SOURCE: HMS Associates LLC

February 27, 2007 12:41 ET

Brooklyn Home Sale Prices Rose Nearly 8% in 2006, New Study Finds

NEW YORK, NY -- (MARKET WIRE) -- February 27, 2007 -- In a year when home prices fell in many areas of New York City and the nation, the average Brooklyn home price rose nearly 8 percent in 2006, according to a report released by a New York-based real estate appraisal firm, HMS Associates.

HMS, a full-service firm, has been appraising residential and commercial property since 1998 and found that home prices rose even though there were fewer transactions in the borough -- a sign that sellers, reluctant to come down in price, and buyers, also reluctant to budge, were playing a waiting game in 2006.

"The Brooklyn residential market was very strong in 2006," says HMS Associates founder Sam Heskel. "We expect 2007 will be another good year, but home prices will come back down to earth somewhat, with transactions up moderately."

The report was based on data collected on single- and multi-family homes as well as condos in 16 Brooklyn neighborhoods. The greatest increases in home prices were in Canarsie, up 17.7 percent, from $433,340 to $510,314, and in Brooklyn Heights, up 16.6 percent, from $1,831,857 to $2,136,891. The study also shows prices increased in Boerum Hill, Carroll Gardens, Williamsburg, Bay Ridge, Park Slope, Greenpoint, Crown Heights, and Sheepshead Bay. The full report can be found at www.hmsassociates.net.

About HMS Associates

HMS Associates is a Brooklyn-based residential and commercial appraisal firm. Founded by Sam Heskel in 1998, the firm serves all of New York City and its surrounding areas. Heskel, an associate member of The Appraisal Institute, is state certified in New York and is a member of The National Association of REALTORS®. He is also a member of Multiple Listing Services for Brooklyn and Long Island (includes Queens), Putnam and Westchester counties, and the Greater Hudson Valley.

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