Brooklyn Real Estate Climbing Up High

Wednesday, February 08 2006 @ 10:24 am UTC

Contributed by: jron

There are reports about prices in most neighborhood in the Brooklyn area are going uphill. On Tuesday, The Real Estate Board of New York has released it's first-ever report on Residential Sales. A 35 percent increase was shown on its 2005 real estate prices.

Real Estate Board of New York President Steven Spinola said “The question is, ‘What's hot?’ Well, you probably have to say all of Brooklyn is hot, basically,” As the report of real estate was compiled numbers from several brokerage firms.

Dumbo is the priciest neighborhood to purchase an apartment, according to a report, their average place selling is at $1.2 million. The demand for homes for one and two-family homes makes their neighborhood's market becomes most expensive, Brooklyn Heights also continues to be well-known.

Spinola said “It's a clear indication that the activity, I think, for 2006 is one that's going to be positive,” He adds “its impact will trickle down to you, the home buyer, in the form of better, more accurate information, like whether you can even afford to think about buying in Brooklyn.”

Spinola also adds “It gives them a better understanding of what the true value of a home is that they might be interested in,” People have believed to made a commitment to the city and the borough since the famed 9/11, said the Real Estate Board.

By: Dijon Wainwright