Brooklyn Brownstones Are Booming
In the Real Estate section this weekend, The Times memorialized something we all know has been happening over the past year: Brooklyn Brownstones are booming like never before. Developers in New York City have had a lot of success luring buyers to high-end apartments with the latest dazzling amenity. Heat reflexology flooring, anyone? But the…
In the Real Estate section this weekend, The Times memorialized something we all know has been happening over the past year: Brooklyn Brownstones are booming like never before.
Developers in New York City have had a lot of success luring buyers to high-end apartments with the latest dazzling amenity. Heat reflexology flooring, anyone? But the feature still most likely to draw people is not something new and shiny but old and reliable: good bones. Many buyers re-entering the real estate market after years on the sidelines are discovering what they’re after in brownstone Brooklyn. In neighborhoods including Fort Greene, Park Slope, Boerum Hill and Red Hook, brokers are besieged by buyers.
There’s a lot more to the strong demand than a hankering for crown moldings and parquet floors. “Brownstones signify stability,” said BHS broker Jill Seligson Braver. “Putting roots down in a neighborhood for the long haul.” Also helping is the shift that’s been underway for a decade now of Brooklyn being many people’s first choice rather than a fall-back for priced-out Manhattanites. Appraisal czar Jonathan Miller (who came up with the data for the graphic on the jump) also notes that there’s an increasing demand in general for larger spaces, something which brownstones clearly offer. Tack on the occasional celebrity purchase and the never-ending press coverage of Brooklyn as the land of the cool and you’ve got a perfect storm that’s translating into record-breaking prices all over the borough.
Brooklyn’s Gold Rush [NY Times]
Price change in 1-3 family homes between April 2011 and April 2012.
The problem with BHO’s thesis is that many of the recent buyers (in the high end townhouse market) are puting down 40%, 50% sometimes 100% cash. Just look at the time from contract to close in the Last Week’s Biggest Sales column. These people are not going to have a crushing underwater mortgage. They might be dismayed if their investment tanks by a third (which I don’t think will happen anyway) but it’ll be a blip to them. Some could need to sell to cover other losses but I don’t think there will be a crash here.
For the second week in a row, the Times tries to redraw the southeastern border of Brooklyn Heights as Clinton Street. Wrong, gray lady, it’s Court Street. I assume this is their mistake and not Miller’s, since if he’s relying on City data would simply pick up all the Clinton-Court blocks the way the Department of Finance (properly) classifies them — as Brooklyn Heights.
the times made a mistake with the opening photo of 124 park place also. the original caption said it sold for $1.4 or something. they were off by $1.5MM that’s a pretty big mistake.
Where ohhh where is Miss Muffett, Noklissa, The What and Brownstones half off? Looks like its time for them to eat crow.
Where ohhh where is Miss Muffett, Noklissa, The What and Brownstones half off? Looks like its time for them to eat crow.
did you just realize this? haven’t you learned anything at jonathan butler university?