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- The median home price in Brownstone Brooklyn fell more than 11% year-over-year in the first quarter.
- The Financial District saw a big drop in home sales.
- Hospitals have emerged as one of the largest real estate owners in the country.
The median price of a home in Brownstone Brooklyn (Boerum Hill, Brooklyn Heights, Carroll Gardens, Clinton Hill, Cobble Hill, etc.) and North Brooklyn (Williamsburg, the Navy Yard and Greenpoint), dropped 11.4 percent year-on-year to $ 1.02 million in the first quarter. The decline was partly due to a weakening condominium market. During the period, the average sales price for the segment stood at $ 1.446 million, which amounts to a 7.1 percent drop compared to the same time last year. Read the report here.
The average asking price to closing price discount in Manhattan’s luxury and new development market stood at ten percent during the first quarter. The figure represents the highest in two years. In spite of the bargains, the pace of closings was sluggish. For the quarter, the Manhattan market averaged 181 closings per week, down from the 235 closings during the same time last year.See the rest of the story at Business Insider
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See Also:
- New York City foreclosures are back to financial crisis levels
- Luxury homes are getting more expensive
- Wealthy people are moving into wealthy cities and out of poorer ones
