Engel & Völkers Brownstone Brooklyn Weekly Luxury Market Report: September 14 - 20, 2020

WEEKLY REPORT September 14 – 20, 2020

September 14 – 20, 2020 All Properties Listed at $2.25MM and Above

NEW TO MARKET There were 22 new for-sale properties priced above $2.25MM this week. Average asking price is up 4% at $3.38MM; furthermore, the median asking price saw an increase of 11% to $3.05MM. Average PPSF is $1,212, which is down from last week by 16%. Total inventory has shrunk to $74.40MM. Of the 15 townhouse resales, top asking price of $7.995MM belongs to the single-family home at 72 Middagh Street in Brooklyn Heights. The second highest asking, $4.495MM, belongs to the threefamily home at 334 Degraw Street in Carroll Gardens.

Average asking continues to rise, now by 6% WoW to $3.57MM. Following PPSF’s drastic increase last week, it stabilized at $1,133 this week.

There was only one condo resale newly listed this week. The 3-bedroom, penthouse unit at 50 Bayard Street, #PH3 (also known as Ikon) in Williamsburg is asking for $3.10MM, or $1,292PSF. Compared with the prior week, this is 17% lower on a price per square foot basis.

Of the three sponsor units, top asking price of $3.50MM belongs to a penthouse unit at 285 Grand Street, #PHA in Williamsburg. Average asking is $3.08MM, which is just 1% below the prior week.

PPSF is down by 11% to $1,583.

Of the three co-ops, the top asking price of $3.55MM belongs to the 4-bedroom home at 90 8th Avenue, #10A in Park Slope. This week’s average asking is 3% higher than the prior week at $2.83MM. However, average PPSF is 25% lower at $1,210PSF.

22

Listings

$3,382,000

Average Asking Price

$3,047,500

Median Asking Price

$1,212

Average PPSF

$74,404,000 Total Volume

September 14 – 20, 2020 New To Market Properties Listed at $2.25MM and Above

TOWNHOUSES

Resale

Sponsor

15

–

Average Asking Price

$3,570,600

–

Median Asking Price

$3,250,000

–

$1,133

–

Total Volume

$53,559,000

– –

CONDOS

Resale

Sponsor

1

3

Average Asking Price

$3,100,000

$3,081,667

Median Asking Price

$3,100,000

$2,950,000

$1,293

$1,583

$3,100,000

$9,245,000

Resale

Sponsor

3

–

Average Asking Price

$2,833,333

–

Median Asking Price

$2,700,000

–

$1,210

–

$8,500,000

–

Listings

Average PPSF

Listings

Average PPSF Total Volume

CO-OPS Listings

Average PPSF Total Volume

September 14 – 20, 2020 All Properties Listed at $2.25MM and Above

IN CONTRACT Six properties entered contract this week at $2.25MM and above, all of which are townhouse resales.

Compared with the prior week’s market statistics, this week’s average asking price is continuing its upward trend, rising 10% to $3.73MM. Median asking is similarly up on the week to $3.88MM. With that said, average PPSF is $1,030, which is down by 9% weekover-week. Average discount on ask is 6.10%.

Average days on market for these properties is 134 days.

Of these townhouse resales, the top asking price of $4.795MM belongs to four-family home at 430 Henry Street in Cobble Hill, which entered contract after 51 days on market. The second highest asking of $4.60MM belongs to the three-family home at 315 Adelphi Street in Fort Greene. Compared with the prior week’s townhouse resales, this week’s average asking price is down by 1% to $3.88MM. Average days on market is 134, which is a month longer than the average duration last week’s cohort were on market for. More information on these deals is shown on page 6 of this report.

6

Deals

$3,732,333

Average Asking Price

$3,875,000

Median Asking Price

$1,030

Average PPSF

-6.10%

Average Discount

134

Average Days On Market

$22,394,000 Total Volume

π September 14 – 20, 2020 In Contract Properties Listed at $2.25MM and Above

TOWNHOUSES

Resale

Sponsor

6

–

Average Asking Price

$3,732,333

–

Median Asking Price

$3,875,000

–

$1,030

–

$22,394,000

–

134

–

Resale

Sponsor

Deals

–

–

Average Asking Price

–

–

Median Asking Price

–

–

Average PPSF

–

–

Total Volume

–

–

Average Days on Market

–

–

Resale

Sponsor

Deals

–

–

Average Asking Price

–

–

Median Asking Price

–

–

Average PPSF

–

–

Total Volume

–

–

Average Days on Market

–

–

Deals

Average PPSF Total Volume Average Days on Market

CONDOS

CO-OPS

NOTABLE PROPERTIES New To Market Properties Listed at $2.25MM and Above

72 Middagh Street

334 Degraw Street

7A 2nd Street

BROOKLYN HEIGHTS

CARROLL GARDENS

CARROLL GARDENS

Townhouse

Townhouse

Townhouse

4bd,3.5ba – 5,500 sq ft

7bd,4ba – 3,800 sq ft

5bd,3.5ba – 2,800 sq ft

$7,995,000 / $1,454 psf

$4,495,000 / $1,182 psf

$4,395,000 / $1,526 psf

I n Contract Properties Listed at $2.25MM and Above

430 Henry Street

315 Adelphi Street

209 Dean Street

COBBLE HILL

FORT GREENE

BOERUM HILL

Townhouse

Townhouse

Townhouse

10bd,5.5ba – 3,024 sq ft

5bd,3.5ba – 4,000 sq ft

5bd,4ba – 3,780 sq ft

$4,795,000 / $1,586 psf

$4,600,000 / $1,150 psf

$4,000,000 / $1,058 psf