As weather heats up, Brooklyn luxury market doesn’t

Just five deals over $2M inked last week, led by Fort Greene condo with deck

New York /
Jul.July 07, 2020 02:35 PM
394 Vanderbilt Avenue (Douglas Elliman)

394 Vanderbilt Avenue (Douglas Elliman)

Christmas in July is not a good thing when it comes to home sales.

Once again, activity in Brooklyn’s luxury market was frigid last week, with just five deals signed for a combined value of $11.8 million, according to Compass’ weekly report tracking contract activity for homes asking $2 million or more.

The week prior, when in-person property showings restarted, saw four high-end homes go into contract for a total of $9.5 million. The previous weeks in June saw slightly more activity, even with the ban on showings being in place.

The priciest home to go into contract last week was a Fort Greene condo at 394 Vanderbilt Avenue with a final asking price of $2.6 million. The three-bedroom unit spans an entire floor of the renovated four-story row house and has a 440-square-foot roof deck.

It was on the market for just 21 days, perhaps because outdoor space has become more valued by buyers since the pandemic hit the city four months ago.

The other properties were two townhouses in Bed-Stuy and Prospect Heights, a Brooklyn Heights co-op and a condo in Carroll Gardens.

On average, the five properties were on the market for 111 days and went into contract with a median asking price of $2.25 million.

The average listing discount — the amount that final asking prices dropped from the initial ask — was 3 percent, indicating a slight adjustment to asking prices. The brokerage community pondered potential price drops as showings began on June 22 and residential market activity was expected to pick up.

During the week of June 22, the listing discount for Brooklyn luxury contracts was zero.

Write to Erin Hudson at [email protected]


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