Brooklyn’s co-op, condo real estate market steadily recovers from pandemic
The Brooklyn condo and co-op real estate market remains strong as the city emerges from the coronavirus pandemic, according to the third-quarter condo and co-op residential market report from a long-established, well-known real estate firm.
The third-quarter report from Brown Harris Stevens, released on Thursday, breaks Brooklyn down into separate areas.
These areas, roughly, include the brownstone area stretching from Carroll Gardens to DUMBO; Park Slope and Windsor Terrace; the area around Fort Greene, Clinton Hill and Vinegar Hill; Bed-Stuy, Bushwick and Crown Heights; Williamsburg and Greenpoint; Flatbush, Midwood and Ditmas Park; Downtown Brooklyn; Bensonhurst and Borough Park; Bay Ridge, Dyker Heights and Sunset Park; Red Hook and Gowanus; Brownsville to East New York to Flatlands; and the areas around Coney Island and Sheepshead Bay.
Summing up, Bess Freedman, CEO of the firm, said in the report:
“The Brooklyn apartment market’s amazing run continued in the third quarter, as both prices and sales reached new heights — a great accomplishment just a year and a half after the start of the pandemic.
“The average price crossed the $1 million mark for the first time, reaching a record $1,000,989,” the report said. In the entire borough, the report says, average prices increased 19 percent, while the median price rose 15 percent during the past year.
These trends, of course, aren’t uniform across the borough. The Eagle looked at several representative areas within the borough.
In Boerum Hill, Brooklyn Heights, Carroll Gardens, Cobble Hill and DUMBO, the average co-op price per room was 9 percent higher than a year ago, while condo prices average $1,523 per room — 14 percent more than the third quarter of 2020.
In Clinton Hill, Fort Greene, Brooklyn Navy Yard, Prospect Heights and Vinegar Hill, however, combined condo and co-op prices were lower. “The average price was 2 percent lower than a year ago,” the report read. However, it added, “Condo prices averaged $1,141 per square foot, a 2 percent gain from the third quarter of 2020.”
On the other hand, in East Williamsburg, Greenpoint and Williamsburg, prices soared. “A pick-up in high-end new development closings helped push the average price 32 percent higher than a year ago,” the report said. In addition, the median price went up 21 percent to $1,150,000.
In Bedford-Stuyvesant, Bushwick, Stuyvesant Heights and Crown Heights, a “sharp rise in co-op prices” was the main factor, the report said. This helped bring the average price for all co-ops and condos 12 percent higher than a year ago. Condo prices also rose over the past year.
Bay Ridge, Dyker Heights, Greenwood Heights and Sunset Park also saw price increases, but not as much as some other areas. The average condo price per square foot rose 9 percent from a year ago to $873, the report said. As for co-op prices, they “averaged $115,911 per room, 5 percent more than 2020’s third quarter.”
At the southern end of the borough — Bath Beach, Coney Island, Brighton Beach, Gravesend, Sheepshead Bay, Gerritsen Beach, Marine Park and Mill Basin — there were also gains. The average sales price for both condos and co-ops was $483,805, compared with $400,231 during the third quarter of 2020. Co-ops saw bigger price increases than co-ops during the past year, the report said.
And in Ditmas Park, Flatbush, Prospect-Lefferts Gardens, Midwood and Prospect Park South, a real estate boom was in evidence. “A pick-up in high-end new development closings helped push the average price 32 percent higher than a year ago,” the report said.
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