Corcoran broker Andrea Yarrington sent this summary of the townhouse sales in Fort Greene, Clinton Hill and Bed Stuy as part of a marketing mailer last week. Whether you’ve been in the market or not, if you’re reading this blog chances are you have heard plenty of anecdotes about mobbed open houses, multiple bids and all-cash offers. This one-pager is about the best summary of the market over the past few months that we’ve seen. Pretty amazing.
A report on the rental market in Manhattan and Brooklyn by real estate firm Douglas Elliman was released today and it found that the median rental price in North and Northwest Brooklyn was $2,572, essentially the same as it was this time last year. The rental price per square foot ticked up just 4.6 percent over the year. According to the report, this may indicate a period of slower rental price growth ahead. Studio apartments took the biggest hit, with the median price falling by 5.5 percent, possibly because some of these tenants are leaving the rental market to become first-time buyers. One and two bedroom apartments saw modest gains. The largest jumps were for luxury apartments: the average price and average price per square foot were both up 12 percent over this time last year for those units. And Brooklyn, even these tonier neighborhoods, remains a significant bargain over Manhattan with an average price per square foot of $35 compared to $50 in Manhattan.
Massey Knakal released its third quarter market report for New York. On a larger scope, there’s been a 40 percent increase in New York City-area property sales since last year. Here are the Brooklyn details: 691 transactions have occurred this quarter, an increase from last year; 859 properties sold, an increase of 47 percent from 2011 on an annualized basis; and the aggregate sales consideration throughout the entire year was 110 percent higher than last year. Massey Knakal also announced they took over leasing at 112 Montague Street, the old Starbucks space. Brooklyn Heights Blog recently wondered what was up with the space, now empty for almost five months.
The good folks at PropertyShark compiled market data on Kensington for a market snapshot. The borders used are Coney Island Avenue to the east, Caton Avenue to the north, McDonald Avenue to the west, and Ditmas Avenue to the south. Charts show the highest closed sales prices in 2009, with median sales prices pretty sporadic since then. Apartment sales prices were on a steady increase from 2005 to 2009, with prices averaging out around $250,000 after a median sales peak at $325,000. Prices on one- to three-family homes, in the past four quarters, ranged from $550,000 to $750,000. And for both apartments and houses, the number of closed sales increased significantly from the second to third quarter of 2012. Finally, the three most expensive streets of the neighborhood: East 4th Street, with a median sales price of $645,000 over 49 residential sales; East 5th Street, with a median sales price of $645,000 over 51 sales; and East 3rd Street, with a median sales price of $630,000 over 53 sales. Click through to see all the handy charts. And see all our market snapshots here. (more…)
Inventory is down in Brooklyn, and prices edged up, according to third-quarter market reports out today from Prudential Douglas Elliman and Corcoran. Listing inventory dropped 16.2% to 5,602 units from 6,688 units at this time last year, said Douglas Elliman. Corcoran said: (more…)
The Real Deal closely examined the factors promoting and retarding the expansion of national chains into Williamsburg in its September print issue, although it didn’t dig up any definite new names. “Pricey condos and rentals are now filling up with wealthy families, who in turn are attracting high-end retailers,” said the article. Increasing density, which is bringing more foot traffic to stores, and skyrocketing residential rents also appeal to national retailers. As has already been reported, Midtown Equities and other investors are developing the $40 million, 150,000-square foot complex at 242 Bedford Avenue between North 3rd and North 4th streets, which will open in 2014 with a Whole Foods, Citibank, New York Sports Club and luxury apartments. That deal, signed in March, has prompted other big retailers to eye Williamsburg, according to brokers. As has already been rumored, J.Crew and, now, “notable restaurants” are reportedly considering 247 Bedford Avenue, across the street. Williamsburg Cinema, the new movie theater going up at Driggs and Grand, will show mainstream films on its seven screens with 1,000 stadium seats, according to The Real Deal. Furniture stores are also looking into the area, claimed one broker, since all the new arrivals need to kit out their pads. But, a serious drawback is the lack of large spaces for big-box stores. Most retail footprints in the area measure 20 by 100 feet. Nonetheless, retail rents are rising on Bedford Avenue, from about $100 a square foot 18 months ago to $150 a square foot. Retail hotness is also drifting southward. “The South side is now starting to see the rapid restaurant and bar growth that first characterized North Williamsburg’s rise,” concluded The Real Deal. Mainstream Brands Look for Foothold in Brooklyn’s Hippest Neighborhood [TRD] Photo by nrvlowdown
Up, up, up. That’s the best way to describe the direction of rental prices for studios, one-bedrooms and two-bedrooms in Brooklyn over the past year. Real estate firm MNS has crunched the numbers and found that on average rental rates were up over 10 percent in June over a year earlier. Two-bedrooms led the pack with an increase of 12.7 percent followed by studios at 10.4 percent and one-bedrooms at 9.7 percent. Dumbo was the most expensive in all three categories. You can click on the image above to make it larger.
