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A comprehensive analysis of the residential real estate market in Brooklyn.
In collaboration with
the corcoran report1st QUARTER 2010
1st QUARTER 2010
the corcoran report
Welcome to the Corcoran Report, our quarterly examination of Brooklyn’s residential real estate market. With help from Property
Shark, we have included comprehensive information on the entire borough. This report utilizes data based on deals that closed in
the First Quarter of 2010 (January 1st through March 31st) and compares it to that of the Fourth Quarter 2009 and the First Quarter
2009. The sales activity illustrated in the report trails actual market conditions by approximately eight to twelve weeks due to the
typical lag time between a closing and its reporting in the public record.
Price metrics improved this quarter. Compared to Fourth Quarter 2009, the median price of market wide sales increased 9%, to
$470,000 while average price per square foot rose 3%, to $607. These gains were largely fueled by the resale market as new
development pricing declined this quarter, decreasing 5% in median price and 3% in average price per square foot versus Fourth
Quarter 2009. Brooklyn saw an uptick in the high-end market, as the number of $1 million-plus sales increased versus a year ago.
Townhouse results varied depending on single or multi-family property. Single-family townhouses decreased 35% in median price
from last quarter whereas multi-family townhouses increased 29%.
We hope you will find this edition of the Corcoran Report useful and informative, and we welcome any questions you may have
regarding it. View all our current market reports for the most comprehensive analysis of Manhattan, Brooklyn, Long Island’s East
End and South Florida at www.corcoran.com/thecorcoranreport.
Sincerely,
Frank Percesepe Senior Regional Vice President, Brooklyn
Brooklyn Q1 Report
Compared to the Fourth Quarter 2009, median price and average price per square foot increased 9% and 3%, respectively. The price declines experienced during 2009 have begun to subside as confidence in the local housing market and overall economic conditions improve. Resale activity accounted for 57% of sales this quarter, compared to 67% a year ago.
Market Wide
All Apartments
The following members of the The Corcoran Group made significant contributions to this report:
Bill Begert I William Goldstein I Douglas LaMere I Ryan Schleis I Kirsten Spanjer
The following members of the PropertyShark team made significant contributions to this report:
Ioana Falcusan I Paula Flonta I Tudor Manole I Calin Onet I Mihai Palermo
All
Sal
es
Average Sale Price Median Price Average Price Per Square Foot
Q1 2010
Change
Q4 2009
Q1 2010
Change
Q1 2009
527K
+5%
500K
470K
+9%
430K
607
+3%
591
527K
-3%
542K
470K
+9%
431K
607
-4%
634
1st QUARTER 2010
the corcoran reportZone 1BushwickWilliamsburgGreenpointPage 6
Zone 2Brooklyn HeightsBoerum HillCarroll GardensCobble HillDUMBOVinegar HillRed HookGowanusPage 7
Zone 5FlatbushMidwoodGreenwoodSunset ParkBorough ParkPage 10
Zone 6Bay RidgeBensonhurstBath BeachDyker HeightsFort HamiltonGravesendPage 11
Zone 7Mill BasinBergen BeachMarine ParkSheepshead BayManhattan BeachSea Gate
Gerritsen BeachHomecrestBrighton BeachWest BrightonFloyd BennettConey IslandPage 12
Interactive map online at
propertyshark.com/maps
The Corcoran Group is a licensed real estate broker. Owned and operated by NRT LLC. All material presented herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice.
Average unit sales per square foot (SF):
Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available
View all our current market reports for the most comprehensive analysis of Manhattan,
Brooklyn, Hamptons and South Florida atwww.corcoran.com/thecorcoranreport
PropertyShark.com’s map of Brooklyn plots buildings with sales in First Quarter according to their numbers
of sales and average price per square foot.
