As coronavirus continues to spread and New York becomes a national epicenter of the disease, luxury real estate is taking an anticipated hit. In comparison to last week, Brooklyn saw a 50 percent drop in the number of contracts for luxury homes signed, the latest report from Compass has found.
New York has been one of the states hit hardest by the ongoing pandemic — with around 60,000 confirmed cases of COVID-19 and over 1,000 deaths, hospitals are stretched to capacity and the CDC is advising those who live in New York, New Jersey or Connecticut to avoid even any domestic travel.
That said, some luxury sales in New York are still taking place. In between March 23 and 29, only three Brooklyn homes worth more than $2 million have sold. (The week prior, that number was six.) The largest purchase includes a townhouse in Brooklyn Heights that spans 8,250 square feet. It was listed for $14.5 million, and after 171 days on the market, it sold last week. The final price is not yet known. The other two sales are also townhouses in Park Slope and Greenpoint, which were listed for $2.35 million and $2.2 million, respectively.
On average, the properties spent 161 days on the market and sold for 5 percent less than their asking price. Because of the Brooklyn Heights’ home’s large price tag, the total volume rose to $19.05 million. The median asking price was $2.35 million.