The slowdown of the Brooklyn real estate market continues, following national trends.
Brooklyn's real estate market is still going strong and setting records, second-quarter reports reveal.
Sales volume was down in Brooklyn Heights but up in Bed Stuy, yet prices rose in both areas.
2017's first real estate reports are here, and Brooklyn's housing market is still looking strong.
Since the height of the last real estate boom, prices have more than doubled in the borough.
Home prices in Brooklyn are now higher than ever and rising quickly, third quarter reports reveal.
Reports for the first quarter show sales prices are up in Brooklyn, and growth is still strong although it has slowed.
After noticing some trendy restaurants and a rise in development sales in Bay Ridge, DNAinfo wonders if it could be the next hip neighborhood with a real estate boom. Bay Ridge had 20 percent of the new development sales in the first quarter of 2014, the most of any neighborhood, according to MNS’ latest report. However, MNS CEO Andrew Barrocas pointed out that the hood’s 14 transactions mainly illustrate the lack of inventory in other neighborhoods.
The median price per square foot rose 7.4 percent over the past year, from $517 to $558, and the median home price increased 14.5 percent, from $560,037 to to $655,498. One realtor told DNAinfo that new condo buyers in developments like 185 Battery Avenue, pictured above, were transplants from Brooklyn Heights or Williamsburg looking for more affordable options.
While the neighborhood isn’t going to have $2,000,000 condos anytime soon, it has seen a slew of new upscale restaurants and coffee shops, like Italian grocery A.L Coluccio, farm-to-table restaurant Brooklyn Beet Company, a craft beer bar and sausage joint called Lock Yard, and the Coffee Lab.
Is Bay Ridge Poised to Become the New Williamsburg? [DNAinfo]
Photo of 185 Battery Avenue via Dorsa Property Group
Developers bought up $1,800,000,000 worth of Brooklyn land in 2013 to meet the increasing demand for apartments there, Real Estate Weekly reported. A total of 520 development sites changed hands across the borough, representing a 35 percent increase from the year before, said the story, citing the year-end report from Ariel Property Advisors.
Williamsburg saw the most sales with 74 properties changing hands for $284,000,000. Nearby in Bushwick and Bed Stuy, prices for some development sites more than doubled compared with prices in 2012. Overall, 1,388 properties in Brooklyn sold in 1,047 commercial transactions totaling $4,052,000,000. Multifamily sales rose 44 percent to 760 properties, and the dollar value of those trades increased 29 percent to $1,900,000,000. Whew, that’s a lot of zeros.
We love nothing more than a good market report. Our friends at PropertyShark passed along all sorts of fun numbers regarding home sales in Queens. There are graphs looking at the number of residential sales and the median sales prices yearly and per quarter since 2008 — pictured above and after the jump. They also compiled the top ten residential sales of 2013 and the top five sales of the fourth quarter of 2013.
Overall it looks like sales prices are on the steady incline as we head into the new year. (Other recently-published market reports showed a considerable boost in sales for the fourth quarter compared to last year.) As for the top ten sales of 2013 and the top sales of the fourth quarter, 72 Tennis Place topped both lists, selling in November for $4,300,000. The second highest sale for the year was 31-08 Linden Street in Flushing, selling for $3,250,000. Third place goes to 531 51st Avenue, selling in Hunters Point for $3,054,750.
Check out all the numbers goodness after the jump!