High-end Real Estate in Brooklyn Is Doing Well

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New York, UNITED STATES: Traditional brownstone buildings on Clinton Street, 05 February 2007, in the Brooklyn borough of New York. A general development and revival trend is taking place in Brooklyn. AFP PHOTO/Stan HONDA (Photo credit should read STAN HONDA/AFP/Getty Images)
New York, UNITED STATES: Traditional brownstone buildings on Clinton Street, 05 February 2007, in the Brooklyn borough of New York. A general development and revival trend is taking place in Brooklyn. AFP PHOTO/Stan HONDA (Photo credit should read STAN HONDA/AFP/Getty Images) Photo: STAN HONDA/2007 AFP

Crain's reports that prices for million-dollar-plus residential transactions were up 60 percent over the previous year in the second quarter. It's the highest level since 2008, in fact. A quarter of the expensive properties were new construction, and the majority were in Williamsburg, followed by Park Slope, Carroll Gardens, and Red Hook. Maybe the Billyburg bust is over? Despite numerous caveats — sales typically slow in the summer, most of these transactions took place closer to the beginning of the calendar year, and it's not necessarily indicative of a broader uptick for the borough's residential properties — the report is good news for condo developers and wealthy homeowners, in case you were up nights worrying about those poor souls.

Wave of pricey B'klyn homes set 3-year record [Crain's]