Brooklyn Foreclosure Listings

Brooklyn Bank Foreclosures

There are 14,673 foreclosure listings in Brooklyn. The average price for these homes is $338 per square foot; this rate has increased compared to last year. Brooklyn's popular neighbourhoods include Bedford-Stuyvesant and Park Shope where the homes have average listing prices ranging from $445,595 to $906,449. Among the five boroughs of New York, Brooklyn is the most populous. Most of the sections in this area of New York are residential, and many of the ethnic neighbourhoods in Brooklyn have developed and accommodated several Americans relocating from the slums of Manhattan. Today, the Brooklyn area consists of dynamic neighbourhoods. More and more people are migrating to this part of New York.

City dwellers who thrive on a bustling, cosmopolitan lifestyle can find their place in Brooklyn at a bargain price by searching through foreclosure listings. Brooklyn is one of the five boroughs of the City of New York and accommodates almost one-third of its population (approximately two and a half million people) in 71 square miles.

Brooklyn is situated on the westernmost part of Long Island. Most of the population works outside of the borough with an average commuting time of forty minutes to New York. Most employers within Brooklyn are small businesses. In fact, nine out of town of these businesses employ less than twenty people. Traditionally, business in Brooklyn has been based on manufacturing, but there has been a shift towards services, retailing and construction over the years.

Brooklyn has always been a magnet for ambitious immigrants who have made their way to America. The official motto of Brooklyn, “In unity there is strength,” reflects the independent and unique culture of the borough, where particular ethnic groups dominate many different neighborhoods including African-Americans, Hispanic Americans and Chinese-Americans, Italians, Jewish, Greek and Irish. Brooklyn also attracts young, single professionals earning high salaries and upper-scale pre- to middle-aged singles who enjoy an upbeat lifestyle with reasonable expenses.

The average listing price for houses on sale is $617,374, and the median sales price is $512,500. The average value of owner-occupied housing units is $224,100, which is $75,000 above the state average. All these statistics lead to an average price per square foot of $349.

The most popular neighborhoods are Bedford-Stuyvesant, Park Slope, Sheepshead Bay, Greenpoint and Williamsburg with prices ranging from $439,663 to $897,157. On the other hand, neighborhoods to keep an eye out for good return on investment include Sunset Park, Red Hook, Borough Park, Prospect Park South and Downtown Brooklyn with prices ranging from $461,446 to $913,224. Red Hook had the highest week-on-week, average price listing appreciation of +7.9% up to 23 March 2011.

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