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Brooklyn Housing Market Hit

Tuesday, January 13, 2009

Brooklyn's real estate market has taken a beating. A new report from the appraisal firm Miller Samuel shows prices are down and the number of sales are down even more. WNYC's Lisa Chow reports.

REPORTER: The eastern part of Brooklyn was hit the hardest. We're talking Crown Heights, Bed-Stuy, East New York and Bushwick. At the end of last year, a typical apartment there sold for $450,000 down 15 percent from year before. Those neighborhoods also have seen some of the highest concentrations of foreclosures, yet few neighborhoods escaped the downturn. Brooklyn Heights and Park Slope saw their housing prices fall about 9 percent from the previous year. But their brownstones were the one small bright spot in the market. Their prices were up 12 percent to $1.3 million. For WNYC, I'm Lisa Chow.

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