Brooklyn’s toniest neighborhoods posted big declines in home prices in Q1

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New York /
Apr.April 11, 2018 03:45 PM

Homes in Bay Ridge, Brooklyn (Credit: Wikimedia Commons)

Residential

Sales | Ideal Properties

The median price of a home in Brownstone Brooklyn (Boerum Hill, Brooklyn Heights, Carroll Gardens, Clinton Hill, Cobble Hill, etc.) and North Brooklyn (Williamsburg, the Navy Yard and Greenpoint), dropped 11.4 percent year-on-year to $1.02 million in the first quarter. The decline was partly due to a weakening condominium market. During the period, the average sales price for the segment stood at $1.446 million, which amounts to a 7.1 percent drop compared to the same time last year. Read the report here.

Sales | CORE

The average asking price to closing price discount in Manhattan’s luxury and new development market stood at ten percent during the first quarter. The figure represents the highest in two years. In spite of the bargains, the pace of closings was sluggish. For the quarter, the Manhattan market averaged 181 closings per week, down from the 235 closings during the same time last year.

Sales | Platinum Properties

The number of homes sold in the Financial District dropped 52 percent year-on-year in the first quarter to just 50 units. The decline was attributed to uncertainty surrounding the new tax law, which also dragged down sales in the previous quarter. In spite of the slowdown in sales, the average price of homes in the neighborhood rose by 10 percent year-on-year to $1.26M. Read the report here.

Sales | Olshan

The Manhattan luxury market was undeterred by the volatility of the financial markets. The segment registered 29 contracts at above $4 million between April 2 and April 8, highlighted by the one of the most expensive residential deals of the year. The top deal for the week was for the combination pads of 71A and 71B at 432 Park Avenue, which went into contract with the last asking price of $68.5 million. Read the report here.

Commercial

Enhancing the Value of Hospital Real Estate | CBRE

Hospitals and health systems control $1 trillion of owned real estate across the US. Out of that total, 42 percent are for inpatient facilities while 27 percent are for outpatient facilities. Large players own most of the hospital real estate in the country. The top 50 ranking of healthcare real estate owners include 34 health systems that collectively own $227 billion in real estate assets.


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