Ideal Properties Group releases Brownstone Brooklyn and Beyond Second Quarter 2014 Residential Market Report

Residential sales prices increased 27.5% in Brownstone Brooklyn and North Brooklyn in the second quarter of 2014 over the same period last year, and rose 2.7% from the previous quarter, according to the Brownstone Brooklyn and Beyond market report released by Ideal Properties Group, a leading real estate firm. Brownstone Brooklyn and North Brooklyn's residential properties sold for an average of $1.16 million. Median prices increased 7.2% to $905,000 from the previous quarter and average prices per square foot grew by 8.7% to $900, while median prices rose from $808 per s/f to $884, rising 17.1%. "Within one year, prices have increased dramatically and we anticipate the undersupply of new development inventory to continue to fuel this trend," stated Aleksandra Scepanovic, Managing Director of Ideal Properties Group. "For the rest of the summer and through 2014, we expect that townhouses, co-ops and condominiums will continue to attract home buyers - to both the most popular neighborhoods as well as the burgeoning areas of the borough." The average price for townhouses rose more than 107% to $2.113 million from the same time period of 2013 but slipped slightly by 4.2% from the previous quarter. To an extent attributable to the flattening of the townhouse market, co-operative units increased in price up 6.5% from the previous quarter and up 71.1% from the same time period in 2013. Brownstone Brooklyn and Beyond is Ideal Properties Group's analytical look into the borough's most popular neighborhood sales markets. Additional findings of the report include: * Condominiums made a comeback largely due to extremely limited inventory and the rising price of townhouses; median price per square foot rose 35.5% to $1,038 from the same time period last year and 28.5% quarter-over-quarter * Average sales prices of condominiums surpassed the $1 million mark * Properties in Downtown Brooklyn accounted for nine% of all sales in 2Q2014, while Greenpoint participated with seven% * The closing process slightly accelerated by 0.8%, or five days, over the previous quarter and 16% over the same time period in 2013 * Fifty-one% of properties sold below listing price; 39% sold above and 10% sold at the asking price Data in this report focuses on the "North" section of Brooklyn, encompassing Williamsburg, the Navy Yard and Greenpoint; and the "Northwest" or Brownstone Brooklyn section including Boerum Hill, Brooklyn Heights, Carroll, Gardens, Clinton Hill, Cobble Hill, Park Slope, Prospect Heights, Windsor Terrace and the Columbia Waterfront District as well as parts of Downtown, DUMBO, Fort Greene, Gowanus, Red Hook and Vinegar Hill. The report analyzed closed sales data of individual co-operative and condominium units, and one- to three-family townhomes in Brooklyn. Rolling sales reports issued by the New York City Department of Finance (ACRIS), and the REBNY Listings Service (RLS) data were used as primary data sources in the compilation of this report. The second quarter of 2014 Brownstone Brooklyn and Beyond report is available for download from the company's website at http://www.idealpropertiesgroup.com/about/market-reports.