Brooklyn condominiums...

While the national condominiums market is struggling with increasing inventory and weakening values, the prices and number of condominiums selling in Brooklyn rose in the first three months of the year, according to several Brooklyn condominiums real estate brokerages. In fact, this is record growth in the Brooklyn condos market.

Sales volume in Brooklyn condos was up ten percent over the fourth quarter of last year. The average price for condominiums in Brooklyn rose almost ten percent in the first three months of this year over the fourth quarter of last year. The Corcoran Group said prices rose twelve percent, and Prudential Douglas Elliman put the increase at over five percent. Bigger increases were seen in the prices paid for the largest condominiums in Brooklyn.

The wealthiest New Yorkers paid over 25 percent more for Brooklyn condos with 1500 sq. feet or more, than they did last year. Buyers also paid a higher price than they did a year ago for Brooklyn condominiums, especially those in new condos buildings or newly converted condominiums buildings.

Buyers also paid higher prices for smaller condominiums in Brooklyn. Brokers say the average overall prices in Brooklyn condominiums rose over twenty five percent in the first quarter of this year.