Zone 8Farragut
East FlatbushCypress Hill
East New YorkFlatlands
Highland ParkCity Line
PaedergatStarrett CitySpring Creek
New Lots CanarsiePage 13
Zone 4Park SlopeKensington
Windsor TerraceProspect Park South
Ditmas ParkPage 9
Zone 3Fort GreeneClinton Hill
Prospect HeightsLefferts Gardens
Bed StuyCrown Heights
Ocean HillWeeksville
Page 8
Number of unit sales per building:
Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units
1st QUARTER 2010
the corcoran report 4
Resale Market WideMarket wide resale price metrics were strong this quarter. Median price increased 17% and average price per square foot increased 11% versus First Quarter 2009. Versus Fourth Quarter 2009, median price increased 2% while average price per square foot rose 9%. In the resale co-op market, a higher percentage of large residences traded, as median price increased 24% while average price per square foot increased 12% versus First Quarter 2009. Resale condos, however, decreased 8% in median price but increased 13% in average price per square foot from a year ago, with a higher percentage of smaller residences trading. Versus Fourth Quarter 2009, resale condo median price increased 3% while average price per square foot increased 5%.
All
Res
ales
Average Sale Price Median Price Average Price Per Square Foot
Q1 2010
Change
Q4 2009
Q1 2010
Change
Q1 2009
459K
+9%
422K
349K
+2%
343K
601
+9%
550
459K
+13%
406K
349K
+17%
299K
601
+11%
541
Co
-op
s
AverageSale Price
MedianPrice
Avg Priceper sf
Q1 2010
Change
Q4 2009
Q1 2010
Change
Q1 2008
411K
+16%
354K
310K
+2%
303K
571
+11%
513
411K
+26%
327K
310K
+24%
249K
571
+12%
511
Co
nd
os
AverageSale Price
MedianPrice
Avg Priceper sf
Q1 2010
Change
Q4 2009
Q1 2010
Change
Q1 2008
616K
-2%
631K
545K
+3%
530K
641
+5%
608
616K
-7%
661K
545K
-8%
590K
641
+13%
556
1Q ‘09 Zone Sales Comparison 4Q ‘09 Zone Sales Comparison 1Q ‘10 Zone Sales Comparison
Zo
ne 1
, 10%
Zone 2, 1
2%
Zone 3, 18%
Zone 4, 21%
Zone 5, 8%
Zone 6, 8%
Zone 7, 13%
Zo
ne 8
, 9%
Zo
ne 1
, 12%
Zone 2, 23%
Zone 3
, 17%
Zone 4,
20%
Zone 5, 7%
Zone 6, 8%
Zone 7
, 8%
Zo
ne 8
, 5%
Zo
ne 1
, 11%
Zone 2, 28%
Zo
ne 3
, 19%
Zone 4, 20%
Zone 5, 6%
Zone 6, 4%
Zone 7
, 6%
Zo
ne 8
, 5%
Zo
ne 1
, 10%
Zone 2, 1
2%
Zone 3, 18%
Zone 4, 21%
Zone 5, 8%
Zone 6, 8%
Zone 7, 13%
Zo
ne 8
, 9%
Zo
ne 1
, 12%
Zone 2, 23%
Zone 3
, 17%
Zone 4,
20%
Zone 5, 7%
Zone 6, 8%
Zone 7
, 8%
Zo
ne 8
, 5%
Zo
ne 1
, 11%
Zone 2, 28%
Zo
ne 3
, 19%
Zone 4, 20%
Zone 5, 6%
Zone 6, 4%
Zone 7
, 6%
Zo
ne 8
, 5%
Zo
ne 1
, 10%
Zone 2, 1
2%
Zone 3, 18%
Zone 4, 21%
Zone 5, 8%
Zone 6, 8%
Zone 7, 13%
Zo
ne 8
, 9%
Zo
ne 1
, 12%
Zone 2, 23%
Zone 3
, 17%
Zone 4,
20%
Zone 5, 7%
Zone 6, 8%
Zone 7
, 8%
Zo
ne 8
, 5%
Zo
ne 1
, 11%
Zone 2, 28%
Zo
ne 3
, 19%
Zone 4, 20%
Zone 5, 6%
Zone 6, 4%
Zone 7
, 6%
Zo
ne 8
, 5%
During First Quarter 2010, Zone 2 accounted for the highest percentage of sales borough-wide, at 28%. Market-share in Zone 2 increased to 28% this quarter due to closings at new developments such as One Brooklyn Bridge Park. In First Quarter 2009, Zone 2 accrued 12% market-share. Market-share in Zone 3 increased to 19% due to closings at new developments such as Toren and Forte.
