NEW YORK CITY-Taking an in-depth view look at Brooklyn's rise to become an international destination, aptsandlofts.com has released its first-ever 10-year sales study of the borough.
Among the most notable findings in the research, activity has picked up sharply in Bed-Stuy: condo sales rose from 12 in 2003 to a projected 132 sales in 2013 while townhouse trades jumped from 574 to 744 in that time. The average condo price in Williamsburg in 2003 was valued at $331,000, while in 2013 the projected average condo price in Williamsburg is valued at $827,000, a nearly 150% increase. In Park Slope, on average there were about 500 co-op and condo sales per year from 2005 until 2012. And the Brooklyn Heights townhouse market exhibited an impressive gain over the past decade, rising from an average sale price of $1.9 million to $4.9 million.
Bed-Stuy saw spikes not just in the number of transactions but in average sale prices. Condos were going for 351,000 in 2003 and hit a projected $459,000 last year. Townhouses commanded a price of $321,000 in 2003 but their price has nearly doubled, with last year's average expected—after closings—to have hit $600,000.
Part of the story behind the almost tripling in value of condos in Williamsburg is an obvious-yet-telling factor: the data sample size was too small in 2003, aptsandlofts.com founder and president David Maundrell tells GlobeSt.com. “There were 21 sales in 2003. Williamsburg's original inhabitants were holding onto their homes and renting apartments, but then the area changed and they started to sell. The peak in terms of closings was in 2007 and 2008 and then there was a large concentration of closings in 2010 and 2011. The actual sales most likely were in 2008 and 2009 as Northside Piers and Edge were preselling."
Of Park Slope, Maundrell notes, "It has been named one of most desirable neighborhoods in which to live in the country but there's no inventory. Still, “the townhouse market in the area is a good deal.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
