In just a five-year span, sales of luxury townhouses in Brooklyn have shot up nearly sixfold.
According to a new report by NYC-based brokerage firm Ideal Properties Group, the number of townhouses valued at over $3 million sold has increased by a stunning 579% in the brownstone and north Brooklyn markets—a figure close to double that of last year.
“Townhouse sales over $3 million are not exactly novelty to brownstone Brooklyn markets, but their swelling numbers are an indicator of a changing landscape of expectations,” said IPG spokesperson Aleksandra Scepanovic, who goes on to reveal that inventory has conveniently soared parallel to the booming demand. In 2014 alone there were 98 Brooklyn townhouse sales of the kind—a far cry from the lowest point of the recession in 2009, which clocked in at a meager 11 sales. The jaw-dropping buys comprise a far greater chunk of the market than ever before, accounting for close to a tenth of total Brooklyn sales last year (which translates to more than twice the percentage in 2013, and almost ten times that of 2009).
Among the most expensive neighborhoods are Brooklyn Heights, Park Slope, and Cobble Hill, though many others are quickly following in suit: Greenpoint and Williamsburg both experienced their first townhouse sales over $3 million in 2013, while Gowanus recorded its first similar buy just last year.
Details courtesy of the NY Daily News