Brooklyn’s luxury townhouse market reaches record highs

Brooklyn’s luxury townhouse market reaches record highs
Sales of townhouses over $3M are up 579% in just five years

Sales of Brooklyn townhouses are way up
Brooklyn’s luxury townhouse market is on fire.
Sales of Brooklyn townhouses priced at $3 million or more jumped by a jaw-dropping 579% in the brownstone and north Brooklyn markets over the last five years, and almost doubled over the past year, according to a new report by local brokerage Ideal Properties Group.
“Townhouse sales over $3 million are not exactly novelty to brownstone Brooklyn markets, but their swelling numbers are an indicator of a changing landscape of expectations,” said Aleksandra Scepanovic of Ideal Properties. “Interestingly, parallel to the increase in demand for this segment of real estate property, inventory is also on the rise, which will likely sustain this trend for years to come.”
There were a whopping 98 Brooklyn townhouse sales topping $3 million in 2014, up from just 11 at the lowest point of the recession in 2009, data shows. These high-end sales are making up a much bigger chunk of the market than ever before. They accounted for 9.5% of total Brooklyn sales last year, up from 4.7% in 2013 and just 1.4% in 2009.
Pricey neighborhoods such as Brooklyn Heights, Cobble Hill and Park Slope led the way in luxury home sales, the report shows. But other neighborhoods are catching up. Prospect Heights, Greenpoint and Williamsburg saw their first townhouse sales over $3 million in 2013, while Gowanus had its first sale over $3 million last year.
Among the priciest Brooklyn townhouse sales of the year was a $10.78 million deal for an historic townhouse at 45 Montgomery Place in Park Slope designed by the same architect behind the Cooper Hewitt Museum.

Filed under: Headlines by Wendy Jackson
No Comments »