The Real Deal New York

Homebuyers in Williamsburg, Riverdale and UES have the upper hand

With bidding wars gone, price cuts and longer listing times in certain neighborhoods favor buyers
March 20, 2017 11:00AM

Williamsburg, Brooklyn

Price cuts and longer listings times in certain Brooklyn, Bronx and Manhattan neighborhoods are giving homebuyers in the price range between $600,000 and $800,000 more leverage at the negotiating table.

Williamsburg, Riverdale and the Upper East Side all favored buyers in that price range, which is the most popular price band in the city, according to StreetEasy data cited by DNAinfo. But the market was still competitive in Brooklyn neighborhoods Carroll Gardens and Kensington.

With the impending L Train shutdown in 2019, more than 51 percent of listings in Williamsburg saw price chops, and sat on the market for a median of three months or more.

Riverdale listings sat on the market for a median of 124 days on average, and also saw a three percent discount from the original list price, according to StreetEasy. And on the Upper East Side, 45 percent of homes in Lenox Hill and Carnegie Hill had price cuts.

“Those willing to search for homes slightly further from Midtown will be rewarded with a greater variety from which to choose,” StreetEasy’s Grant Long wrote in a blog post.

But some neighborhoods in the $600,000 to $800,000 range still favored sellers. In both Carroll Gardens and Kensington, for example, homes lasted only 29 days on the market, and in Park Slope and Prospect Heights the average was 35 days.

House hunters looking for three-bedrooms might have the most luck, as demand in that section of the market has shrunk as higher prices have forced families to settle for smaller units, according to StreetEasy.

A recent Corcoran Group report showed that the median price for a three-bedroom in Brooklyn dropped to $1.39 million in the fourth quarter of 2016, down 12 percent from the same time a year earlier. [DNAinfo]Rich Bockmann