Gregory J. Heym
Executive Vice President, Chief Economist
by Catherine Tymkiw
Townhouse sales in Brooklyn surged during the second half of 2005 as a strong economy and low interest rates attracted buyers, according to a report released today by Halstead Properties.
Yet Halstead Chief Economist Gregory Heym said the market may change as supply begins to catch up with demand. “The balance has shifted and buyers have more options,” he said, noting that the borough now has more than 200,000 townhouses. “Inventory has loosened and there are more apartments on the market, but the pace is slowing down from a record.
During the second half of 2005, townhouse prices in Greenpoint and Williamsburg rose fastest, with the average reaching $751,095, up 58% from a year earlier, partly because the average size of the homes grew. On a per-square-foot basis, prices were up 21%.
Other areas in Brooklyn also saw solid gains during the second half of 2005: prices in Bedford Stuyvesant, Clinton Hill and Fort Greene rose 39%, to an average $594,481; townhouses in Boerum Hill, Brooklyn Heights, Carroll Gardens, Cobble Hill and Park Slope sold for an average $1.5 million, up 25%; and prices in Bay Ridge, Bensonhurst, and Dyker Heights climbed 22%, to an average $726,965.
©2006 Crain Communications Inc.
Thursday, March 16, 2006