From the Daily News:
Soon enough, no one will be able to afford Brooklyn.
A lack of inventory coupled with strong demand sent the average price of a residential property in the borough to a record $783,296 in the second quarter, up 16.6% from the year-ago period, according to a report from Douglas Elliman.
“Prices pretty much soared,” Frank Percesepe, senior regional vice president, Brooklyn, at Corcoran Group, told the Daily News.
“The inventory crunch continues. We would have done much more business if there was more to sell.”
With Brooklyn prices rising, the borough’s affordability rep is rapidly fading.
The gap in median sales prices between Brooklyn and Manhattan has gone from $500,000 in the second quarter of 2008, before the real estate market tanked, to $335,000 today – a 33% decline, according to Douglas Elliman.
“The spread is narrowing,” Jonathan Miller, CEO of appraisal firm Miller Samuel, which compiles the Douglas Elliman report, told the Daily News.