Brooklyn’s luxury resi market sees contract volume fall

Two contracts were signed last week for homes listed above $2M, down from 5 the week before

1 Clinton Street and 229 Sackett Street (Credit: 1 Clinton Street and  Google Maps)
1 Clinton Street and 229 Sackett Street (Credit: 1 Clinton Street and  Google Maps)

Brooklyn’s luxury residential market has yet to show signs of picking back up, with contract volume low and getting lower.

The borough saw two luxury contracts signed last week, both condos, according to the latest report from Compass. The report looks at homes in the borough asking $2 million or more based on the last publicly available asking prices.

The priciest deal was for a condo at 1 Clinton Street in Brooklyn Heights, which asked $2.4 million. The two-bedroom property spans 1,456 square feet and spent 85 days on the market.

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The only other deal last week was for a condo at 229 Sackett Street in Carroll Gardens, which had been asking $2.2 million. The three-bedroom property spans 1,291 square feet and went into contract after 51 days on the market.

The average asking price of the contracts last week was about $2.3 million, and the total volume was about $4.6 million. The properties spent an average of 68 days on the market and their asking prices had not decreased. The week before, Brooklyn’s luxury market saw five contracts signed for about $13.2 million.

Real estate has been deemed an “essential” business by the state, and under new guidance home showings can be done virtually. Some deals are still getting done, but those in the industry suspect closings are only happening on deals that went into contract before the pandemic effectively shut down the city. Last week, a penthouse at the Quay closed for a record $20.3 million — but that deal had gone into contract in 2018.