Signs of life in Brooklyn’s luxury home market

Four contracts for homes listed above $2M were signed, up from two the prior week

New York /
Apr.April 27, 2020 11:31 AM
268 Sterling Place and 56 Marlborough Road (Credit: Google Maps; StreetEasy)

268 Sterling Place and 56 Marlborough Road (Credit: Google Maps; StreetEasy)

Activity in Brooklyn’s luxury residential market increased slightly last week from the week before, but sales remain extremely slow.

The borough saw four high-end contracts signed last week, split between two condos and two townhouses, according to the latest report from Compass. The report looks at homes in the borough asking $2 million or more in the most recent public listings.

The priciest deal was for a townhouse at 268 Sterling Place in Prospect Heights, which was asking about $4.3 million. The seven-bedroom property spans 4,000 square feet and spent 95 days on the market.

The second most expensive deal last week was for a townhouse at 56 Marlborough Road in Flatbush, which had been asking about $2.9 million. The four-bedroom property spans 3,553 square feet and went into contract after 164 days on the market.

The average asking price of the contracts last week was about $3.1 million, and the total volume was about $12.2 million. The properties spent an average of 140 days on the market and went into contract at an average of 1 percent less than their asking prices. The week before, Brooklyn’s luxury market saw just two contracts signed for a total of about $4.6 million.

The other two contracts signed in Brooklyn’s luxury market last week were a condo at 129 North Third Street in Williamsburg for about $2.5 million and a condo at 708A Degraw Street in Park Slope for about $2.5 million.


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