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But that still bleeds into resale because "new" development doesn't stay new so over time the condo stock changes in the resale market, just delayed 5 years.
Hearing BK is having a kind of 'blow off' top right now, as buyers chase dealsBrooklyn luxury contracts on the rise after July slowdownTwenty-five luxury condo and townhouse contracts were signed in Brooklyn in the first week of August, the first uptick the borough has seen in weeks.therealdeal.com
25 contracts for homes asking $2M+ were signed last week, the most since JuneAfter a slow July, Brooklyn luxury contract signings are on the rise again.
Twenty-five contracts for homes asking $2 million or more were signed in the borough last week, a boost from the previous week’s 15 contracts, according to Compass’ weekly report. It’s the most luxury contracts signed since the last week of June, when 23 such deals were inked.
The asking prices of those contracts totaled $82 million, a jump from the $49.5 million the week before. Buyers inked deals for 13 townhouses and 12 condominiums.
The median asking price for those contracts was $2.6 million, with an average price per square foot of $1,263.
Topping the list was a 6,500-square-foot Boerum Hill townhouse at 311 State Street asking $10 million, or $1,538 per square foot. The home, which is 22 feet wide, has six bedrooms, five bathrooms and three terraces.
Next was a 4,920-square-foot Brooklyn Heights townhouse at 43 Garden Place that was asking $7.9 million, or $1,606 per square foot. The 24-foot-wide home has five bedrooms and four and a half bathrooms across five stories and features a wine cellar and a garden with a patio.
The luxury homes that went into contract spent an average of 163 days on the market and had an average discount of 3 percent.
hard to derail that train. We just need to get used to activity being above historical norms for a whileBrooklyn’s luxury market continued its comeback from the slow July with 26 contracts signed with asking prices totaling nearly $76 million.therealdeal.com
Brooklyn continues comeback with 26 luxury deals
Asking prices of signed contracts totaled nearly $76 millionBrooklyn’s luxury market saw more contracts signed last week — but for less money.
|Feb 21, 2022||CLOSED||$1,018,000||Buzulencia, Jeff Adam|
|View ACRIS Filing|
|Sep 17, 2021||OFF MKT||last asking $1,175,000|
|Jul 27, 2021||$20,000||$1,175,000|
|Apr 14, 2021||$55,000||$1,195,000|
|Mar 15, 2021||FOR SALE||$1,250,000||Ryan Serhant||Serhant|
|May 1, 2017||CLOSED||$1,175,000||Tanenbaum, Jesse|
|View ACRIS Filing|
|Feb 2, 2017||CONTRACT SIGNED||last asking $1,200,000|
|Dec 2, 2016||FOR SALE||$1,200,000||Heather Mcmaster||The Corcoran Group|