In last week’s election, more people voted in Suffolk County than in Brooklyn, which has twice as many people. Buyers in Brooklyn’s luxury housing market were similarly sleepy, signing contracts for just 14 properties asking $2 million or more.
Weekly contract activity, unlike voting, fluctuates rather randomly, but both produce winners. In the Brooklyn residential market, the most expensive unit to find a buyer last week was in a condominium familiar to readers: 30 Front Street, also known as Olympia Dumbo.
Unit 25B, a three-bedroom, 2,700-square-foot apartment with three bathrooms, went into contract asking $6.3 million, according to Compass’ weekly report of Brooklyn homes asking $2 million or more.
It has a custom kitchen with stone slab counters, a walk-in pantry and floor-to-ceiling windows. Amenities at the 33-story building, which routinely topped the luxury market in the spring, include a 24-hour doorman, a private garden lounge and a large fitness center with indoor and outdoor lap pools.
The second most expensive property to go into contract last week was 593 11th Street in Park Slope, asking $4.4 million. The 3,200-square-foot townhouse has four bedrooms and four full bathrooms.
It has an original staircase, an open kitchen and a family room with a fireplace and glass wall. It also has a large den and glass double doors on the primary floor, along with a full-width bunkroom. There’s a landscaped garden outside.
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Residential
New York
Brooklyn’s luxury market jumped back to life
Fourteen luxury homes — eight townhouses, five condos and one co-op — went into contract last week, down from 28 the week prior. Their average asking price per square foot was $1,381 and the average asking price was $3 million. They spent 79 days on the market, on average, and their asking prices had been discounted by an average of 2 percent.
Brooklyn’s luxury market got back on track in mid October after a September swoon, during which prices and transactions were down. Luxury buyers aren’t immune to market conditions, and rising mortgage rates do affect bidding, even if a higher percentage of high-end purchases are made without financing.