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Analyzing the real estate market's second quarter in Brownstone Brooklyn and nearby areas.
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5/23/2018 Ideal Properties Group - Market Report 2Q 2014
1/13
5/23/2018 Ideal Properties Group - Market Report 2Q 2014
2/13
2nd Quarter 2
QUARTERLY SALES MARKET REPO
WORDS FROM THE MANAGING DIRECTOR
As Brownstone Brooklyn braces for the industry-projected undersupply of new development inventory, burgeoning neighborhshowed strong activity this quarter.
Still, Park Slope was the true pivot point of Brownstone Brooklyns completed sales, accounting for the highest number of sales area.
Market-wide, Brooklyn has registered a modest growth. Not limited to any key neighborhoods in particular, the average year-ovegrowth testifies to the boroughs continued shortage of supply of real estate product.
1
Aleksandra Scepanovic
Managing Director | Ideal Properties Group
232 Court Street, Brooklyn NY 11201 | 78 7th Avenue, Brooklyn NY 11217 | 462 Third Avenue, Brooklyn NY 11215 | 362 Bedford Avenue, Brooklyn NY 11
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REDHOOK
GREENWOODHEIGHTS
CARROLL
GARDENS
CLINTONHILL
FORT
GREENE
GOWANUS
PARK
SLOPE
DUMBO
COBBLE
HILL
PROSPECTHEIGHTS
PROSPECTPARK
BROOKLYNHEIGHTS
BOERUM
HILL
WINDSOR
TERRACE
COLUMBIA
WATER
FRONT
DOWN-
TOWN
BROWNSTONE
BROOKLYN
GREENPOINT
WILLIAMSBURGEAST
WILLIAMSBURG
NORTH
BROOKLYN
5/23/2018 Ideal Properties Group - Market Report 2Q 2014
3/13
QUARTERLY SALES MARKET REPO
The sales market in Brownstone Brooklyn continued to expand in the second quarter 2014. Both average and median values tipupwards, with average sales prices edging 2.7 percent to $1,160,532, and median levels increasing 7.2 perce$905,000 from the previous quarter. Average prices per square foot accelerated by 8.7 percent to $900, while median pricesfrom $808 per square foot to $884, gaining 17.1 percent.
Actively fueling the pricing levels registered by individual apartment (condominium and co-operative) markets, 2Q 2014 proved a quieter quarter for Brownstone Brooklyns townhouses. Quarter-over-quarter, average townhouse prices slipped by 4.2 perc$2,113,527.
Even so, the upward year-over-year streak is particularly evident within this segment of inventory, the average pricing moredoubling relative to 2013 (up 107.2 percent year-over-year).
To an extent attributable to the flattening of the townhouse market, co-operative units gained momentum, further solidifying the gand indicating enduring stability. Buyer confidence captured, the segment registered a 6.5 percent uptick quarter-over-quarter average level of $687,093, a 71.1 percent increase year-over-year.
EXPANSION TIPTOES UPWARDS
232 Court Street, Brooklyn NY 11201 | 78 7th Avenue, Brooklyn NY 11217 | 462 Third Avenue, Brooklyn NY 11215 | 362 Bedford Avenue, Brooklyn NY 11
w w w . i d e a l p r o p e r t i e s g r o u p . c o m | p h 7 1 8 . 8 4 0 . 2 7 5 7 | f a x 7 1 8 . 2 2 8 . 9 3
2nd Quarter 2
BROWNSTONE BROOKLYN AND BEYOND
ALL ASSET CLASSES
AverageSale Price
MedianSale Price
Average Priceper Sq Ft
2Q 2014
Change
2Q 2013
2Q 2014
Change
1Q 2014
1,160,532 905,000 900
905,000 900
26.6% 18.3%
844,000 828
714,811 761
ALLSALES
2.7% 7.2% 8.7%
Median Priceper Sq Ft
884
884
17.1%
808
755
9.4%
1,129,776
1,160,532
27.5%
909,973
$
ONE- TO THREE-FAMILY HOMES (TOWNHOUSES)
AverageSale Price
MedianSale Price
Average Priceper Sq Ft
2Q 2014
Change
2Q 2013
2Q 2014
Change
1Q 2014
2,113,527 1,935,000 785
1,935,000 785
95.5% 23.2%
1,962,500 808
990,000 637
ALLSALES
-4.2% -1.4% -2.8%
Median Priceper Sq Ft
712
712
17.7%
717
605
-0.7%
2,205,165
2,113,527
107.2%
1,019,876
$
CO-OPERATIVE UNITS
AverageSale Price
MedianSale Price
Average Priceper Sq Ft
2Q 2014
Change
2Q 2013
2Q 2014
Change
1Q 2014
687,093 640,000 776
640,000 776
56.1% 27.8%
539,000 708
410,000 607
ALLSALES
6.5% 18.7% 9.6%
Median Priceper Sq Ft
747
747
23.1%
694
607
7.7%
645,446
687,093
71.1%
401,667
$
5/23/2018 Ideal Properties Group - Market Report 2Q 2014
4/13
QUARTERLY SALES MARKET REPO
Perhaps in anticipation of the industry-projected undersupply of condominium inventory in Brownstone Brooklyn, or possibly eqreflecting the softening of the townhouse market, the condominium market also posted gains. Although the year-over-year strengthfell short of impressing as much as the cooperative market, condo units median price per square foot rose 35.5 percent to $1relative to the same period last year, and 28.5 percent quarter-over-quarter.
