Engel & Völkers Brownstone Brooklyn Weekly Luxury Market Report: September 21 - 27, 2020

WEEKLY REPORT September 21 – 27, 2020

September 21 – 27, 2020 All Properties Listed at $2.25MM and Above

NEW TO MARKET There were 33 properties priced above $2.25MM put on the market this week, marking a strong injection of new inventory. Average asking price and PPSF across these property types both rose 12% to $3.77MM and $1,351PSF, respectively. Total volume is $124.58MM. Of the 17 townhouse resales, top asking price of $10.995MM belongs to the two-family home at 47 Sidney Place in Brooklyn Heights. Average asking is up 10% from last week, but median asking is down 5%, showing price clustering at $3.09MM. On a PPSF basis, this week’s cohort is up 4% WoW and up 6% MoM at $1,176PSF. For the 5 condo resales, top asking price of $4.25MM belongs to a garden duplex with private outdoor space and parking at 51 Jay Street, #1R in DUMBO. Average asking is down 6% to $2.91MM. Furthermore, PPSF is down 10% to $1,163PSF. Nine sponsor units are new to market – the most listed in a single week in our reporting, and all but one belong to 1 Clinton Street in Brooklyn Heights. The new development currently has 51 units on market, of which 11 are active (avg asking: $3.86MM) and 40 are in contract ($2.42MM). For this week’s sponsors, average asking is up 39% on the week, and PPSF is up 17%.

Both co-ops new to market this week are at 27 Prospect Park West in Park Slope: #7AB ($2.6MM) and #7A ($2.25MM). Compared with last week’s coops, these are on average 14% lower on a gross basis, and 11% lower on a PPSF basis.

33

Listings

$3,775,273

Average Asking Price

$3,395,000

Median Asking Price

$1,351

Average PPSF

$124,584,000 Total Volume

September 21 – 27, 2020 New To Market Properties Listed at $2.25MM and Above

TOWNHOUSES

Resale

Sponsor

17

–

Average Asking Price

$3,921,882

–

Median Asking Price

$3,095,000

–

$1,176

–

Total Volume

$66,672,000

– –

CONDOS

Resale

Sponsor

5

9

Average Asking Price

$2,909,800

$4,279,222

Median Asking Price

$2,625,000

$3,874,000

$1,163

$1,847

$14,549,000

$38,513,000

Resale

Sponsor

2

–

Average Asking Price

$2,425,000

–

Median Asking Price

$2,425,000

–

$1,082

–

$4,850,000

–

Listings

Average PPSF

Listings

Average PPSF Total Volume

CO-OPS Listings

Average PPSF Total Volume

September 21 – 27, 2020 All Properties Listed at $2.25MM and Above

IN CONTRACT Only three properties entered contract this week at $2.25MM and above, all of which are again townhouse resales. Two of the properties went into contract in Park Slope, and one in Boerum Hill.

Compared with last week’s cohort, this week’s average asking price is down 21% to $2.93MM. However, on a price per square foot basis, these properties are up 14% at $1,175PSF. Average days on market is 38 days.

Of these townhouse resales, top asking price of $4.795MM belongs to the 5-bedroom, single-family home at 378 5th Street in Park Slope, which entered contract after 11 days on market. Next, the two-family home at 396 State Street in Boerum Hill entered contract at $2.95MM after 96 days on market. Lastly, the 4-bedroom, gut renovated single-family home at 440 10th Street in Park Slope had contracts signed at $2.35MM after just 5 days. More information on these deals is shown on page 6 of this report.

3

Deals

$2,933,333

Average Asking Price

$2,950,000

Median Asking Price

$1,175

Average PPSF

0.00%

Average Discount

38

Average Days On Market

$8,800,000 Total Volume

September 21 – 27, 2020 In Contract Properties Listed at $2.25MM and Above

TOWNHOUSES

Resale

Sponsor

3

–

Average Asking Price

$2,933,333

–

Median Asking Price

$2,950,000

–

$1,175

–

$8,800,000

–

38

–

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

47 Sidney Place

161 Warren Street

1 Clinton Street, #28C

BROOKLYN HEIGHTS

COBBLE HILL

COBBLE HILL

Townhouse

Townhouse

Condominium

4bd,4.5ba – 6,172 sq ft

5bd,4ba – 4,800 sq ft

3bd,2.5ba – 3,187 sq ft

$10,995,000 / $1,781 psf

$6,495,000 / $1,353 psf

$6,400,000 / $2,008 psf

I n Contract Properties Listed at $2.25MM and Above

378 5th Street

396 State Street

440 10th Street

PARK SLOPE

BOERUM HILL

PARK SLOPE

Townhouse

Townhouse

Townhouse

5bd,4ba – 3,000 sq ft

4bd,3ba – 2,800 sq ft

4bd,3.5ba – 1,800 sq ft

$3,500,000 / $1,167 psf

$2,950,000 / $1,053 psf

$2,350,000 / $1,305 psf