Brooklyn luxury market hits 7-week discount streak

Contracts closed August with elevated PPSF, average discount

From left: 270 Berkeley Place and 326 Leonard Street
From left: 270 Berkeley Place and 326 Leonard Street (Street Easy)

Brooklyn’s luxury market showed signs of life in the last week of August, in a streak of discounts.

Homes asking $2 million or more that went into contract last week sold for a bigger average discount than at any other point this year, according to Compass. The period marked the seventh consecutive week homes sold below the asking price.

The report is a slight tick up from the market’s August slump. Last week’s 21 signed contracts had an average price per square foot of $1,309 and a combined volume of nearly $61.9 million. Two weeks ago, the average price per square foot had dipped below $1,200 for the first time this year and reached a combined volume of $42.4 million, the lowest since the second week of January.

Despite those increases, homes’ average discount last week rose to 4 percent, the highest of the year. The homes — 13 townhouses, seven condos and one co-op — spent an average of 95 days on the market.

The most expensive home to enter contract last week was a townhouse at 270 Berkeley Place in Park Slope with an asking price just under $5.1 million.

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The 4,700-square-foot home is 20.5 feet wide and has six bedrooms and four bathrooms. The four-story house was used as a single-family home by the sellers, but can be used as a two-family with an owner’s triplex.

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A photo illustration of 9 Jay Street (Getty Images, Sotheby's International Realty)
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The fully renovated property has a custom chef’s kitchen, home theater and custom millwork.

The second most expensive home to enter contract last week was 326 Leonard Street in Williamsburg, with an asking price of $4.8 million.

The 25-foot-wide, 4,000-square-foot home has four bedrooms and three full bathrooms. The three-story house was fully renovated with triple pane windows and a chef’s kitchen that overlooks a deck leading to a landscaped garden.