Brownstone Brooklyn Market Report: 1Q18
Overview
We continue to expand our coverage of the neighborhoods we are actively working in with our clients. This quarter, we have added Gowanus, Fort Greene, Clinton Hill and Prospect Heights to the existing seven neighborhoods—Brooklyn Heights, Cobble Hill, Carroll Gardens, Boerum Hill, Columbia Street Waterfront District, Park Slope and Dumbo. We will continue to add coverage of additional neighborhoods in the coming quarters.
Townhouses
In the brownstone Brooklyn markets we cover, over $222MM worth of 1- to 4-family townhouses traded hands in 1Q18, versus $259MM during 1Q17, a decrease of $37MM, or 14.2%. However, the average sales price increased 9.97% from last year. Inventory remains low and well-located homes under $3.5MM continue to draw significant interest from end-users and investors. Here are three notable transactions;
$9,150,000 ($2,043 psf) – 181 President Street, Carroll Gardens | 4,478 sq ft 1-family
$8,580,000 ($1,134 psf) – 838 Carroll Street, Park Slope | 7,565 sq ft 2-family
$7,600,000 ($1,174 psf) – 374 Paci c Street, Boerum Hill | 6,473 sq ft 2-family
Condominiums
Over $318MM worth of condominiums sold in 1Q18, versus $500MM during 1Q17, a decrease of $182MM, or 36.4%. The average sales price decreased 2.76% from last year. Sales volume dropped significantly year over year but is stable in relation to the prior quarter. Here are some notable transactions;
$5,900,000 ($1,170 psf) – 321 Pacific Street, #321, Boerum Hill | 4 bedrooms, 7 baths
$5,909,262 ($1,486 psf) – 130 Furman Street, #S-100, Brooklyn Heights | 4 bedrooms, 3 baths
$5,250,000 ($1,576 psf) – 25 8th Avenue, #1&2, Park Slope | 3 bedrooms, 3 baths
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If you would like for one of our team members to discuss this report with you in further detail, please email us at Ask@BrennanRE.com or give us a call at 718.858.8238. Looking forward to connecting with you!