As more and more Manhattanites are discovering, you get more bang for your buck in Brooklyn. Town-homes in neighborhoods like Park Slope and Boerum Hill offer more space for less money, making them a perfect match for families. The small-town atmosphere is also a big draw.
In 2011, there was only one townhouse listing above $3 million in Park Slope. Right now, there are ten. The recent spate of pricey listings means the average closed sales price for all the neighborhood’s town-homes has skyrocketed, too – by 40% to $1.7 million in the fourth quarter of 2012 compared to $1.2 million for the same quarter of 2011.
According to real estate specialists, the number of available townhouses is at a seven-year low. In Manhattan, they account for a small percentage of the housing – only 3%. Buyers are obliged to look in Brooklyn.
Patricia Neinast, a senior Vice-president at the Corcoran Group’s office in Park Slope explains that the tight inventory and the desirability of the Brownstone Brooklyn neighborhoods combine to drive prices up. There simply aren’t enough townhouses available for the number of interested buyers.
While this sales trend is most pronounced in Park Slope, prices are starting to climb in Cobble Hill, Boerum Hill and Brooklyn Heights, too – all communities within the Brownstone Brooklyn neighborhood.
In last year’s fourth quarter, the average price of a townhouse in Cobble Hill was $2.4 million. For the same period in 2011, it was $1.2 million. That’s an increase of 108%!
In Brooklyn Heights for that period, the average sales price dipped by 22%, from $4.7 million to $3.6 million yet townhouses were still selling over that magic, pricey $3 million benchmark figure.
Note: percentage change figures may be slightly skewed, given the relatively small number of townhouse sales in each neighborhood.
When a townhouse does become available, buyers need to act quickly. In January, a single-family townhouse at 43 Eighth Avenue in Park Slope was listed at $3.8 million. It sold within 48 hours at asking price.