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DUMBO & Boerum Hill in top ten most expensive NYC neighborhoods

According to the latest Property Shark report, the second quarter of 2017 brought a period of renewed price growth to some areas of New York City, particularly to its most expensive neighborhoods. Median sale prices trended upwards in most of the city’s 50 most expensive neighborhoods.

Brooklyn maintained 2 neighborhoods among the city’s top 10 most expensive. Boerum Hill was barely the city’s 46th priciest neighborhood in early 2016. Now, with a median sale price of $1,975,000, Boerum Hill ranks as the 5th most expensive neighborhood in New York City, as high-end condominiums such as The Boerum continue to see rapid sales in their luxury inventory. Overall, the priciest neighborhood in Brooklyn experienced a 51% growth in the median sale price in the past 12 months.

DUMBO gained 19% in median price levels (median sale price: $1,840,000) in the second quarter compared to the same period in 2016 and ranks #8. Quarter-over-quarter, however, DUMBO’s real estate market cooled off, stabilizing after a feverish first quarter for luxury sales. Fueled by a wave of high-priced condo developments that hit the market in early 2017, DUMBO saw 55 transactions. Many of these were closed at luxury condo developments such as 51 Jay Street, where units range between $1 million and $6 million. In Q2, however, neighborhood sales activity trended towards more balanced territory, with 37 completed transactions.

The city’s most remarkable price expansion came from Fort Greene as median sale prices ballooned by a jaw-dropping 151%. Barely making the city’s top 100 priciest neighborhoods at #97 in 2016, the historic South Brooklyn neighborhood saw median sale prices jump from just $451,612, to $1,135,000 over the past 12 months, landing at #18.

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