Brooklyn Quality Home Market More Affordable

Real estate consultants HMS Associates third quarter report found an overall 2 percent year-to-year reduction in the Brooklyn sales market.

By: Larry Dunn

The sales price average was $695,285 and deemed as a "buyers modestly improved market" by the New York Observer. Sales increased by 1 percent over the year, year-to-year figures showing 999 compared to 988 third quarter last year. Some "chi-chi" neighborhoods held their prices, even showing annual increases, such as in Brooklyn Heights and Prospect Heights. Sales increased in Carroll Gardens and Williamsburg. Reflecting the modest decreases were Sheepshead Bay and Greenpoint, the latter where sales were down along with sales in Williamsburg.

Condo prices went up 4 percent annually, to $687,000, while co-ops saw their prices fall to $492,000, 12 percent from last year's $557,000.

The report covers the market through September 30. HMS principal Sam Heskel sees a buyers market that has yet seen the full effects of the Wall Street break down. Prices are expected to continue falling through fall and winter into 2009.