The New York Times has some crazy real estate numbers from the Brooklyn housing bonanza:
- "In the second quarter of 2014, 107 sales priced above $2 million took place, more than any other prior quarter, according to the Corcoran Group. Those deals included a $10.625 million townhouse on Willow Street in Brooklyn Heights, a $5 million loft in a shoe polish factory turned luxury condo building in Williamsburg, and a $3.15 million condo in Dumbo, to name a few.”
- "The median rental price in northern Brooklyn was up 6.6 percent to $2,852 in July, marking the 14th consecutive year-over-year increase in monthly rent, according to a report by Douglas Elliman. That is $353 cheaper than the median monthly rent in Manhattan. Five years ago Brooklyn was $1,030 cheaper.”
- "The number of apartments for sale dropped 5.9 percent to 4,426 in the second quarter of 2014, yet sales surged 12.5 percent to 2,086."
- "Nearly a third of the 382 home buyers earned at least $300,000 a year, compared with just 11 percent a year ago. During the same time frame, 65 percent of home buyers offered to pay with cash, compared with 32 percent a year earlier.”
65% of home buyers paying in cash is incredible (doubling in one year no less). And this is a real gem:
“It wasn’t until they had exhausted Brooklyn’s “deeper cuts,” as Ms. Kim described neighborhoods like Sunset Park, Kensington and Gowanus, that their friend Daniel Day Lee, a real estate agent with Citi Habitats, suggested they take a look at Sunnyside, Queens. They were reluctant at first. “Brian,” Ms. Kim said, “held some reservations about the Q word.” But after a visit, Mr. Witte, 36, a media planner at Comedy Central, was quickly sold on the neighborhood’s stately Tudor buildings, wide diversity, dead-on Manhattan views, attractive prices and “small town in the big city feel.”
Small town in the big city.