The Brooklyn condo market is not longer hot, hot, hot, reports the NY Observer, but just kinda luke warm. Condo sales dropped 11.3% percent in the second quarter, from 778 to 690. “Although prices continued to rise, the average condo sales price increased by only 4.9 percent from the quarter before—$573,060 to $601,280—compared to 8.6 percent from the same quarter last year,” they write. So, what’s that mean for you? Fingers crossed, the Wall Street meltdown will result in a buyers’ market, or at least in developers trying very, very hard to please potential customers. As our own Mr. B says in the piece, “Anything that can make a project stand out right now, whether it’s the design or the finishes, that’s more important in a tough market. Some projects seem to still do well, including the Edge and One Brooklyn Bridge Park. As one broker notes, We have seen a slowdown but we haven’t seen it stop.
Hurricane Wall Street Hits the Boroughs [NY Observer]
Williamsburg Bridge, Williamsburg Savings Bank. Photo by Vidiot.