A slight shift in orientation from townhouses to condominiums largely due to extremely limited inventory and galloping pricitownhouses resulted in condos making a comeback in popularity in 2Q 2014. Condos spent fewer days on the market and fehigher prices both per unit and per square foot.
Entering the busy summer, the closingprocess (average time lapse from date oflisting to sale closing date) has faintlyaccelerated this quarter by an averagefive days (or 0.8 percent).
This is particularly true of condominiumunits, which have registered a six daysboost (nine percent quarter-over-quarterand 29 percent acceleration year-over-year). The outlook for townhouses remains
positive, although the asset took onaverage nine additional days to close, upseven percent to 129, while co-operativeunits posted a 8-day slowdown, taking125 days to close, up four percentquarter-over-quarter.
232 Court Street, Brooklyn NY 11201 | 78 7th Avenue, Brooklyn NY 11217 | 462 Third Avenue, Brooklyn NY 11215 | 362 Bedford Avenue, Brooklyn NY 11
w w w . i d e a l p r o p e r t i e s g r o u p . c o m | p h 7 1 8 . 8 4 0 . 2 7 5 7 | f a x 7 1 8 . 2 2 8 . 9 3
2nd Quarter 2
CONDOMINIUM UNITS
AverageSale Price
MedianSale Price
Average Priceper Sq Ft
2Q 2014
Change
2Q 2013
2Q 2014
Change
1Q 2014
1,079,517 907,500 1,017
29.6% 31.1%
865,000 908
700,000 776
ALLSALES
10% 4.9% 12%
Median Priceper Sq Ft
1,038
35.5%
808
766
28.5%
981,661
18.9%
907,831
$
1,079,517 907,500 1,017 1,038
BROWNSTONE BROOKLYN AND BEYOND
DAYS ON MARKET: AVERAGE ELAPSED TIME
AverageDays on Market
% Change1Q 2014
% Change2Q 2013
BRO
WNSTONEBROOKLYN Asset
Class
Townhouses
Co-Operative Units
Condominium Units
129
125
102
7%
4%
-9%
12%
-12%
-29%
All Asset Classes 119 -0.8% -16%
CLOSING TIMES FAINTLY ACCELERATE
EXPANSION TIPTOES UPWARDS
5/23/2018 Ideal Properties Group - Market Report 2Q 2014
5/13
Heavily favored by themarket in two previousquarters, townhousesare registering ascaling back in 2Q2014, trading for anaverage $91,638 lessrelative to the previousquarter. The medianlevels have also slightlydropped by $27,000,to $1,935,000, whilethe average and
median prices persquare foot have mostlystagnated ($785 thisquarter v. $808 on theaverage end, and$712 this quarter v.$717 median).
QUARTERLY SALES MARKET REPO
232 Court Street, Brooklyn NY 11201 | 78 7th Avenue, Brooklyn NY 11217 | 462 Third Avenue, Brooklyn NY 11215 | 362 Bedford Avenue, Brooklyn NY 11
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2nd Quarter 2
Average PPSF Median PPSF
Average & Median Price Per Square Foot ($)
2Q 14 1Q 14 2Q0
$637 $785 $712 $808 $717
TOWNHOUSESBROWNSTONE & NORTH BROOKLYN
400
1,000
200
800
600
Average Sale Price Median Sale Pr ice
Average & Median Sales Price ($)
2Q 14 1Q 14 2Q 13
1,000,000
2,500,000
500,000
0
$1,019,876 $990,000$2,113,527 $1,935,000
1,500,000
TOWNHOUSESBROWNSTONE & NORTH BROOKLYN
2,000,000
$2,205,165 $1,962,500
APARTMENTS PRESS HIGHER, TOWNHOUSES SLOW DOWN
Continued demand andlimited inventoryafforded sellers ofco-operative units adegree of latitudeallowing them to list ateven higher levels, andachieve higher sellingpoints relative to thefirst quarter of 2014.
