Hope springs ephemeral: Brooklyn luxe market retreats

The Brooklyn luxury market had its slowest week yet since the coronavirus began ravaging New York City: Only one contract was signed.

The deal was for a condo at 425 3rd Street in Park Slope, which was asking just under $2.5 million, according to the latest report from Compass. The report looks at homes in the borough asking $2 million or more.

The three-bedroom condo, between Fifth and Sixth avenues, spans 1,790 square feet and spent 71 days on the market. Its listed price was not lowered before it went into contract.

Luxury deals in Brooklyn started declining significantly the week of March 15, when six contracts were signed, down from 15 the week before, according to Compass.

Since then, the market has seen between two and five contracts signed each week. The week before last saw four luxury contracts signed for about $9.3 million overall.

One reason for last week’s drop-off could be the statewide moratorium on in-person home showings. Some contracts were signed after the ban by shoppers who had visited the homes beforehand, but now many deals require buyers to pull the trigger on a place they have only seen on video.

In 2019, the week of May 12 was the strongest week the Brooklyn luxury market had seen all year up to that point, with 20 contracts signed for about $79.6 million.