*Numbers may not add up to 100 due to rounding.
1st QUARTER 2010
the corcoran report 5
Townhouses Market WideSingle-family townhouses decreased in median price year-over-year and quarter-over-quarter while multi-family townhouses increased in median price over both time periods. Single-family townhouses decreased 8% in median price versus a year ago and 35% from Fourth Quarter 2009. Multi-family townhouses, however, increased 72% in median price from a year ago and 29% from last quarter, to $1.27 million.
New development sales in Brooklyn continue to see price corrections, decreasing 11% median price and 14% in average price per square foot from First Quarter 2009, to $554,000 and $611, respectively. From Fourth Quarter 2009, median price declined 5% while average price per square foot decreased 3%.
Properties under $500,000 accounted for 59% of sales this quarter compared to 61% during Fourth Quarter 2009 and 65% in First Quarter 2009. While 5% of closings this quarter were over $1 million, similar to Fourth Quarter 2009, there was an uptick in sales over $2 million.
New Development Market Wide
Tow
nh
ou
ses Q1 2010
Change
Q4 2009
Q1 2010
Change
Q1 2009
1 Family 2-4 Family Average Price Median Average Price Median
1.238M
-4%
1.295M
995K
-35%
1.468M
1.325M
+17%
1.137M
1.268M
+29%
982K
1.238M
-24%
1.638M
995K
-8%
1.040M
1.325M
+25%
1.061M
1.268M
+72%
735K
Mar
ket
Wid
e
Average Sale Price Median Price Average Price Per Square Foot
Q1 2010
Change
Q4 2009
Q1 2010
Change
Q1 2009
617K
-6%
658K
554K
-5%
585K
611
-3%
629
617K
-25%
827K
554K
-11%
619K
611
-14%
712
Sales by Price Category
37% 24% 23% 11% 5%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
1Q09
4Q09
1Q10
Qu
art
er
Percent of Sales
$0K-$350K $350K-$500K $500K-$750K $750K-$1M $1M-$2M $2M+
40% 25% 23% 8%3%
37% 22% 26% 10% 4%
1%
1%
37% 24% 23% 11% 5%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
1Q09
4Q09
1Q10
Qu
art
er
Percent of Sales
$0K-$350K $350K-$500K $500K-$750K $750K-$1M $1M-$2M $2M+
40% 25% 23% 8%3%
37% 22% 26% 10% 4%
1%
1%
1st QUARTER 2010
the corcoran report 6
Zone 1 Market WideBushwick Williamsburg Greenpoint
Zone 1 experienced declines in condo median price while average price per square foot remained relatively flat. Condo median price declined 6% from First Quarter 2009 and 10% from Fourth Quarter 2009, primarily due to a large number of one-bedroom sales. There was no co-op or townhouse activity in Zone 1 during First Quarter 2010.
