at Three-Year High

More good news has come out about Brooklyn’s real estate market after two of its neighborhoods ranked among New York City’s most expensive neighborhoods and the borough posted the lowest rate of lis pendens ending up at auction.

PropertyShark analyzed the activity in Brooklyn’s luxury market (residential sales of $1 million and above) and the data revealed that the past quarter has seen the largest number of transactions for this segment in 3 years. With 223 sales, Brooklyn registered a three-year record in Q2 2011. This figure has climbed 48% from the previous quarter of 2011 (151) and is 60% higher than the same quarter last year (139).

The most significant increase can be noticed in the condo segment priced $1 million and above, which jumped 108% over Q2 2010, from 59 to 123 transactions.

Brooklyn’s Williamsburg led the borough with 35 deals closed in the second quarter of 2011, followed closely by Park Slope (31) and Carroll Gardens & Red Hook (28).

Note: Properties included in the analysis were single-family homes, condo and co-op units and two-family dwellings.

Browse current Brooklyn luxury homes for sale.

Roxana Baiceanu

Roxana Baiceanu

Roxana is an associate editor with Multi-Housing News and Commercial Property Executive. In the past, she also created content for PropertyShark and Point2Homes’ blog pages. She also has 5 years of experience as a marketing copywriter.