At the highest point in Brooklyn and on a quiet tree lined, one-way street sits a very special townhouse, the likes of which is rarely available. North west windows, decks and balcony include views to the Statue of Liberty and overlook beautiful neighborhood gardens. On the opposite side of the property, floor to ceiling windows capture the tranquil Greenwood cemetery. A planted roof top offers stunning 360-degree vistas including the entire Manhattan skyline and the fenced, landscaped 50 ft deep garden is a private oasis. To some, the most important exterior asset might be the coveted curb cut and garage on which a mural of the famed artist (and Greenwood neighbor), Basquiat graces the door.Read More
Q4 finds Brooklyn following Manhattan into a buyers market. Inventory is up 6%, signed contracts down 18% and closings down 24% year over year.
While price points are starting to be more attractive for buyers, sellers can also take advantage of the market by making their properties stand out from the growing inventory with exceptional staging, marketing and intelligent pricing strategy.Read More
Highlights from Q3 Brooklyn Insights: Inventory continues to be tight throughout the borough, pushing prices slightly up.
The number of contracts signed in the sub-$2m market is down, suggesting a slow down that price point. .
The $2M - $3M price segment exhibited a 14% Y-o-Y increase in velocity mainly driven by the following factors: 1) rising interest rates, which pushed leveraged buyers to lock in current financing terms before rates rise again; and 2) sellers having more reasonable price expectations and accepting discounts to get deals done.
Key neighborhood facts:
Ft Green saw the largest Y-o-Y increase in active units due to new developments hitting the market.
Brooklyn Heights saw the largest increase in median asking price as a number of high end coops hit the market
Dumbo is still the most expensive neighborhood in Brooklyn with a median asking price of $2.m!
While buyers in the Brooklyn market may be taking a similar pause as their Manhattan counterparts, listings are moving at a more solid clip. Overall inventory numbers remain relatively stable or down and sellers are aligning themselves with current market expectations which has lead to quicker absorption and a more active environment.
In any market, properties priced correctly, staged beautifully and marketed effectively will stand out and bring positive results for their sellers. Contact me to discuss how to get the most out of your investment!
With Spring right around the corner, the real estate market is already heating up. And across the top 40 new developments on or coming to market, there is a lot to talk about. And buy. And rent!
Curbed has pulled together its top list highlighting the best of projects in Manhattan, the Bronx, Queens, Brooklyn, Staten Island, and New Jersey. Check out the list with an interactive map here.Read More
I am excited to announce the release of the Compass Q4 10717 Brooklyn Market Report. Brooklyn continues to bring it!
Q4 saw a sense of urgency as Brooklyn buyers and borrowers anticipated sweeping changes to the tax legislation. Inventory was down an additional 10% year over year and signed contracts up suggesting the market is still incredibly strong.
Continue below for highlights or download the full report here. Don't hesitate to reach out with any questions!
Are you considering taking advantage of the upcoming spring sales market? Both buyers and sellers are getting started now. Contact me for insights as you start to prepare!
Following the tradition of Eataly, The Plaza Food Hall and The Gansevoort Market, a impressive 60,000 space is set to open in Downtown Brooklyn tomorrow called (6/16) DeKalb Market Hall. The Hall with feature 40 food vendors including the first Katz Deli outpost, Bunker (Vietnamese Restaurant), Hard Time Sundaes, William Jeans (Southern) and highly anticipated sister to Red Hook's Brooklyn Crab, Fulton Landing Seafood Co.Read More
A surge of new development sales in the first quarter led to an 11% year-over-year increase in number of closings and a new median closing price record of $925K. The Boerum, Oosten, 51 Jay Street, and Pierhouse contributed to a record-high median condo closing price of $1,050,000. The number of available units was lower than the recent highs seen in the second half of 2016 but was still up 11% compared to the first quarter last year. Brooklyn’s overall months of supply increased slightly to 4.4 months, and active units generally stayed on the market longer as the overall median days on market increased to 67 days from 52 days in the first quarter of 2016.
Although closings during the fourth quarter tapered off compared to a busy fourth quarter last year, strong contract activity during the period exhibits a promising trend that bodes well for Brooklyn’s residential market in 2017. New development closings at properties such as One John Street, Brooklyn Trust and Pierhouse have pushed Brooklyn’s median closing price to new highs. Inventory continues to increase at all price points, especially in Major Markets such as South Brooklyn and East Brooklyn. Despite the increase in inventory, Brooklyn remains in undersupplied territory with 5.5 Months of Supply based on the trailing 12-month average of 332 signed contracts per month. Find the full report here:Read More
1 Verona Place in Bed-Stuy is a next level two family home. Gut renovated by developers who moonlight as furniture designers, this landmarked property is all about attention to detail. On a recent tour, I took note of the 2 1/4 inch solid wood doors throughout that lend a solid quality. The central black lacquer staircase is a beautiful design statement. Custom rift sawn white oak hardwood floors with walnut inlays throughout remain true to the home's original design. .
If you are shopping for a townhouse and require something special, this is a must see.
Congrats to colleague Esther Patten on the listing!Read More