Williamsburg trumps nabes in condo sales

TRD New York /
Dec.December 16, 2009 06:52 PM

Williamsburg leads Brooklyn in number of condo transactions so far for 2009, according to a November report from the Marketing Directors (see below for full report).

The neighborhood has had 269 condo closings through November, according to the report, which gathered data from ACRIS and the listings database On-Line Residential. That’s compared to 125 in Park Slope, 77 in Greenpoint, and 60 in Prospect Heights.

Williamsburg has more condo listings in 2009 — 348 — than any other neighborhood, but the neighborhood is also offering competitive pricing, according to Tara Hogan, vice president of research for the Marketing Directors.

“I think for right now Williamsburg has quite a few buildings that offer great value,” Hogan said.

The average sale price for closed sales in Williamsburg was $548 per square foot, the report says, a significant discount from the average asking price in the area of $757 per square foot.

There have been “multiple price corrections” in the Brooklyn market, which saw a surge in condo development before the financial crisis hit, the report said. Since then, prices have suffered: The average condo asking price in Brooklyn as a whole has decreased 11 percent since January. Activity, however, is improving: The number of new contracts signed in the borough has increased 11 percent since September.

Williamsburg also had 235 signed contracts.

Park Slope’s 125 closings have an average price of $624 per square foot and the neighborhood saw 81 contracts signed, the report says. There were 231 listings total for the year in the neighborhood with an average asking price of $670 per square foot.

Greenpoint’s 77 closings for the first 11 months of the year had an average sale price of $588 per square foot, but only nine contracts signed at an average price of $545 per square foot. Meanwhile, the area had only 42 listings.

November Focus Brooklyn


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