Selling at an average$687,093 in the
second quarter,co-operative units main-tained the upwardtrajectory, up $47,093quarter -over -quar ter,the year-over-yeargains an even morestaggering $285,426.
Average PPSF Median PPSF
Average & Median Price Per Square Foot ($)
2Q 14 1Q 14 2Q0
$607 $$776 $747 $708 $694
CO-OPERATIVE UNITSBROWNSTONE & NORTH BROOKLYN
400
1,000
200
800
600
Average Sale Price Median Sale Pr ice
Average & Median Sales Price ($)
2Q 14 1Q 14 2Q 13
1,200,000
2,000,000
800,000
0
$401,667 $410,000$687,093 $640,000
1,600,000
CO-OPERATIVE UNITSBROWNSTONE & NORTH BROOKLYN
400,000
$645,446 $539,000
5/23/2018 Ideal Properties Group - Market Report 2Q 2014
6/13
QUARTERLY SALES MARKET REPO
232 Court Street, Brooklyn NY 11201 | 78 7th Avenue, Brooklyn NY 11217 | 462 Third Avenue, Brooklyn NY 11215 | 362 Bedford Avenue, Brooklyn NY 11
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In line with theincreased appetite forBrownstone Brooklynshomes, condominiumunits also posted gainsacross the board, thep e r - s q u a r e - f o o tpricing, surpassing the$1,000 mark. Theaverage price ofcondo units surpassedthe $1M, likelyannouncing further
growth in the summermonths.
2nd Quarter 2
Average PPSF Median PPSF
Average & Median Price Per Square Foot ($)
2Q 14 1Q 14 2Q
400
1,000
200
0
$776 $1,017 $1,038 $908 $888
CONDOMINIUM UNITSBROWNSTONE & NORTH BROOKLYN
800
600
2Q 140
Average Sale Price Median Sale Price
CONDOMINIUM UNITS
Average & Median Sales Price ($)
1Q 14 2Q 130
$907,831 $700,000$1,079,517 $907,500
BROWNSTONE & NORTH BROOKLYN
0
1,200,000
2,000,000
800,000
1,600,000
400,000
$981,661 $865,000
In general, Brownstone Brooklyns properties, in a lead-up summer months, continue to live up to the expectations and ptions of pricing increases.
This quarters sale-to-list ratio paints an image of a narrow maof Brownstone Brooklyns properties (51 percent) trading wdiscount from listing price. A testament to continuing bidding however, 39 percent of properties sold above, while the rema10 percent fetched the asking price.
Here is where we find evidence of Greenpoints increasing poity on average, properties in Greenpoint sold for four percentheir asking price. Greenpoints more developed neighbor, Wi
burg, commanded prices up to 11 percent lower than asking l
In 2Q 2014, the savvy buyer was to be found on the oppositof the sale-to-list spectrum in Windsor Terrace. The neighborhoods properties were selling with an average disco15 percent. Park Slope and Carroll Gardens commanded neaasking prices, trading with a one- and three-percent discount, rtively.
Traded with Discount
Traded at List Price
Traded Above List Price
ALL ASSET CLASSES: SALE-TO-LIST-RATIONumber of Sales: 2Q 2014 (%)
39%
10%
51%
APARTMENTS PRESS HIGHER, TOWNHOUSES SLOW DOWN
5/23/2018 Ideal Properties Group - Market Report 2Q 2014
7/13
QUARTERLY SALES MARKET REPO
232 Court Street, Brooklyn NY 11201 | 78 7th Avenue, Brooklyn NY 11217 | 462 Third Avenue, Brooklyn NY 11215 | 362 Bedford Avenue, Brooklyn NY 11
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Never stepping out of the bounds of tradition, the most popularhomes in the second quarter of 2014 were those selling between$500,000 and $999,999.
