Brooklyn is no longer a Bargain

Sales of million-dollar-and-up properties in Brooklyn boomed in the second quarter—reaching its highest level in three years, according to a recent analysis by PropertyShark.com.

The second quarter saw a total of 223 sales over $1 million, up a whopping 60% from the same three months of last year. That volume outpaced the record set in the third quarter of 2008—before the collapse of Lehman Brothers—of 207 sales. Condo purchases led the surge with 123 deals, more than double the tally in the same quarter of 2010.

The results reinforce reports released last month that showed sales of new condo developments in the borough making a strong comeback. Nearly one in four sales—24.6% to be precise—were new developments, according to Prudential Douglas Elliman and Miller Samuel Inc., marking the highest level of sales activity for new developments recorded since the firms started tracking the statistic in the first quarter of 2008.

A majority of $1 million-plus sales took place in trendy Williamsburg, with Park Slope coming in second, and Carroll Gardens and Red Hook tying for the third with 28 deals each. There were 35 transactions above $1 million in Williamsburg and 31 in Park Slope.