Brooklyn Real Estate Bubble Still Growing

The New York Daily News starts off their story about record real estate prices here by saying “soon no one will be able to afford Brooklyn.” But yet the bubble continues to blow…errr.. grow:

NYDN: There were 103 sales in the borough priced above $2 million, according to Corcoran. Of those high-end deals, 58 were townhouses, including the sale of 273 Hicks St. in Brooklyn Heights for $6.4 million.

Brooklyn’s inventory crunch has been fueled in part by a stall in condo development during the financial crisis.

New condos, such as Toll Brothers’ Pierhouse at Brooklyn Bridge Park, are now coming into the market, but it will take some time before the borough sees a sizable number of new units.
“Supply has increased, but continues to be extremely low,” said Douglas Elliman executive vice president Yuval Greenblatt.

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