Brooklyn Home Sellers Name Prices and Get MoreOshrat Carmiel
For prospective homebuyers in Brooklyn, an asking price is just a starting point.
In the second quarter, half of the homes that sold in New York’s most populous borough did so at or above their listed price as the supply of properties failed to keep up with demand, according to a report Thursday by real estate data website StreetEasy.com. The highest mark-ups were in the Prospect Heights and Park Slope neighborhoods, where half of buyers paid at least 4 percent more than what owners were seeking.
“This is a highly competitive market,” said Alan Lightfeldt, the data scientist at StreetEasy who compiled the report. “Buyers are tripping over themselves to get these listings, and they are often outbidding each other.”
Demand to live in Brooklyn -- seen as one of New York’s hippest locales and a cheaper alternative to Manhattan -- has pushed property values to records. Previously owned homes sold in the second quarter for a median of $526,474, the highest in 11 years of data keeping, as buyers crowded open houses in a rush to make deals, StreetEasy said in its report.
The median asking price of Brooklyn homes listed for sale in the quarter jumped 26 percent from a year earlier to $689,000. Properties spent an average of 41 days on the market, three days fewer than homes in Manhattan.
In all of Brooklyn, including the southernmost part farthest from Manhattan, a majority of sellers in the quarter got at least 90 percent of the price they were seeking, StreetEasy said.
A two-bedroom co-op apartment in Park Slope sold on June 22 for $950,000, or 12 percent more than the $850,000 asking price, according to StreetEasy. In Prospect Heights, an 1,828-square-foot (170-square-meter) duplex condominium listed for $1.9 million was purchased last month for $2.04 million, a 7.2 percent increase.
Other neighborhoods where sellers prevailed include Carroll Gardens, where half of buyers paid at least 2.7 percent more than the list price. In Brooklyn Heights, the mark-up for a majority of sales was 1.8 percent or higher.
“It really highlights the experience that buyers can expect to have,” Lightfeldt said. “Sellers are getting more bargaining power in their transactions.”
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