At the same time, a new standard seems to be solidifying in 2014:properties fetching over $1.5M participate at around (and slightlyabove) 20 percent in the sum of all sales. This segment of salesproperties is just one percent over being a virtual repeat of previousquarters, and a distant improvement in relation to the same quarterin 2013 (14 percent of all properties sold in that quarter sold at aprice at or over $1.5M).
The slight contraction of the bottom-priced properties is accommo-dated by a three percent expansion to a total of 18 percent thisquarter in the $1m - $1,499,999 range.
2nd Quarter 2
$1 - $499,999$500,000 - $999,999
$1m - $1,499,999$1.5m - $1,999,999
$2m +
ALL ASSET CLASSESSales by Price Range (%)
2Q 14
1Q 14
2Q 13
16% 48% 15% 7% 14
28% 44% 13% 7%
*Percentages may not sum to 100 due to rounding
15% 46% 18% 10% 1
42%
19%
BROOKLYN
ALL ASSET CLASSES: MARKET-WIDE BROOKLYAll Geographic Zones - Market Share (%)
39%BROWNSTONE & NOR
SOUTH
EAST
*Percentages may not sum to 100 due to rou
2Q
2014
A GLANCE AT BROOKLYN
Widely announced as a banner year for sales inburgeoning neighborhoods radiating from thetraditional epicenters in mature areas such as ParkSlope, Cobble Hill and Williamsburg, 2014 appearsto be showing strong activity this quarter in Downtownand Greenpoint. Properties in Downtown Brooklynaccounted for nine percent of all sales this quarter,while Greenpoint participated with seven percent.
Park Slope was the true pivot point of BrownstoneBrooklyns completed sales, accounting for the highestnumber of sales (22 percent of all sales) in the area.
Brooklyn Heights and Williamsburg followed, eachcontributing 13 percent to the pool of all closed salestransactions this quarter.
A look at the rest of Brooklyn reveals East Brooklyncontinuing to exceed expectations, ending the quarterwith a strong (13 percent) gain quarter-over-quarter,and up 43 percent over the year prior.
APARTMENTS PRESS HIGHER, TOWNHOUSES SLOW DOWN
5/23/2018 Ideal Properties Group - Market Report 2Q 2014
8/13
Average
Days on Market
% Change
1Q 2014
% Change
2Q 2013
BROWNSTONEBROOKL
YN
&NORTHBROOKLYN
AssetClass
Townhouses
Co-Operative Units
Condominium Units
136
125
102
7%
4%
-9%
12%
-12%
-29%
All Asset Classes 118 -0.8% -16%
AverageDays on Market
% Change1Q 2014
% Change2Q 2013
NORTHBROOKLYN
AssetClass
Townhouses
Co-Operative Units
Condominium Units
143
126
103
9%
no change
-10%
16%
-23%
-23%
All Asset Classes 114 -8% -14%
DAYS ON MARKET: AVERAGE ELAPSED TIME
FROM LIST TO CLOSE: AVERAGESBOERUM HILL
BROOKLYN HEIGHTS
CARROLL GARDENS
CLINTON HILL
COBBLE HILL
DOWNTOWN
DUMBO
FORT GREENE
GOWANUS
PARK SLOPE
PROSPECT HEIGHTS
WINDSOR TERRACE
GREENPOINT
WILLIAMSBURG
NORTHWEST
ALL ASSET CLASSES: BROWNSTONE BROOKLYIndividual Neighborhoods - Market Share (%)
2Q
*Percentages may not sum to 100 due to rou
BROWNSTONE
BROWNSTONE NORTH
2%
13%
6%
7%
9%
7%
9%
13%
7%
1%
22%
NORTH
1%
3%
1%
QUARTERLY SALES MARKET REPO
232 Court Street, Brooklyn NY 11201 | 78 7th Avenue, Brooklyn NY 11217 | 462 Third Avenue, Brooklyn NY 11215 | 362 Bedford Avenue, Brooklyn NY 11
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2nd Quarter 2
East Brooklyn outpaced its South counterpart, where thetownhouse and co-operative markets experienced a slightsoftening (with condominium units continuing on a strong
upward trajectory).
Market-wide, Brooklyn has registered a modest growth,its properties selling on average for $830,889, a 2.6percent increase from previous quarter. Not limited toparticular key neighborhoods, the average year-over-yeargrowth at 31.7 percent testifies to the boroughs shortageof supply and continued demand.
