Dumbo

Dumbo Breaks Sale Records, Is Crowned Brooklyn's Most Expensive 'Hood in 2015

The numbers are in, and Dumbo takes the cake for priciest Kings County home sales, making it the most expensive neighborhood in Brooklyn. The formerly industrial, now upscale waterfront locale broke borough records with its $1,400,000 million median home sale price in 2015 — calculated from Dumbo’s 71 home sales this year — according to a real…

by Hannah Frishberg

12/31/2015 0

Real Estate Records Dumbo Brooklyn — Dumbo, Brooklyn’s most expensive neighborhood. Photo by Fleur Losfeld

The numbers are in, and Dumbo takes the cake for priciest Kings County home sales, making it the most expensive neighborhood in Brooklyn.

The formerly industrial, now upscale waterfront locale broke borough records with its $1,400,000 million median home sale price in 2015 — calculated from Dumbo’s 71 home sales this year — according to a real estate report by PropertyShark.

In second place was neighboring Vinegar Hill, where just 14 home sales averaged an impressive $1,262,500. Carroll Gardens placed third, with other high-priced neighborhoods including Manhattan Beach — the mansion-laden beachfront community near Coney Island — as well as the Columbia Street Waterfront District and Brooklyn Heights, DNAinfo reported.

Brooklyn Heights and Williamsburg had the priciest sales for units in multifamily homes. Cobble Hill also hit the list with the sale of 177 Pacific Street, the most expensive single-family home sale of the year at $15,500,000. Prospect Lefferts Gardens had the largest increase in home sale prices of any neighborhood.

Overall, Brooklyn made a new record for itself in terms of pricey residential real estate. Exactly 570 of the borough’s homes sold for more than $1,500,000 in 2015 — an increase of 363 over sales in 2011, according to the PropertyShark report.

Sales prices have been growing steadily for several years, with the 2015 median sale price at a solid $160,038 higher than the median in 2005. However,the quantity of sales has decreased over the period, with nearly 2,000 fewer sales completed this year than 10 years ago.

Yet, despite increasingly pricey borough real estate, the gap between Brooklyn and Manhattan remains. Dumbo — Kings County’s priciest ‘hood — is only the 13th most expensive citywide.