Brooklyn Heats up in the Summer Months as Fall Approaches

Posted October 4th, 2016 by Ravi Kantha

The third quarter proved to be the summer of Brooklyn as Park Slope and Brooklyn Heights combined for 42 sales across three months. The 42 sales in these two areas contributed to nearly half of all total sales of NYC townhouses for the third quarter. The high number of sales continues to demonstrate the drawing power of Brooklyn townhouses for buyers in the New York area.

Average prices and PPSF for New York City's Prime Townhouse Neighborhoods

For sellers, the summer months as expected produced fewer than average sales of $10M+ townhouses. We expect to see an uptick as the fourth quarter begins.

For buyers, the highest priced sale was 278 West 11th Street, a 25-foot wide, single family townhouse which sold for $27.5 million and $5,589/ft.

Looking Forward - Election years tend to generate market conditions inconsistent with the norm. The current landscape shows mid-market homes continue to flourish while the luxury market is beginning to show signs of rejuvenation.

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