Brooklyn luxury market ends January with a whimper
Only 9 contracts signed for $2M+ last week
Brooklyn’s luxury market left January on a low note.
The borough saw just nine contracts signed last week between Jan. 30 and Feb. 3, according to Compass’s weekly report on homes asking $2 million or more. The total is slightly down from the 11 deals signed in the previous period, but in line with the rest of the reported figures from a sleepy January.
Townhouse continued their reign atop the market, with two claiming last week’s priciest signed contracts spots and accounting for seven of the total nine deals reported.
The most expensive home to enter contract last week was 418 State Street in Boerum Hill with an asking price of $4.4 million. The 20-foot-wide townhouse, built in 2005, spans 3,800 square feet and has four bedrooms and four full bathrooms.
The home also includes a private roof deck and landscaped yard. Douglas Elliman’s Alexander Maroni had the listing.
The second most expensive home to enter contract last week was 191 Lefferts Place in Bedford-Stuyvesant with an asking price of $3 million. The 4,500-square-foot brownstone was originally built in 1899 and renovated last year. It has five bedrooms and four full bathrooms.
Other notable features include a metal deck overlooking a private backyard, high ceilings and a chef’s kitchen.
Corcoran’s David Palmieri had the listing.
The average asking price for the nine contracts was $2.7 million with an average price per square foot of $1,134. The homes spent an average of 105 days on the market and prices had an average discount of 3 percent.
Despite a boost in contract volume at the start of 2023, Brooklyn homes struggled to reel in deals for the remainder of the month. The first week of January counted 14 contracts, but the totals reported in following weeks never exceeded 15 and dropped to single digits twice.