Is Brooklyn Really "Booming"?

David Goldsmith

All Powerful Moderator
Staff member

Brooklyn’s luxury market kicks back for Labor Day with 2022 low​

Signed contracts fell to year low, combined asking to year’s second lowest level​

Brooklyn’s luxury market took the week off ahead of Labor Day weekend.

The week leading up to the holiday saw just 11 properties enter contract — six condos and five townhouses — the lowest single week total this year, according to Compass’ weekly report of homes in the borough asking $2 million or more.
The properties’ combined asking hit $35.2 million, the lowest since the week of January 3. The average home spent 210 days on the market and sold for a price-per-square-foot of $1,325. Homes sold on average at a 3 percent discount, marking eight weeks since homes sold for the full ask.
The most expensive home to enter contract last week was a townhouse at 232 Dean Street in Boerum Hill, with an asking price of $8.5 million.
The 21-foot-wide house built in 1853 has five bedrooms and four full bathrooms. It spans 4,246 square feet and has original parquet floors, pocket doors, decorative marble fireplaces, floor-to-ceiling windows and a sun room extension.

The second most expensive home to enter contract last week was Unit 6G at 1 Prospect Park West in Park Slope, asking $4.5 million.
The unit has three bathrooms and an oversized primary bedroom with views of the Manhattan skyline. The home, which sold in a sponsor sale, was the last four-bedroom apartment available in the condo development by Sugar Hill Capital Partners.
Plans for the 67-apartment building, which has appeared at the top of Brooklyn’s signed luxury contracts in recent years, date back to 2017, when Sugar Hill bought a senior center mired in lawsuits. It has a sellout of just under $200 million and has three units on the market, according to its website.
 

David Goldsmith

All Powerful Moderator
Staff member

Brooklyn luxury market can’t kick September slump​

Contracts hit new lows in volume and combined prices​

Brooklyn’s luxury market is stuck in its post-Labor Day slowdown.
Signed contracts in the borough last week saw their slowest of the year for the second week in a row, according to Compass’ weekly report of homes listed for $2 million or more. Seven homes entered contract between Sept. 5 and 11 — a record low — and their combined volume was $21.5 million, also a record low.

Of the six townhouses and one condo, the average price per square foot was $1,096, nine dollars more than the record low set in early August. Homes sat on the market for an average of 189 days and did not receive a discount for the first time in two months.

The most expensive home to enter into contract last week was 105 Cambridge Place in Clinton Hill, with an asking price of $5 million.

The Italianate brownstone is 4,000 square feet and 21 feet wide. It has seven bedrooms and four full bathrooms. Outside, it has a deck and a garden with patio access.
The two-family home has a triplex and a top floor that can serve as a two-bedroom rental apartment, according to Streeteasy.
The second most expensive home to sell last week was 57 Marlborough Road in Flatbush, with an asking price of $3.5 million.
The 4,000-square-foot home has six bedrooms and three full bathrooms. It was recently updated but retains original stained glass windows and pocket doors, as well as a two-room chef’s kitchen. Outside, there’s a landscaped backyard and a new deck.
 
Top