T
he final week of August saw a surge in interest from Brooklyn luxury buyers seeking properties just blocks away from the water's edge. According to Compass's weekly report on homes asking $2 million or more, two top contracts were signed - one in Dumbo and one in Boerum Hill - marking a significant increase from the ten contracts signed during the same period last year. The 14 contracts, comprising eight townhouses and six condos, were a testament to the growing interest in Brooklyn's luxury real estate market.
The most expensive contract signed during this period was for unit 4B in the 42-unit waterfront development at 1 John Street in Dumbo. The 2,500-square-foot apartment boasts stunning views of Downtown Manhattan and the East River, along with a chef's kitchen featuring two large stone islands. The primary bedroom is equipped with built-in Porro closets and an en-suite bathroom. The development, led by Monadnock Construction and Alloy Development, began sales in 2016 and had sold out by 2017. Apart from the waterfront views, the building offers a doorman and concierge, a landscaped roof deck, and a state-of-the-art gym. Sotheby's International Realty's Karen Heyman had the listing for unit 4B.
In addition to this, a Cobble Hill townhouse at 39 Strong Place also made headlines with a last asking price of nearly $5 million. Built in 1901, this four-story, single-family home spans roughly 3,000 square feet and boasts four bedrooms that span the width of the house. The home features multiple wood-burning fireplaces, a remodeled kitchen, a backyard, and a deck. Corcoran's Lesley Semmelhack had the listing for this property.
These transactions indicate a strong demand for Brooklyn's luxury properties, as evidenced by the decrease in days on the market to 141 from 342 year-over-year. The median asking price also fell to $2.6 million from $3 million last year, likely due to a decrease in condo asking prices. The median condo asking price dropped year-over-year to $2.9 million from $4.3 million, while the median townhouse asking price rose to $2.8 million from $2.3 million last year.