AverageDays on Market
% Change1Q 2014
% Change2Q 2013
BROWNSTONEBROOKLYN Asset
Class
Townhouses
Co-Operative Units
Condominium Units
129
125
102
7%
4%
-9%
12%
-12%
-29%
All Asset Classes 119 -0.8% -16%
5/23/2018 Ideal Properties Group - Market Report 2Q 2014
9/13
QUARTERLY SALES MARKET REPO
232 Court Street, Brooklyn NY 11201 | 78 7th Avenue, Brooklyn NY 11217 | 462 Third Avenue, Brooklyn NY 11215 | 362 Bedford Avenue, Brooklyn NY 11
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2nd Quarter 2
SELECT NEIGHBORHOODS: AVERAGE AND MEDIAN PRICES
Average Sale Price Median Sale Price
ALL ASSET CLASSES: PARK SLOPEAverage & Median Sales Price
600,000
900,000
1,200,000
1,500,000
300,000
0
$1,057,828 $815,000$1,321,159 $999,000 $996,696 $829,000
2Q 14 1Q 14 2Q 13
Average Sale Price Median Sale Price
ALL ASSET CLASSES: WILLIAMSBURGAverage & Median Sales Price
0
$845,440 $702,500$1,319,614 $962,50000
2Q 14 1Q 14 2Q 13
$999,612 $950,000
600,000
900,000
1,200,000
1,500,000
300,000
0
Average Sale Price Median Sale Pr ice
ALL ASSET CLASSES: BROOKLYN HEIGHTS
Average & Median Sales Price
0
$1,031,841 $680,000$1,579,968 $1,200,000
500,000
1,000,000
1,500,000
2,000,000
2Q 14 1Q 14 2Q 13
$809,400 $550,000
5/23/2018 Ideal Properties Group - Market Report 2Q 2014
10/13
QUARTERLY SALES MARKET REPO
232 Court Street, Brooklyn NY 11201 | 78 7th Avenue, Brooklyn NY 11217 | 462 Third Avenue, Brooklyn NY 11215 | 362 Bedford Avenue, Brooklyn NY 11
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2nd Quarter 2
EAST BROOKLYN
ONE- TO THREE-FAMILY HOMES (TOWNHOUSES)Average
Sale PriceMedian
Sale PriceAverage Price
per Sq Ft
Change
Change
680,017 610,000 259
37.9% 21.9%
442,500 212
ALLSALES
13.4% 19.6% 3.4%
Median Priceper Sq Ft
243
30.2%
187
1%
37.1%
496,075
$
CO-OPERATIVE UNITS
AverageSale Price
MedianSale Price
Average Priceper Sq Ft
Change
Change
301,000 300,500 296
35.4% 20.8%
222,000 245
ALLSALES
2% 23.9% 1%
Median Priceper Sq Ft
251
2.4%
245
1.2%
39.1%
216,394
$
ALL ASSET CLASSESAverage
Sale PriceMedian
Sale PriceAverage Price
per Sq Ft
2Q 2014
Change
2Q 2013
2Q 2014
Change
1Q 2014
683,487 607,635 300
607,635 300
41.3% 19.9%
467,500 271
430,000 250
ALLSALES
19% 30% 10.6%
Median Priceper Sq Ft
266
266
25%
245
213
8.7%
574,362
683,487
43.2%
477,352
$
CONDOMINIUM UNITS
AverageSale Price MedianSale Price Average Priceper Sq Ft
Change
Change
624,086 434,219 620
24.5% 48.4%
348,816 418
ALLSALES
40.2% 35.2% 12.5%
Median Priceper Sq Ft
620
83.5%
338
94.4%
48%
421,596
$
2Q 2014
2Q 2013
2Q 2014
1Q 2014
2Q 2014
2Q 2013
2Q 2014
1Q 2014
2Q 2014
2Q 2013
2Q 2014
1Q 2014
599,611 510,000 250 241
295,000 242,500 293 248
445,002 321,100 551 319
680,017 610,000 259 243
301,000 300,500 296 251
624,086 434,219 620 620
5/23/2018 Ideal Properties Group - Market Report 2Q 2014
11/13
QUARTERLY SALES MARKET REPO
232 Court Street, Brooklyn NY 11201 | 78 7th Avenue, Brooklyn NY 11217 | 462 Third Avenue, Brooklyn NY 11215 | 362 Bedford Avenue, Brooklyn NY 11
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2nd Quarter 2
SOUTH BROOKLYN
ONE- TO THREE-FAMILY HOMES (TOWNHOUSES)
AverageSale Price
MedianSale Price
Average Priceper Sq Ft
Change
Change
694,549 640,000 327
600,000 305
ALLSALES
Median Priceper Sq Ft
308
287636,385
$
CO-OPERATIVE UNITS
AverageSale Price MedianSale Price Average Priceper Sq Ft
Change
Change
197,972 187,500 289
-6.3% 6.3%
200,000 272
ALLSALES
-15.5% -8.5% 6.6%
Median Priceper Sq Ft
244
-7.6%
264
-11.9%
-14.9%
232,764
