Note: These posts are a part of our weekly email updates that we send to our exclusive buyer and seller clients, weeks in advance of posting them here. If you would like to be put on our exclusive distribution list, please send me an email:dbrennan@brennanrealestate.com.
Not All Townhomes Should be Priced Equally
The Elliman Report for the 1Q12, prepared by the appraisal firm Miller Samuel, was published this week. The numbers for brownstone* Brooklyn reflect what our team at Brennan Realty have been observing first hand (and mentioned on our blog over the past few months) – average sales price increased year over year by 54%, from $1,120,733 to $1,730,000, and the median sales price for 1- to 3-family homes increased 41%, from $950,000 to $1,342,500. Inventory is tight – number of sales decreased from 95 to 70, or -26%, year over year.
The lack of inventory and strong demand are exerting upward pressure on pricing and sellers and their brokers are trying to ride the wave in hopes it continues to swell and not crest. This is no surprise – human nature on display. So it comes with a bit of a surprise that a couple of homes we are tracking have quickly adjusted their respective asking prices downward. 94 Bergen Street – after only 32 days on the market – has had its asking price adjusted downward by 9%, from $2,195,000 to $1,995,000. 122 2nd Street – after only 30 days on the market – has had its asking price adjusted downward by 6%, from $1,695,000 to $1,595,000. We interpret this as a sign of a motivated seller. So since we have been in both of these properties we understand why the asking prices have been adjusted down. If you would like to discuss these two properties or any other property on the market don’t hesitate to contact us.
*Miller Samuel defines brownstone Brooklyn as – Boerum Hill, Brooklyn Heights, Carroll Gardens, Clinton Hill, Cobble Hill, Cobble-Hill West, Downtown-Fulton Ferry, Downtown-Fulton Mall, Downtown-Metrotech, Fort Greene, Park Slope, Park Slope South, Prospect Heights, Red Hook and Windsor Terrace.
The entire Elliman Report for 1Q12 can be found here: Elliman Report PDF.