FLUSHING AVE
BROADWAY
CYPRESS AVE
WYCKOFF AVE
Eas
t R
ive
r
QueensNewton Creek
Tow
nh
ou
ses Q1 2010
Change
Q4 2009
Q1 2010
Change
Q1 2009
1 Family 2-4 Family Average Price Median Average Price Median
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
995K
N/A
N/A
N/A
N/A
N/A
780K
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Interactive map online at PropertyShark.com/maps
Co
nd
os
AverageSale Price
MedianPrice
Avg Priceper sf
Q1 ‘10
Change
Q4 ‘09
Q1 ‘10
Change
Q1 ‘09
567K
-10%
632K
538K
-10%
594K
637
-1%
645
567K
-1%
572K
538K
-6%
572K
637
+1%
629
Co
-op
s
AverageSale Price
MedianPrice
Avg Priceper sf
Q1 ‘10
Change
Q4 ‘09
Q1 ‘10
Change
Q1 ‘09
N/A
N/A
256K
N/A
N/A
297K
N/A
N/A
467
N/A
N/A
300K
N/A
N/A
N/A
N/A
N/A
N/A
Average unit sales per square foot (SF):
Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available
Number of unit sales per building:
Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units
1st QUARTER 2010
the corcoran report 7
Zone 2 Market WideBrooklyn Heights Boerum Hill Carroll Gardens Cobble Hill DUMBO Vinegar Hill Red Hook Gowanus
FLUSHING AVEFLA
TB
US
H A
VE
East R
iver
4th
Ave
Manhattan
GovernorsIsland
Co
nd
os
AverageSale Price
MedianPrice
Avg Priceper sf
Q1 ‘10
Change
Q4 ‘09
Q1 ‘10
Change
Q1 ‘09
704K
-11%
789K
594K
-12%
675K
622
-9%
687
704K
-30%
1.010M
594K
-21%
750K
622
-16%
738
Co
-op
s
AverageSale Price
MedianPrice
Avg Priceper sf
Q1 ‘10
Change
Q4 ‘09
Q1 ‘10
Change
Q1 ‘09
631K
+23%
511K
538K
+26%
428K
644
+8%
594
631K
+27%
496K
538K
+19%
450K
644
+5%
615
Tow
nh
ou
ses Q1 2010
Change
Q4 2009
Q1 2010
Change
Q1 2009
1 Family 2-4 Family Average Price Median Average Price Median
2.256M
+78%
1.265M
2.175M
+72%
1.265M
1.622M
-1%
1.682M
1.650M
+7%
1.548M
2.256M
-16%
2.694M
2.175M
-1%
2.200M
1.622M
-7%
1.793M
1.650M
-22%
2.113M
Interactive map online at PropertyShark.com/maps
Co-ops in Zone 2 performed well this quarter. Co-op median price increased 26% from Fourth Quarter 2009 and 19% from a year ago. Average price per square foot increased 8% over last quarter and 5% over last year. Condos in Zone 2 fared worse, however. Median price declined 12% from a quarter ago and 21% from a year ago. Average price per square foot fell 9% from Fourth Quarter 2009 and 16% from First Quarter 2009. Single-family townhouse median price increased 72% from last quarter while multi-family townhouses increased 7%. Versus a year ago, single-family townhouse sales were 1% lower in median price while multi-family townhouses declined 22%.
Average unit sales per square foot (SF):
Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available
Number of unit sales per building:
Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units
1st QUARTER 2010
the corcoran report 8
Zone 3 Market WideFort Greene Clinton Hill Prospect Heights Lefferts Gardens Bed Stuy Crown Heights Ocean Hill Weeksville
PARKSIDE AVE
NO
ST
RA
ND
AV
E
EMPIRE BLVD
FLUSHING AVE
ProspectPark
FLATBU
SH AV
E
BROADWAY
Co
-op
s
AverageSale Price
MedianPrice
Avg Priceper sf
Q1 ‘10
Change
Q4 ‘09
Q1 ‘10
Change
Q1 ‘09
378K
-2%
387K
327K
-11%
369K
525
+9%
482
378K
+5%
359K
327K
+17%
280K
525
+10%
476
Tow
nh
ou
ses Q1 2010
Change
Q4 2009
Q1 2010
Change
Q1 2009
1 Family 2-4 Family Average Price Median Average Price Median
747K
-53%
1.575M
710K
N/A
N/A
1.227M
+30%
947K
1.065M
+31%
810K
747K
-57%
1.729M
710K
-61%
1.838M
1.227M
+45%
845K
1.065M
+53%
697K
Co
nd
os
AverageSale Price
MedianPrice
Avg Priceper sf
Q1 ‘10
Change
Q4 ‘09
Q1 ‘10
Change
Q1 ‘09
521K
-12%
592K
523K
-2%
535K
554
0%
556
521K
-43%
919K
523K
-21%
660K
554
-23%
719
Co-op median price increased 17% in median price and 10% in average price per square foot versus First Quarter 2009. Over last quarter, median price decreased 11% while average price per square foot increased 9%. Condo price metrics remained flat over last quarter but median price and average price per square foot were down year-over-year by 21% and 23%, respectively. This is due to a high number of closings at Forte Condominium. Single-family townhouses decreased 61% in median price from a year ago while multi-family townhouses increased in median price by 31% versus last quarter, and by 53% versus First Quarter 2009.
