Boerum Hill Leads Brooklyn in Home Prices

According to PropertyShark.com, a real estate web site, Boerum Hill has de-throwned Cobble Hill and Brooklyn Heights as the most expensive location in Brooklyn to purchase a home. Coming in sixth city-wide, Boerum Hill occupies a small section in Brooklyn’s northwest corner, and is well-known as being the neighborhood where the Brooklyn House of Detention is found. Homes in Boerum Hill averaged in the vicinity of $950,000 during 2012, which is a 17 percent increase over the average price in 2011 of $815,000, and a whopping 36 percnet more than the 2008 average price of $698,250.

Real estate experts attribute the sharp climb in Boerum Hill’s desirability overall, and its surge past such prime locations as Dumbo, to the fabulously successful complex of condos at 233 Pacific Street in 2012. In that complex twenty units sold for over $1 million each. Eight of those twenty sold for $1.5 million

“233 Pacific was certainly one of the highlights of Boerum Hill” said Michael Slattery, a senior Vice President with the Real Estate Board of New York. “The neighborhood is improving and the presence of new development is driving up prices of existing homes.”