$
ALL ASSET CLASSESAverage
Sale PriceMedian
Sale PriceAverage Price
per Sq Ft
2Q 2014
Change
2Q 2013
2Q 2014
Change
1Q 2014
589,687 535,500 341
535,500 341
11.3% 6.5%
549,999 361
481,075 320
ALLSALES
-2.6% -2.6% -5.5%
Median Priceper Sq Ft
320
320
8.5%
332
295
-3.6%
605,697
589,687
12.1%
526,000
$
CONDOMINIUM UNITS
Average
Sale Price
Median
Sale Price
Average Price
per Sq Ft
Change
Change
480,810 450,000 478
-1.4% 6.5%
456,300 449
ALLSALES
2.9% 4.5% 12.7%
Median Price
per Sq Ft465
4.3%
446
10.2%
-1.7%
488,982
$
2Q 2014
2Q 2013
2Q 2014
1Q 2014
2Q 2014
2Q 2013
2Q 2014
1Q 2014
2Q 2014
2Q 2013
2Q 2014
1Q 2014
732,054 699,000 349 325
234,330 205,000 271 277
467,290 430,440 424 422
694,549 640,000 327 308
197,972 187,500 289 244
480,810 450,000 478 465
-5.1% -8.4% -6.3% -5.2%
6.7% 7.2% 7.3%9.1%
5/23/2018 Ideal Properties Group - Market Report 2Q 2014
12/13
QUARTERLY SALES MARKET REPO
232 Court Street, Brooklyn NY 11201 | 78 7th Avenue, Brooklyn NY 11217 | 462 Third Avenue, Brooklyn NY 11215 | 362 Bedford Avenue, Brooklyn NY 11
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2nd Quarter 2
MARKET WIDE: BROOKLYN
ALL ASSET CLASSESAverage
Sale PriceMedian
Sale PriceAverage Price
per Sq Ft
2Q 2014
Change
2Q 2013
2Q 2014
Change
1Q 2014
830,889 670,000 538
670,000 538
27.1% 27.2%
655,000 442
527,000 423
ALLSALES
2.6% 2.3% 21.7%
Median Priceper Sq Ft
431
431
29.4%
430
333
0.2%
809,833
830,889
31.7%
631,123
$
CO-OPERATIVE UNITS
AverageSale Price
MedianSale Price
Average Priceper Sq Ft
Change
Change
521,185 395,000 590
32.1% 43.9%
299,000 410
ALLSALES
11.9% 5.8% 34.7%
Median Priceper Sq Ft
563
63.2%
345
35%
29.3%
402,951
$
ONE- TO THREE-FAMILY HOMES (TOWNHOUSES)
AverageSale Price
MedianSale Price
Average Priceper Sq Ft
Change
Change
881,126 675,000 382
18.4% 23.6%
570,000 309
ALLSALES
-9.5% -1.5% -9.9%
Median Priceper Sq Ft
320
19.9%
267
-3.6%
27.2%
692,786
$
CONDOMINIUM UNITS
AverageSale Price
MedianSale Price
Average Priceper Sq Ft
Change
Change
799,240 660,000 829
11.9% 23.7%
590,000 670
ALLSALES
18.9% 19% 16.8%
Median Priceper Sq Ft
701
5.6%
664
34.3%
11.7%
715,594
$
2Q 2014
2Q 2013
2Q 2014
1Q 2014
2Q 2014
2Q 2013
2Q 2014
1Q 2014
2Q 2014
2Q 2013
2Q 2014
1Q 2014
973,778 685,000 424 332
465,769 373,500 438 417
672,045 554,500 710 522
881,126 675,000 382 320
521,185 395,000 590 563
799,240 660,000 829 701
5/23/2018 Ideal Properties Group - Market Report 2Q 2014
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QUARTERLY SALES MARKET REPO
232 Court Street, Brooklyn NY 11201 | 78 7th Avenue, Brooklyn NY 11217 | 462 Third Avenue, Brooklyn NY 11215 | 362 Bedford Avenue Brooklyn, NY 11
w w w . i d e a l p r o p e r t i e s g r o u p . c o m | p h 7 1 8 . 8 4 0 . 2 7 5 7 | f a x 7 1 8 . 2 2 8 . 9 3
Data included in the rental market report focuses on the most competitive areas of Brooklyn, geographically concentratedthe largest extent in North and Brownstone Brooklyn. The report presents the focus area as part of the general overvie
the sales market of the entire borough of Brooklyn.Neighborhoods considered in the North section of Brooklyn are Williamsburg, Navy Yard and Greenpoint. Neighborhincluded in the Brownstone Brooklyn, the section on Brooklyn commonly referred to as Brownstone Brooklyn, are BoHill, Brooklyn Heights, Carroll, Gardens, Clinton Hill, Cobble Hill, Columbia Waterfront District, Downtown, DUMBOGreene, Gowanus, Park Slope, Prospect Heights, Red Hook, Vinegar Hill, and Windsor Terrace.