Prudential Douglas Elliman and The Corcoran Group both released their second quarter Brooklyn market reports today. The highlights: The number of sales is up, inventory is down. As for prices in the second quarter, they were up by pretty much every measure–average sales price, median sales price and price per square foot–versus the same quarter a year ago and the first quarter of 2012, according to Corcoran. Elliman showed similar, albeit less bullish, trends, with the exception of median sales price, which dipped less than 1 percent. The luxury market, which Elliman defines as starting at $999,000, outperformed the overall market by rising more than 5 percent year over year. Mortgage underwriting is still “irrationally tight,” said Elliman, but mortgage rates continue to fall to record lows. Corcoran’s numbers confirm anecdotal reports Bed Stuy is hot: An increase in sales of townhouses there caused the median price of townhouses Brooklyn-wide to drop year over year. Elliman shows a modest increase (1.3 percent) year-over-year in the average sales price of a 1-3 family home. “The standout is the brownstone market, a small niche, with only 3 percent of the Brooklyn market [share],” said Jonathan Miller, president of real estate analytics firm Miller Samuel and author of Elliman’s market report, in a story by The Real Deal. “But it is the highest-priced housing stock.” The 18 percent decline in inventory in the borough year-over-year is “firming up the market by stabilizing prices,” he added. The graph above, which can be enlarged by clicking on it, comes from the Corcoran report and shows historical sales and price per square foot changes since the third quarter of 2008. The Elliman Report: Brooklyn Sales 2Q 2012 The Corcoran Group Q2 Report In Q2, Brooklyn Inventory Down, Brownstones Commanding Higher Prices [TRD] Chart by The Corcoran Group
The good folks at Property Shark compiled data on how the real estate market has performed in Bed Stuy since the first quarter of 2005. Overall the results show that prices are slowly but surely on the rise following a more sluggish market in 2009 and 2010. Condos and co-ops: The median sales price rose from just under $300K in 2005 to just under $400K in 2012. A drop in sales price occurred in the second quarter of 2007 (with median prices around $300K) and rose toward the end of 2008 (with median prices around $450K.) Houses: The median sales price of houses was just under $500K in 2005, and the median price remains in that range in 2012. Prices were highest from the third quarter of 2006 ($650K) to the third quarter of 2007 ($670K), although the number of closings was steadily decreasing. Prices were on a slow decline from the third quarter of 2007 all the way to the fourth quarter of 2010. Since then, prices have been on the rise, leveling out at 119 closed homes at an average price of $496,221 in the first quarter of 2012. Most Expensive Streets: The three most expensive streets in Bed Stuy from 2005 until the present are Stockton Street, with eight sales averaging $920K, Columbus Place, with nine sales averaging $779K, and Broadway, with five sales averaging $740,500. The most expensive Bed Stuy sale since 2005 was 293 Franklin Avenue, a two family which sold for $1.9 million in March 2007. Highest/Lowest on the Market: The lowest priced unit on the market is a condo at 156 Macon Street, asking $133,850. The highest priced unit is 184 Lefferts Place, asking $1.9 million. Click through for lots more charts and data…(more…)
There’s lots of real estate action brewing on Dean Street these days. A sent in an email this week titled “Breaking $1 Million Barrier in Crown Heights North?” to draw our attention to two new Elliman listings on his block between Nostrand and New York–a gorgeous Queen Anne at 1259 Dean Street asking $1,300,000 and an attractive eight-family at 1243 Dean Street shooting for $1,200,000. Then we happened to notice a new FSBO asking $1,250,000 at 1171 Dean Street between Bedford and Nostrand, just across the street from 1174 Dean Street, which went into contract earlier this year just weeks after being listed for $1,195,000. Surprised–or is the rest of the world finally waking up to all this area has to offer?
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] (more…)
Here’s some good news for those readers who already own a piece of the Brooklyn pie: There’s likely to be strong demand for your apartment or house for many years to come. When your kids leave for college in 5, 10 or 15 years, the likely buyer of your brownstone will be a member of Generation Y, those now-under-30 young adults currently occupying the lower rungs of the working world. According to a recent post on the Better Cities blog, this generation rejects the suburban lifestyles they were raised in. “Generation Y wants to be more connected and less isolated than previous generations”, writes Nathan Norris. “They manifest this desire in their full-on embrace of social media and their desire to live in places where they can be around others; i.e., the densest, most active, areas of cities.” Gen Y isn’t the only factor driving the secular trend: Others include an aging population, higher energy costs and public school reform. “Just as cities were not completely abandoned in the 20th century, suburbs will not be abandoned in the 21st century,” the article concludes. “But the shift in preferences is clearly underway, and this radical change will manifest itself in the nature of real estate development over the next 20 years.” Gen Y Causing the Great Migration of the 21st Century [Better Cities]