The New New in Real Estate: Not So Bad Means Good

The NY Observer catches up with Jonathan Miller, CEO and president of Miller Samuel who wrote Elliman’s Q2 Brooklyn Real Estate Report released today.  The good news is that if you’re on top of the pyramid things don’t suck as much!:

NY Observer: For “Brownstone Brooklyn,” which encompasses the northwest neighborhoods (Boerum Hill, Brooklyn Heights, Carroll Gardens, Clinton Hill, Cobble Hill, Fort Greene, Park Slope, Prospect Heights and others), high-end brownstones (single-family residences) dominated demand. The median price of those buildings rose to $2.25 million, a 77.2 percent increase from last quarter’s $1.27 million and a 181.3 percent increase from the same time in 2009. The average sales price of all types of brownstones was $1,393,216, down 1.2 percent from last quarter’s $1,410,818, but up 26.6 percent from last year.

Even if this seems like a boom, it isn’t. We’re simply working our way back to how things used to be in the most chi-chi of chi-chi Brooklyn.

“This is clearly good news and we’ll take it, but the story is it’s really getting back to a—and I hate using the word ‘normal’—but more of a level of activity that’s consistent with historic patterns,” Mr. Miller said. “Sort of pre-Lehman.”

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