Interactive map online at PropertyShark.com/maps
Average unit sales per square foot (SF):
Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available
Number of unit sales per building:
Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units
1st QUARTER 2010
the corcoran report 9
Zone 4 Market WidePark Slope Kensington Windsor Terrace Prospect Park South Ditmas Park
Zone 4 co-ops decreased in price across the board. Median price decreased 22% and 11% versus First Quarter 2009 and Fourth Quarter 2009, respectively. Average price per square foot declined more modestly by 3% from a year ago and by 2% from last quarter. Condos decreased 13% in median price and 11% in average price per square foot from a year ago. Versus Fourth Quarter 2009, median price decreased 5% while average price per square foot decreased 7%. Single-family townhouses increased 19% in median price from a year ago but decreased 27% from Fourth Quarter 2009. Multi-family townhouses decreased 22% in median price from last quarter and 12% from a year ago.
FOSTER AVE
MC
DO
NA
LD
AV
E
WA
SH
ING
TO
N A
VEO
CE
AN
AV
E
FLATBU
SH AV
E
PROSPECT AVE
4TH
AV
E
EASTERN PKWY
PARKSIDE AVE
ProspectPark
GreenwoodCemetery N
OS
TR
AN
D A
VE
Co
nd
os
AverageSale Price
MedianPrice
Avg Priceper sf
Q1 ‘10
Change
Q4 ‘09
Q1 ‘10
Change
Q1 ‘09
592K
-7%
635K
558K
-5%
585K
547
-7%
590
592K
-13%
683K
558K
-13%
645K
547
-11%
612
Co
-op
s
AverageSale Price
MedianPrice
Avg Priceper sf
Q1 ‘10
Change
Q4 ‘09
Q1 ‘10
Change
Q1 ‘09
422K
-3%
433K
355K
-11%
399K
510
-2%
519
422K
-4%
438K
355K
-22%
455K
510
-3%
524
Tow
nh
ou
ses Q1 2010
Change
Q4 2009
Q1 2010
Change
Q1 2009
1 Family 2-4 Family Average Price Median Average Price Median
1.060M
-39%
1.735M
1.163M
-27%
1.600M
1.247M
-13%
1.437M
1.095M
-22%
1.400M
1.060M
-16%
1.269M
1.163M
+19%
974K
1.247M
+1%
1.234M
1.095M
-12%
1.250M
Interactive map online at PropertyShark.com/maps
Average unit sales per square foot (SF):
Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available
Number of unit sales per building:
Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units
1st QUARTER 2010
the corcoran report 10
Zone 5 Market WideFlatbush Midwood Greenwood Sunset Park Borough Park
GreenwoodCemetery
Upper
Bay
MC
DO
NA
LD
AV
E
PROSPECT AVE
65TH ST
FOSTER AVE
KINGS HWY
AVENUE P
OC
EA
N
PK
WY
Co
nd
os
AverageSale Price
MedianPrice
Avg Priceper sf
Q1 ‘10
Change
Q4 ‘09
Q1 ‘10
Change
Q1 ‘09
393K
+12%
352K
395K
+6%
373K
423
-6%
449
393K
+18%
334K
395K
+20%
330K
423
-10%
471
Co
-op
s
AverageSale Price
MedianPrice
Avg Priceper sf
Q1 ‘10
Change
Q4 ‘09
Q1 ‘10
Change
Q1 ‘09
228K
+3%
221K
193K
-6%
205K
282
-16%
335
228K
+13%
201K
193K
-4%
200K
282
0%
281
Tow
nh
ou
ses Q1 2010
Change
Q4 2009
Q1 2010
Change
Q1 2009
1 Family 2-4 Family Average Price Median Average Price Median
905K
-43%
1.600M
852K
N/A
N/A
N/A
N/A
838K
N/A
N/A
810K
905K
+6%
850K
852K
N/A
N/A
N/A
N/A
810K
N/A
N/A
875K
Interactive map online at PropertyShark.com/maps
