Let's face it, the fact is that Northern Brooklyn (Williamsburg, Bushwick and Greenpoint) Residential Real Estate, Northwest Brooklyn (Fort Greene, Red Hook, park Slope and Windsor Terrace) Real Estate, East Brooklyn (Prospect Lefferts Gardens, Crown Heights, Bedford Stuyvesant, Brownsville and East New York) Real Estate have experienced and rightly so, a tremendous amount of residential (single and multi-family) resales and new condo development and sales activity.
Interestingly, Southern Brooklyn (South of Prospect Park going East to Flatlands, Marine Park, Canarsie and Bay Ridge.) Residential Real Estate has not only held its own but dominated sales activity in Brooklyn with a very strong market in private home sales and condo sales.
The numbers speak for themselves, from January 2021 to January 2022, the highest percentage of sales in Brooklyn was in South Brooklyn with 34%, 31% in Northwest Brooklyn, 19% in East Brooklyn and 16% in North Brooklyn.
The largest percentage of residential inventory belonged to houses at 45%, Condos at 34% and Co-ops at 22%. Consistent with this trend of strong sales in South Brooklyn, the largest inventory of residential properties in Brooklyn belonged to South Brooklyn at 53%, 155 in East Brooklyn, 22% in Northwest Brooklyn and 10% in North Brooklyn.
According to Jeff Grandis, Broker and Co Owner of Accord Real Estate Group with over 35 years of experience as a Marketing and Sales consultant in Home Sales, while cyclical over the years, the single and multi-family home sales market has remained resilient and strong from one end of Brooklyn to the other.
An interesting point to note is that the growth in popularity of Condos vs Coops stems the form of ownership which gives condo owners more control over the physical space they purchase vs Coops in which the owner has shares in a corporation and a perspective buyer must submit an application to a Co op Board and be approved by that Board in order to consummate a purchase.