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How expensive can Brooklyn be?

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As of late June 2014 the five priciest listings in Brooklyn ranged from a $14 million Park Slope townhouse to the $32 million One Brooklyn Bridge Park condominium penthouse. Interestingly, the most expensive sales that actually closed in the last 12 months were at a far lower level, ranging from a $5.8 million Brooklyn Heights townhouse to an $8.7 million townhouse at 12 College Place in the same neighborhood. Therefore the current highest $ listings seem to be at wishful price points.

Nevertheless in the second quarter of 2014, the average price for luxury sales in the borough rose to $2.53 million, up 32.6 percent from the prior year, according to Miller Samuel.

Bidding wars. All-cash offers. Foreign buyers. Off-market sales. The telltale signs of New York City’s housing crunch have dominated headlines in recent years, as pent-up demand from the financial crisis gave way to a seller’s market — one in which prices have soared. But in Brooklyn, the steep inventory decline of the past four years is easing slightly, as new developments hit the market and some homeowners cash out.

There were 4,202 properties for sale in Brooklyn during the month of June — up 15.9 percent from the same time last year, when available housing stock plummeted to 3,702 properties on the market.

Overall, Brooklyn’s housing inventory is still 25.2 percent lower than 2010, when the number of available properties swelled to 5,737, as the effects of the recession were being felt full force. In June, the median sale price in the borough for all sales rose 12% to $521,000, compared with the prior year period.