Only 73 condos sold in W’Burg last quarter

Sales up citywide but inventory crunch hits some neighborhoods hard

TRD New York /
Apr.April 09, 2013 11:00 AM

Only 73 condominiums sold in Williamsburg during the first quarter, a post-financial crisis low for the Brooklyn neighborhood, according to a residential market report released today by the Real Estate Board of New York.

The figure represents a 52 percent decrease from the same time last year, the report shows. The drop can be attributed to an historic lack of condos and co-ops in the area, where new developments are mostly rentals, REBNY said.

Despite the inventory crunch, however, sales were up year-over-year citywide.

About $8.1 billion in residential sales closed during the first quarter, a 23.4 percent jump over 2012’s first quarter, according to the report. And the figure represents a 7.6 percent jump over the last quarter, which saw a flurry of transactions as sellers tried to avoid a year-end rise in capital gains taxes.

The uptick in sales volume signals a post-recession comeback for the city’s residential market, REBNY officials speculated. The last time the city saw such a high dollar volume was in the first quarter of 2007, the report said, when the total value of recorded sales was $10 billion.

“Our report shows strong positive signs this quarter in terms of growth in the total consideration of New York City’s residential sales, as well as increased activity,” said Steven Spinola, REBNY president. “The luxury market continues to show strength but a broader look at various market segments shows that the residential real estate market has recovered.”

The Upper East and Upper West Sides saw the majority of sales in the first quarter, with 751 and 550 sales respectively. In Brooklyn, Park Slope saw 161 sales, while Bedford Stuyvesant saw 153. –Katherine Clarke


Related Articles

arrow_forward_ios
John Banks

High expectations: A look at John Banks’ 4 years at REBNY

John Banks

John Banks to step down as REBNY president

REBNY Awards

Newmark Knight Frank wins REBNY retail award for Alamo Drafthouse deal in FiDi

REBNY president Jim Whelan (right) and Council member Robert Cornegy (Credit: Getty Images and iStock)

REBNY asks city to help landlords pay for lead abatement

40 East 72nd Street (Credit: Google Maps)

Nightmare on E. 72nd Street raises question: Are small condos risky?

Jed Garfield of Leslie J. Garfield; Richard Grossman, president of Halstead Real Estate; Sarah Saltzberg, principal broker and CEO of Bohemia Realty Group; Douglas Elliman’s Howard Lorber

NYC brokers slam bias, promise action after Newsday exposé

The bombshell probe also found that minorities had to meet more stringent financial qualifications than white buyers. (Credit: iStock)

LI agents routinely discriminate against minority buyers, undercover probe finds

Zillow CEO Rich Barton (Credit: iStock)

Zillow and Opendoor aren’t making much on home-flipping

arrow_forward_ios