This report uses Brownstone Brooklyn and North/Brownstone to denote North and Northwest markets.
GEOGRAPHIC AREAS ANALYZED
This report analyzed closed (recorded) sales data of individual co-operative and condominium units, and one- to three-fatownhomes in Brooklyn. In preparation for the analysis, Ideal Properties Groups researchers identified and disqualifiedcompiled datasets any transactions that were not arms length in nature so as to minimize distortion of true market val
The report is based on a sample of 522 sales transactions recorded in the second quarter of 2014, and represent an anal
examination of the pricing trends in the Brooklyn real estate sales market as per the public records at the close of the quUnder no circumstances should any of the data presented herein be construed as reflective of, or utilized toward valuatioany specific or individual real property.
PROPERTY TYPES ANALYZED; METHODOLOGY
Rolling sales reports issued by the New York City Department of Finance (ACRIS), and the REBNY Listings Service (RLS) were used as primary data sources in the compilation of this Report. Portions of the report were additionally supplementeinformation obtained from Property Shark and other subscription services, as well as Ideal Properties Groups proprietarydatabase and details of individual sales transactions. The data used does not necessarily represent all sales transactiotheir respective categories.
DATA SOURCES
New York City Department of Finances Office of the City Register (OCR) records transfers of real property in Brooklyn. Tis, however, a significant lag between the sale (closing) date and its actual recording by the OCR. The lag ranging mere days to several months renders real-time reporting of the residential real estate market activity in the borough chaing. For the reasons of practicality and timeliness, data presented in this report represents a reasonable overview of the yfinal quarter of sales activity. The report is a snapshot of the market at the time of publishing. Data collected followinrecording dates are not appended or otherwise amended after the publishing of the report, since data collection continudate.
DATA LAG
As used in this report, average Days on Market is the time period between the date when a residential property is listesale, and the date its sale is recorded. Listing dates are not logged in as part of the public record kept by the ACRIS. REFSBO, co-operating broker websites as well as subscription-based industry services (StreetEasy, PropertyShark) were us
determine listing dates. Days on Market number presented in this report is not cumulative: the last known listing dateused as List Date. Additionally, listings with uncharacteristically long days on market, and listings that were de-listed than once in the 12 months preceding the sale date have been excluded from the report in an attempt to obtain true avelisting dates. Days on Market considered in this report measured only properties that sold (Time to Sale listings ratherTime on Market listings - the latter being all active listings within the analyzed timeframe).
All text, charts, graphs, data and any additional material presented in the Brownstone Brooklyn and Beyond is protected under U.S. Copyright Law. Express permission to reany of the text, images, or data contained in the Brownstone Brooklyn and Beyond report must be obtained in writing by contacting Aleksandra Scepanovic at 362 Bedford ABrooklyn, NY 11211, or via email [email protected]. Permission need not be obtained for fair use purposes, such as news reporting and noncommercial edupurposes. Any use for such purposes must properly credit Ideal Properties Group LLC. All material presented in the Brownstone Brooklyn and Beyond report is intended for inforpurposes only. While information is believed to be correct, it is represented subject to errors, omissions, changes, amendments or withdrawals without notice. All property inforincluding but not limited to number of bedrooms and square footage, is approximate.
DAYS ON MARKET
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