Brooklyn "Luxury" Real Estate Tanks

For some reason, there have been a flurry of Brooklyn, NY real estate stories — all about how there are tons of condos and unfinished projects blighting the landscape, turning the borough into Las Vegas of the East Coast. Well, not quite, but you get the point.

Anyway, you can forget the anecdotes about Williamsburg trust funders no longer affording their digs, because the data is out and the market really is that ugly.

The report, from Prudential Douglas Elliman Real Estate and Miller Samuel Inc. pegs the average sales price decline in Q2 for the entire Brooklyn market at 8.5% from Q1. Year-over-year the decline was 15.9%. The market that really trebled? The high end; all those swanky developments with pools and chrome fridges. Average sales price fell 16% from Q1.

Check out the whole thing:


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