Brooklyn Home Prices Up, Except Where They're Not

Crain's NY Business reports that the market for residential real estate in Brooklyn remained strong in the third quarter.

Brooklyn single family home prices rose 20.1% to $723,000 from a year-ago, while four-family home prices climbed 19.1% to $1.2 million. Co-op prices rose 32.3% to $557,000 during the quarter, while condo prices dropped 2.9% from $616,000 to $598,000.

Sales dropped 36 percent, pointing to an "unwillingness on the part of sellers to drop prices, combined with buyers willing to wait for better deals."

Important to note: "Bedford-Stuyvesant, East New York and Brownsville were not among the sixteen neighborhoods included in the study, primarily to keep those neighborhoods’ large number of foreclosures from skewing results."

More here.