No progress for Brooklyn’s moribund luxury market

A measly six properties asking at least $2 million found buyers last week

1 Clinton Street and 374 Clermont Avenue (Courtesy Compass)
1 Clinton Street and 374 Clermont Avenue (Courtesy Compass)

Don’t call it a comeback.

The luxury market in Brooklyn was stuck in neutral last week, as six properties asking $2 million or more went into contract in the borough last week for a combined total value of $17.4 million, according to Compass.

The prior week saw seven homes with combined asking prices of $17.5 million go into contract. The week before that, it was seven contracts and $22.5 million.

Contract activity in the borough hasn’t exceeded seven deals since early March — pre-lockdown — when 15 homes went into contract asking a total of $45.3 million. Compass’ weekly report tracks contract signings for properties asking at least $2 million.

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154 Underhill Avenue and 561 Pacific Street in Brooklyn (Courtesy StreetEasy, 561 Pacific)
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The most expensive property that went into contract last week was a Fort Greene townhouse last asking nearly $4 million. The five-bedroom home at 374 Clermont Avenue spans 3,516 square feet and includes a roof deck, three terraces and a landscaped yard. It was on the market for 162 days.

Out of the week’s six deals, five were for townhomes. The other four were located in Park Slope and Windsor Terrace.

The lone condo was at 1 Clinton Street, Hudson Companies’ 133-unit building in Brooklyn Heights. The three-bedroom unit was last asking $3.3 million.

On average, the six properties were on the market for 40 days and went into contract with an average final asking price of $2.9 million.

On Monday, in-person showings resumed as part of phase two of reopening New York City and many in the brokerage community are counting on an uptick in contract activity.

Write to Erin Hudson at ekh@therealdeal.com