Signs of life in Brooklyn’s luxury home market
Four contracts for homes listed above $2M were signed, up from two the prior week
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.