In case there was any doubt about Brooklyn as the center of the real estate universe in New York City, according to Greg Heym, chief economist for the prestigious real estate brokerage and consulting firm, Brown, Harris, Stevens and former chief economist for the Real Estate Board Of New York “Brooklyn had the most active 4th Quarter in the history of Brooklyn”, “continuing powerful growth and sustainability particularly in Condos and Coops”.
In addition, this Brown, Harris, Stevens market report indicates a price increase of 11% year to date for Condos and Coops.
An important contributing factor to the strength of the Brooklyn Condo market is the very active new development market.
Here's how the numbers breakdown:
Brooklyn saw 35% more sales than one year ago. There was a record number of signed contracts in the last 6 months of 2021 compared to any other 2nd half.
Park Slope/ South Slope/ Windsor Terrace average price was 18% higher than the 4th Quarter of 2020.
Williamsburg/ Greenpoint average price was 20% higher than the 4th Quarter of 2020.
Bay Ridge/ Dyker Heights/ Sunset Park strong new development activity pushed the average Condo price per square foot up 17% higher than a year ago.
To be continued...
If you are interested in selling your property or you know someone who is planning to sell their New York or Brooklyn property, whether a single family residential property, an apartment building, a commercial property, mixed use, multi family, coop or condo, vacant land or a development opportunity, call us. You will be very happy that you did.
We always bring our clients the top market price for their property and provide exceptional personalized service from initial consultation to closing.
Accord Real Estate Group
Your Brooklyn Real Estate Brokers and Agents