Real Estate Boom of the Day: Brooklyn Is Back
In Brooklyn, good times are back.
According to a report by real estate firm Massey Knakal, property sales are up 12 percent in the first quarter 2012 compared to this time last year. Overall, sales were $683 million, double what they were at this time last year. If the borough continues to burn through real estate at this pace, sales consideration will top $2 billion for the first time since 2008.
Brooklyn is having a standout quarter compared to the rest of the city, where sales performed modestly ("disappointingly not better and simultaneously happily not worse" than the fourth quarter of 2011). Hat tip to Brownstoner for the report.
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