Reports of 4th Quarter Residential Sales in Brooklyn Are Mixed

February 14, 2012 Brooklyn Eagle Staff

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By Dennis Holt
Brooklyn Daily Eagle

BROOKLYN — According to recent reports, residential real estate sales in Brooklyn in the fourth quarter of 2011 were mixed, with little indication of any trends for the coming year.

For example, the number of 2011 sales increased to 1,558 in the fourth quarter from 1,468 in the fourth quarter of 2010, according to a report from Prudential Douglas Elliman (PDE) — primarily because of the low mortgage rates. The average sales price declined by 7.5 percent. A primary reason for that decline was a drop in co-op prices.

Also noted in the PDE report, the median sales price for a condo was $476,580, a drop of 5.8 percent from 2010 with over 207 sales, while the median sales price for a co-op fell 15.9 percent with over 351 sales. The median sales price for one- to three-family homes (728 were sold) was unchanged from the fourth quarter of 2010.

A sign of the times that we will see continue throughout this year was that, in Greenpoint-Williamsburg, 86.2 percent of all housing sales were condos. The median sales price was up 6.1 percent in that neighborhood.

Of the five Brooklyn areas covered in the PDE report, three saw prices increase and two saw declines. The declines were in south Brooklyn (down 6.7 percent) and east Brooklyn (down 2.6 percent).

Median sales prices were up in northwest Brooklyn and Brownstone Brooklyn. The biggest price hike was in the brownstone communities with a 15.6 percent increase and a median sales price exceeding $1 million.

In fact, this brownstone bump may well continue this year.

One of the major brokerages, Brown Harris Stevens, just published a glossy brochure of its listings around the city. In the brownstone communities — most of the listings were in the two priciest neighborhoods, Brooklyn Heights (with 16) and Park Slope (19) — 47 properties were listed with asking prices that totaled more than $70.7 million, for an average of $1.5 million per home.

Some firms like to speculate on how things may go. MNS Services had this to ponder:

“Will Bed-Stuy and Bushwick be the next Williamsburg? Renters can expect to see increased activity in these neighborhoods with new options appearing monthly.”