BUYING IN DOWNTOWN BROOKLYN
Having curated a new development tour last weekend in #Downtown #Brooklyn, I felt it was appropriate to speak to the prices of condos on the market right now. During our tour we stopped into 613 Baltic Street, a JDS boutique condo development in Park Slope. One of my favorite because of the efficiency in floor-plan design, no space is wasted, bedrooms are very generous with added closets.
Below is an image of the kitchen finishes, open modern, and vented stoves for that added touch of functionality.
Clients loved the public and open rooftop overlooking west towards Manhattan and Barclays Center, as well as south. Barbecues and lounge chairs amidst the landscaping make it a great feature.
Windows in every room make the spaces inviting, even if you decide to purchase on a lower floor, light will not be compromised.
Here is some insightful breakdowns from the Brooklyn 3rd Quarter Reports as it pertains to the OVERALL MARKET and CO-OPs in Brooklyn in particular. Even through Downtown Brooklyn has a number of new development condos in the pipeline, pre-war co-ops are still a very coveted product because they offer very low monthly carrying costs. Sometimes you can find a 3 bedroom space for as little as $700 a month! The new development market displayed mixed price trends compared to last year. Average and median price both rose versus last year yet both price per square foot figures declined annually. The figures varied due to the coinciding shift in market share of sales towards southern parts of Brooklyn, as well as an improved market share of sales over $2,000,000. [1]*
Nonetheless, as 75% of the residential apartment inventory is traditionally co-op, condos allow buyers more freedom to sublet and alter their interior spaces.
The overall median price in Brooklyn fell by a slight 3% relative to last year, which was the second highest median price figure in the last five years. Average price moved 5% higher than Third Quarter 2017 due to an increased market share of sales over $1,000,000.
-1% decrease in the average closing price of apartments
Resale co-ops were shows to sit on the market less this year as compared to last year. It took an average 72 days to sell a co-op last year. How long has your unit been on Zillow or with the last agent?
$973,000 was the average price for a unit in Park Slope with a PPSF of $1,064
Both price per square foot figures dipped compared to last quarter and last year. This was due to the shift in market share of sales away from northwestern parts of Brooklyn.
As buyers look for newer options with non-creaky windows, and modern appliances, they often turn to me to understand HOW MUCH should all of this cost them. As market expert, I follow the waves of the demand and know what points can be negotiated. As we get into the winter ( yes hard to believe with such warm weather today), sales usually slow down. For new developments, there are a lot of opportunities to get a parking spot, storage, or closing cost concessions as many developers are working against rising interest rates and know the units they've built won't sell for such high prices. To learn more about what price is THE PRICE for a brand new unit, contact me.
*[1]In the world of real estate all brokerages either invest in a data source or have an in-house department to sift through the data of closing trends and prices as agents out on the field report what's happening. Miller Samuels is a big brand name that sells their data to Douglas Elliman, Corcoran, and other sources. These stats were taken from the Corcoran Q3 Brooklyn Report.