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Brooklyn enjoys sales surge.

The average Brooklyn home price rose nearly 8% in 2006, according to a report released by a New York-based real estate appraisal firm, HMS Associates.

HMS--which has been appraising residential and commercial property since 1998--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," said 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.
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Publication:Real Estate Weekly
Date:Feb 28, 2007
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