The Brooklyn luxury market had a surprisingly strong fourth quarter for contracts signed over $2 million. The number of contracts signed and total monthly asking price sales volume were up across the board in October, November, and December.
Brooklyn Heights, Cobble Hill, Park Slope, Williamsburg and Carroll Gardens consistently led among neighborhoods.
October had the strongest month, with 67 contracts signed and a total asking price sales volume of $213 million with an average asking price of approximately $3.2 million. That’s thanks in part to two large townhouse sales of $13.9 million and $7.35 million in Brooklyn Heights that led in Brooklyn neighborhoods.
Cobble Hill's townhouse market had a large month with sevensales. October was up 56% from last year for contracts signed and 45% from September 2017.
November was another active month, with 52 contracts signed and a total monthly asking price sales volume of $174 million, up 47% from last year. The average days spent on the market was 173, an increase from last year.
Cobble Hill led with a $34.9 million contract signed volume and an average asking price of approximately $5 million. Eight residences went into contract, six of them townhouses.
The largest townhouse sale was in Carroll Gardens, where 181 President St. sold for $9.95 million after 141 days on the market. The 5-bedroom, 3.5-bathroom townhouse was designed by Workshop DA and boasts 5,356 square feet, including a media room, wine room and library, along with an abundance of outdoor space.
Two units went into contract at 100 Amity St., the Polhemus Residence building. BKSK Architects designed each residence uniquely, including top-of-the-line appliances and features by Gaggenau, Lefroy Brooks, and Zebrino.
The Park Slope new development at 251 1st St. also had two units go into contract. Designed by ODA New York, the 44-unit building features 2- to 4-bedroom condominiums and two floors worth of amenities.
December slowed down a bit, but was still up overall from December 2016. The townhouse market continued to thrive with 20 of the 35 contracts signed constituting townhomes. Two units went into contract at 51 Jay St., the former Dumbo warehouse turned new development consisting of 75 condominiums.
The ODA-Architecture designed building offers an abundance of amenities including a fitness and yoga room, rooftop terrace, landscaped courtyard designed by Steven Yavanian Landscape Architecture, and pet grooming station.
Overall, Brooklyn's luxury market, driven by some key new development projects and many townhouse sales, had a successful fourth quarter proving the naysayers wrong. It will be interesting to see what 2018 has in store!
Ari Harkov is a real estate broker with Halstead Property and heads up the Harkov Lewis Team, along with his business partner Warner Lewis, one of the top teams in the nation as ranked by the Wall Street Journal. The team, which focuses on residential sales in Manhattan and Brooklyn, works with both individual buyers and sellers and developers. Ari holds an MBA with honors from Columbia University and currently resides in Park Slope, Brooklyn, with his wife, two sons, and dog.
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