AgentMarkets & Economy

Last year’s price hikes in Brooklyn face anticipated slowdown

Report shows annual price increases in townhouses, condos and co-ops but expects softened pace for 2016
  • The quarterly report from the residential firm focused on North Brooklyn, which holds the neighborhoods of the Navy Yard and Greenpoint.
  • While Brooklyn’s prices showed a slight decrease of 2.4 percent from the prior quarter, seasonality plays an important role in New York City’s shifting valuations.
  • Brownstone and North Brooklyn residential properties sold for an average of $1.425 million last quarter.
  • Days on the market increased significantly for Brownstone co-ops in year-over-year analysis.

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Residential sales prices in North and Northwest Brooklyn are off to a hot start in 2016, according to Ideal Properties, which reported a 3.7 percent increase in the first quarter of 2016 in its Brownstone Brooklyn and Beyond market report. “2015 represented a landmark year in Brooklyn, with residential real estate prices reaching new heights. And this trend is continuing in 2016, although predictably, at a slower rate,” said Aleksandra Scepanovic, managing director at Ideal Properties Group. “As we move towards the warmer months of the year, we expect an increase in interest in our cherished borough, surmounting in higher sales prices across all asset classes.” The quarterly report from the residential firm focused on North Brooklyn, which holds the neighborhoods of the Navy Yard and Greenpoint. Brooklyn's Greenpoint neighborhood/Flickr user adamgetsawesome The report also analyzed the Northwest -- also referred to as the Brownstone -- section. This area includes...