Prices for Townhouses in the Brownstone Belt Soar

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With inventory low and demand high, prices for Brooklyn townhouses are jumping, with more and more listings selling for over $3 million, reported The Real Deal. Such prices are frequently seen in the neighborhoods of Brooklyn Heights, Cobble Hill, and Park Slope. In the latter area, for example, there are currently 10 townhouses listed for more than $3 million, up from only one in the fourth quarter of 2011. The average sales price for townhouses there increased substantially, by 40 percent, in the fourth quarter, to $1.7 million, up from $1.2 million from the same period in 2011. Meanwhile, over in Manhattan, the average sales price for townhouses surged only 6 percent. Prices in Cobble Hill were up 108 percent year over year in the fourth quarter. Brooklyn Heights bucked the trend, actually decreasing 22 percent in the same period, but still holding value with an average sales price of $3.6 million. Readers would do well to bear in mind, of course, that the sample size of closed townhouse sales for any given Brooklyn neighborhood is small. Incidentally, the article also mentions, 113 Prospect Park West is in contract for $4.75 million. To what do you attribute the uptick in prices for Brooklyn row houses, and do you think prices will hold?
Brooklyn Brownstones Bringing Bigger Bucks [TRD]

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