According to Douglas Elliman’s latest market report, home prices in Brooklyn are higher than ever. The median and average sales prices for the borough both broke records, crossing the $800,000 and $1 million thresholds for the first time in the third quarter of this year. “As the Brooklyn market continues to reinvent itself over the past five years,” says the report, “There is no standard of comparison with historical trends.” It means Brooklyn, and also Queens, boast some of the fastest residential price growth in the country, with new developments cropping up and demand skyrocketing as buyers stream into outer boroughs.
Once enticing New Yorkers with their cheaper rents and mortgages, the outer boroughs of Brooklyn and Queens have set record sales prices during the first quarter of the year. As reported by Crain’s, Brooklyn had a record-setting median sale price of $770,000, more than 16 percent higher than last year. This was driven by an increase in sales activity, with nearly 50 percent more transactions taking place this quarter compared with the beginning of 2016. In Queens, the median sale price was $485,000, but one- to three-family homes set a new record with both average ($697,946) and median ($650,000) sales.
Market reports are in from the third quarter of this year, and sales numbers are setting new records, especially in Brooklyn and Queens. From Douglas Elliman, numbers show sales prices in Brooklyn and Queens climbing for the fourth year in a row across the board for condos, co-ops and one- to three-family homes, as well as luxury properties (defined as the upper 10 percent of the market). The median sales price rose 8.7 percent to $735,000; the average sales price went up 14.8 percent to $983,511; the median sales price for luxury properties rose 23.5 percent to $2.5 million. All three numbers represent record increases. The rising market has likely been the result of a healthy job market in New York City and population growth that’s five years ahead of schedule.
According to Douglas Elliman’s latest market report, landlord concessions (covering broker’s fees, offering free months’ rent, doling out $1,000+ giftcards) have doubled over the past year for Manhattan and Brooklyn rentals, coinciding with a roughly 30 percent increase in inventory in both of the boroughs.
Jonathan miller, author of the report, told DNAinfo, “There’s just been more product brought into the market through more development. More inventory has brought more concessions, more modest price growth and kept vacancy rates elevated. This has been a five-year development boom. It’s already having an impact.”
If you’re looking for a home that feels like a townhouse, co-op and loft all rolled into one, this Brooklyn Heights property may be your best bet. It’s located at 25 Joralemon Street, a waterworks building constructed in 1902. It has since been converted into six co-ops, each laid out like duplex “townhouse” units. All six townhouses have their own separate entrance and a unique floorplan, with this one boasting a totally lofty aesthetic.
Once upon a time, Clinton Hill was a neighborhood of mansions designed by some of Brooklyn’s most prominent architects. Many have since been demolished and replaced with either townhouses or apartment buildings. But this one at 186 Clinton Avenue still stands, on a stretch that was known as the neighborhood’s “mansion row.” Montrose Morris, a prolific Brooklyn architect, designed it in 1891 for William H. Beard, the son of the third wealthiest man in Brooklyn, William Beard, Sr. It’s so massive it’s been divided into several apartments—the property being offered is only one-half of the mansion, which holds eight units.
Last July, the average Manhattan sales price hit a record of $1.8 million, which signaled it was only a matter of time before it crossed the $2 million mark for the first time ever. Eight months later, that’s exactly what’s happened, notes DNAinfo. According to Douglas Elliman’s 2016 first quarter Manhattan sales report, the average sales price climbed $2,051,321, a five percent increase from 2015’s fourth quarter average of $1.9 million and an 18 percent increase from the same time last year when the average was $1.7 million. Additionally, the average price per square foot is now $1,713, a 35.6 percent from last year. The rise is attributed to limited resale inventory and increased closings in new developments, further evidenced by the fact the average sales price in this high-end market is $3.9 million, and the number of closings nearly doubled over the past year. And when we look at the luxury market, average sale prices hit a whopping $8.3 million.
If you thought you were going to get a deal on a Manhattan apartment this year, you might want to reconsider your big plans. A new report from Douglas Elliman shows that in the fourth quarter of 2015, the borough’s median sale price jumped 17 percent to $1.15 million, breaking a 27-year record, according to The Real Deal. If that wasn’t enough to make you pause, the report also shows that the average sale price increased 12 percent to $1.9 million and the average price per square foot rose more than 28 percent to $1,645, both record setters. And while co-op sales were down 4 percent, condo sales were up a staggering 28.6 percent, with a median price of $1.7 million. Luxury listings are in a class all their own; their median sale price reached $6 million, a 25 percent increase.
There’s definitely something quaint about this apartment at 13 Downing Street, a 16-unit cooperative right in the middle of Greenwich Village. Its cottage-like vibe comes from exposed brick, a fireplace and lots of earth tones. It also feels cozy without being cramped, and spacious without being sprawling. The two-bedroom home is now on the market for $2.25 million after last selling in 2013 for $1.199 million.
This two-bedroom, two-bathroom loft comes from a historic building at 37B Crosby Street, between Broome and Grand in Soho, that’s been converted to a cooperative. Like many other downtown loft apartments, it is distinguished by its massive “great room”–an open living room, dining room and kitchen. Unlike the traditional loft, the bedrooms are built out in separate spaces.
The design is completely modern and refined, paired with those great old loft details like high ceilings, big windows and exposed brick (there are even two working fireplaces throughout the apartment). It’s all up for sale asking a cool $2 million. The apartment last sold in 2008 for $1.495 million.