Co-op median price decreased 4% while average price per square foot held flat versus a year ago. Median price declined 6% as average price per square foot declined 16% from last quarter. Condo median price increased by 20% from a year ago as price per square foot decreased 10%, as the few sales were two-bedroom residences. Versus Fourth Quarter 2009, condo median price increased 6% while average price per square foot decreased 6%.
Average unit sales per square foot (SF):
Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available
Number of unit sales per building:
Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units
1st QUARTER 2010
the corcoran report 11
Zone 6 Market WideBay Ridge Bensonhurst Bath Beach Dyker Heights Fort Hamilton Gravesend
Co-op median price saw no change but average price per square foot increased 57% from First Quarter 2009, due to a different percentage of neighborhood sales within the Zone. Versus Fourth Quarter 2009, however, average price per square foot decreased 23%, while medium price decreased 5%. This price per square foot decline can be attributed to smaller one-bedrooms trading. The condo market experienced price gains. Median price increased 24% and average price per square foot increased 51% from last year, albeit with much fewer transactions. Versus last quarter, condo median price increased 12% and average price per square foot increased 21%. Multi-family townhouse median price increased 25% from First Quarter 2009.
Gravesend Bay
65TH ST
AVENUE P
SHORE PKWY
OC
EA
N P
KW
Y
Co
nd
os
AverageSale Price
MedianPrice
Avg Priceper sf
Q1 ‘10
Change
Q4 ‘09
Q1 ‘10
Change
Q1 ‘09
505K
+31%
386K
408K
+12%
365K
476
+21%
394
505K
+57%
322K
408K
+24%
328K
476
+51%
316
Co
-op
s
AverageSale Price
MedianPrice
Avg Priceper sf
Q1 ‘10
Change
Q4 ‘09
Q1 ‘10
Change
Q1 ‘09
255K
+10%
231K
205K
-5%
215K
303
-23%
394
255K
+22%
209K
205K
0%
205K
303
+57%
193
Tow
nh
ou
ses Q1 2010
Change
Q4 2009
Q1 2010
Change
Q1 2009
1 Family 2-4 Family Average Price Median Average Price Median
N/A
N/A
1.100M
N/A
N/A
N/A
743K
N/A
N/A
743K
N/A
N/A
N/A
N/A
690K
N/A
N/A
N/A
743K
+25%
593K
743K
+25%
593K
Average unit sales per square foot (SF):
Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available
Interactive map online at PropertyShark.com/maps
Number of unit sales per building:
Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units
1st QUARTER 2010
the corcoran report 12
Zone 7 Market WideMill Basin Bergen Beach Marine Park Sheepshead Bay Manhattan Beach Sea Gate Gerritsen Beach
Homecrest Brighton Beach West Brighton Floyd Bennett Coney Island
The co-op market in Zone 7 experienced price gains from a year ago. Median price increased 8% and average price per square foot increased 41%. Versus last quarter, median price remained flat at $205,000 as average price per square foot inched up by 2%. There were few condo sales in Zone 7 this quarter. Condos decreased 15% in median price and 5% in average price per square foot from a year ago, while median price increased 22% from last quarter.
