News You Can Use! Brooklyn's Priciest Nabes for Condos

The intrepid condo buyers who took a gamble on a modestly priced spread in Brooklyn Heights in April 2007 probably had no idea that they would be living in the borough's most expensive neighborhood for condos a year later.

The average condo price increased 170 percent annually, from $613,750 to $1.65 million in April 2008, according to the report from the Real Estate Board of New York.

Other condo price results results by neighborhood:

• Downtown Brooklyn Fulton Ferry—by which we assume they mean Dumbo--was No. 2 with an average condo sales price of $1.246 million. (The neighborhood had been No. 1 last year.)
• South Williamsburg ranked number three with an average condo sales price of $1,243 million in April 2008, up 113 percent year-over-year.
• Overall, the average sale price for a Brooklyn condo increased four percent in April 2008 to $656,784, but not necessarily where you might expect. There were 318 sales boroughwide compared to 255 in April 2007.
• In Park Slope, the average condo price finished April 27 percent lower than in the same month in 2007, dropping from $779,000 to $568,400, but there were 12 sales in April 2007 compared to 22 in the same month this year.
• In Greenpoint average condominium prices also jumped significantly in April, increasing 40 percent to $560,947, while the number of sales in that neighborhood jumped from seven sales in April 2007 to 25 sales in April 2008.