North Brooklyn Home Prices Increase to $1.5 Million. Significant Uptick in Traffic

A New Report for the Fourth Quarter was released by Ideal Properties Group.  There is a need for a subscription to view the report however, we can share with you some of the important details of the report.   The report indicates that average prices are approaching historic amounts and will eventually hit $1.5 million per home. It is being reported Brooklyn brokers are seeing a significant uptick in year-end buyer traffic.  They expect increased interest with new developments in the core neighborhoods in North Brooklyn and Brownstone.

There is a  $1.49 million average for townhouses, co-ops and condos in neighborhoods such as Greenpoint, Brooklyn Heights and Park Slope.  This is a  2.6 percent increase year to year .  Townhouses led the market in those areas with an average price of $2.5 million in the fourth quarter of 2016.  That is a  4.1 percent decrease from the same period in 2015.  Condo prices  had an average sales price of $1.5 million, which was a 24 percent increase over the fourth quarter of 2015.

North Brooklyn and Brownstone continues to be a seller's market as stated in the report,

" Ending the year in testament to enduring buyer interest, the majority of all properties sold in the closing quarter of 2016 (52 percent), sold either at, or above list price. This quarter’s sales at a discount from asking price settled at the 48 percent mark, echoing the findings of previous quarters of 2016. Thirty-nine percent of all residential properties sold this quarter in Brownstone and North Brooklyn traded above the price".

North Brooklyn consists of Greenpoint and Williamsburg.  Brownstone consists of Boerum Hill, Brooklyn Heights, Carroll Gardens, Clinton Hill, Cobble Hill,  Downtown,  Dumbo, Fort Greene,  Gowanus,  Park Slope,  Prospect Heights and  Windsor Terrace.

With increase levels of activity and interest, we expect property management in North Brooklyn to continue to be strong.  If you need property management assistance in Brooklyn or anywhere in the NYC region, you can contact Blue Harbour Property Management.  With over 20 years of experience, we will maximize the revenue potential of your real estate investment.

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