FLATBUSH AVE
66TH ST
KINGS HWYAVENUE U
AVENUE N
Floyd BennettField
Marine Park
Gravesend Bay
Lower Bay
Gateway National
Recreation Area
SHORE PKWY
SURF AVE
OC
EA
N P
KW
Y
Tow
nh
ou
ses Q1 2010
Change
Q4 2009
Q1 2010
Change
Q1 2009
1 Family 2-4 Family Average Price Median Average Price Median
N/A
N/A
446K
N/A
N/A
450K
1.190M
+119%
543M
N/A
N/A
543K
N/A
N/A
N/A
N/A
N/A
N/A
1.190M
N/A
N/A
N/A
N/A
N/A
Interactive map online at PropertyShark.com/maps
Co
nd
os
AverageSale Price
MedianPrice
Avg Priceper sf
Q1 ‘10
Change
Q4 ‘09
Q1 ‘10
Change
Q1 ‘09
537K
+2%
525K
520K
+22%
426K
523
N/A
N/A
537K
-25%
714K
520K
-15%
610K
523
-5%
548
Co
-op
s
AverageSale Price
MedianPrice
Avg Priceper sf
Q1 ‘10
Change
Q4 ‘09
Q1 ‘10
Change
Q1 ‘09
225K
+3%
219K
205K
0%
205K
266
+2%
260
225K
+17%
193K
205K
+8%
190K
266
+41%
188
Average unit sales per square foot (SF):
Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available
Number of unit sales per building:
Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units
1st QUARTER 2010
the corcoran report 13
Zone 8 Market WideFarragut East Flatbush Cypress Hill East New York Flatlands Highland Park City Line Paedergat
Starrett City Spring Creek New Lots Canarsie
Co-ops in Zone 8 had a large decline in average price per square foot from a year ago. Median price and average price per square foot decreased 18% and 28%, respectively. Versus last quarter, median price decreased 8% while average price per square foot decreased 19%. There were few condo sales in Zone 8 this quarter. Condos decreased 30% in median price from a year and a quarter ago.
E NEW YORK AVE
JAMAICA AVE
HIGHLAND B
LVD
EMPIRE BLVD
NO
ST
RA
ND
AV
EE
31S
T S
T
FLATBUSH AVE
PAERDEGAT
AVE N
AVENUE U
Canarsie Beach Park
Cemetery of
The Holy Cross
Gat
eway
Nat
ion
al
Re
crea
tio
n A
rea
Tow
nh
ou
ses Q1 2010
Change
Q4 2009
Q1 2010
Change
Q1 2009
1 Family 2-4 Family Average Price Median Average Price Median
725K
+63%
446K
N/A
N/A
450K
N/A
N/A
N/A
N/A
N/A
N/A
725K
-15%
850K
N/A
N/A
N/A
N/A
N/A
792K
N/A
N/A
792K
Co
nd
os
AverageSale Price
MedianPrice
Avg Priceper sf
Q1 ‘10
Change
Q4 ‘09
Q1 ‘10
Change
Q1 ‘09
195K
-41%
332K
200K
-30%
285K
N/A
N/A
499
195K
-40%
326K
200K
-30%
285K
N/A
N/A
384
Co
-op
s
AverageSale Price
MedianPrice
Avg Priceper sf
Q1 ‘10
Change
Q4 ‘09
Q1 ‘10
Change
Q1 ‘09
190K
-9%
209K
165K
-8%
179K
176
-19%
217
190K
-1%
191K
165K
-18%
200K
176
-28%
243
Interactive map online at PropertyShark.com/maps
Average unit sales per square foot (SF):
Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available
Number of unit sales per building:
Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units