What the Surge in Brownstone Listings Means
A remarkably high number of Brooklyn brownstone listings this spring and summer may indicate a wave of homeowners cashing in as property values reach new heights, The Observer noted Wednesday. Without explicitly naming the neighborhoods or data sets that led them to this conclusion, The Observer offered anecdotal firepower to the claim that the current…
A remarkably high number of Brooklyn brownstone listings this spring and summer may indicate a wave of homeowners cashing in as property values reach new heights, The Observer noted Wednesday.
Without explicitly naming the neighborhoods or data sets that led them to this conclusion, The Observer offered anecdotal firepower to the claim that the current number of on-the-market townhouses in brownstone Brooklyn has increased. The pub counted 91 townhouses for sale in the spring and about 75 in the summer — many of the homes sporting “ridiculous” price tags.
“People have seen prices go up and they’re cashing out — when they see their neighbor sold their place for X, they wonder why they can’t get the same,” Town Residential broker Terry Naini is quoted as saying.
Neighborhoods cited included Cobble Hill, Brooklyn Heights and Park Slope. The Observer claimed the usual number of townhouses on the market in all of brownstone Brooklyn — not including areas such as Crown Heights, PLG and Bed Stuy — is more like a dozen.
That number does not jibe with Brownstoner’s experience, however. Some three dozen or more townhouses might be for sale in so-called prime brownstone Brooklyn in spring and early summer. In Brooklyn generally, Park Slope and Bed Stuy typically have the most listings — no surprise given the huge number of blocks both cover.
Corcoran’s second-quarter report did not include the number of listings for townhouses. However, its data confirms that the overall inventory of all Brooklyn listings — including townhouses, co-ops and condos — reached a four-year high earlier this year.
With more homes currently coming onto the market, would-be buyers of brownstones also have more options to choose from, and that means the older classic brownstones are likely to remain on the market longer than in recent years.
So what does it all mean? If you’re looking to buy, you have a bevy of options in all kinds of buildings — though the brownstones are pricey. If you’re looking to sell, keep in mind the market is more saturated.
[Source: NYO | Photo: Cate Corcoran]
This article is basically incomprehensible – not clear what it’s actually trying to say. And what on earth does “all of brownstone Brooklyn – not including areas such as Bed-Stuy, Crown Heights and PLG” mean? On the face of it, that means “all of brownstone Brooklyn – not including most of brownstone Brooklyn”. If there’s an actual story here, I’d like to read it. Until then, I’ll file this with the pet stories.
If there is a “surge in listings” which I have not noticed particularly surging… it is due to investors buying the last of the mortgage crises fall out, fixing and flipping as well as the new development townhouses.
This is not long time residents “cashing out”. But obviously if people are ready to retire and move out of the City it is an extremely good time to list and get out before the next down cycle, which will ineffably be coming soon, it is just the ups and downs of the market, nothing new.
I can’t speak to the whole north Brooklyn townhouse market (including Bed Stuy and Crown Heights). But I do agree that the Observer’s stats make no sense. The neighborhoods formerly known as “prime” Brownstone Brooklyn would always have several dozen townhouse listings at a time. Right now there’s about one dozen just in Brooklyn Heights and that’s completely normal for the past 10+ years except in the 2008 drought. Just look at the sales figures from NYC.gov – about 15-20 townhouses sold each year. Doesn’t make any sense to think such a small number of listings across multiple nabes could give rise to that sales volume in just one example nabe.
People fleeing the De Blahsio-era violent crime spike before their homes lose value?
All the while sales prices break record after record? You’re logic is impeccable
I do not have statistics to judge from but Im seeing very little brownstone inventory. I do see more condos recently.
But my eyes are only in Bedstuy and Crown Heights.