Check the full version of these reports and individual reports at:

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Welcome to the Brooklyn Residential Sales Real Estate Market Report for the 4th quarter of 2017.

Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.

In our Brooklyn report, we’ll keep you up to date with the average residential sales in this sprawling borough of historic brownstones and row houses. Keep listening for the record-high sales this quarter.

Residential average sales prices in Brooklyn held fast over last year’s reports, with a mere one percent increase over 2016. Median sale prices grew 2.7 percent to $770,000, and in this quarter, we saw another increase of 3.1 percent in the number of transactions, totaling 3,114 in 2017 compared to 3,020 in 2016. If you’re looking for solid market growth, Brooklyn is where you’ll find it.

New Development Condo sales this 4th quarter sold for $1,171,254 with an average $1,029 dollars per foot. This was actually a 25.9 percent decrease from 2016, when the average sale price was $1,580,741. According to this quarter’s reports, these properties are also spending considerably more time on the market: this year it took an average of 188 days to sell a new development property, versus 168 days in Q4 2016.

Existing condo sales prices are on a slight decline. The average condo sales price in the third quarter of 2017 was $1,037,209, a dip from $1,141,570 last year. While not as drastic a drop as for new developments, that’s still a 9.1% percent decline. Average market pace for these properties also increased: 107 days this year, versus 101 days in 2016.

Co-op sales prices rose this quarter, selling at an average price of $563,040 dollars—an increase of 12.7 percent from last year’s reports of $499,718 dollars. Also optimistic for this market is the fact that selling time has decreased: co-ops sat on the market for only 73 days, as opposed to last year’s number of 82 days in the same quarter.

1-3 family homes performed similarly, with an average increase in price and a decrease in market time. This quarter, the average 1-3 family home sale price was $1,053,850, up 3.8% percent from $1,041,891 last year. Houses also sold in 3 fewer days; properties, on average, were only on the market for 93 days, versus 96 days last year.

In the Luxury Market this quarter, the average luxury property sale price was $2,787,519. That’s a slight decrease, down 0.7 percent from last year, but these properties also sold in fewer days, only on the market for 108 days, versus 114 last year.

Across the board, the average recorded price discount was 2.4% percent.

Check the full version of these reports and individual reports at:

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This episode is brought to you by:

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Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

Month over month, Brooklyn has seen seasonal softness in rentals over the past few months. Strong leasing activity, landlord concessions, and better marketing may have begun turning that around this year according to the latest data.

Overall, Brooklyn rental prices nudged up by an average of $10 per month in February 2018. While rents and the market continued some modest improvements in February, some of Brooklyn’s most fashionable neighborhoods and recent top performers like Fort Greene lost ground. Top performers, include this month include Bushwick, with a 10.2% rise in studio prices. Crown Heights and Prospect Lefferts Gardens once again showed positive growth.

DUMBO still holds the title for most expensive apartments in Brooklyn, thanks to new luxury units.

The most affordable rental apartments are being seen in Bay Ridge.

Among the most notable stats over the last month was the 13.9% jump in Cobble Hill studio rental prices.

 

Month over month, overall Brooklyn rents have moved up. Price per square foot reversed previous trends as rose 8.5% in February. Listing inventory fell another 4.2%, and days on market slide further, by over 11% to just 31 days on average.

 

Year over year, Brooklyn rental prices are still relatively flat. The number of leases being signed are up again this month. This is likely directly linked to an over 30% increase in concessions over last year.

 

Overall:

New leases are down by over 15.1%%

OP + Concessions are up 31.8%

Negotiability and discounts fell by just under 1%

Inventory levels dropped by over 21%

And marketing time has dropped to 31 days

 

This data may be very encouraging landlords after several months of softness. Landlords do appear to be responding to recent softness with stronger offers for new tenants. Lower inventory levels should keep a good balance and leasing activity over the next few months as we warm up for the busy summer season.

 

Now let’s take a look at rentals by unit type:

 

For studios

The average price per foot is down slightly to $56

average unit size is up slightly to 532 square feet

30 studios are No Fee, and 127 are Fee apartments

Month over month changes saw rents fall 5.6%, though the price per square foot soared by 44%.

And year over year rents are down 0.9%

 

Renters paid around $6 more per square foot for no fee studio rentals last month.

 

Having on-site laundry facilities in the building made a positive difference of $2 per square foot in February.

Units with elevators rented for $301 per month more than walk-up units last month.

Gyms are still one of the top amenities tenants are looking for. They added an average of around $400 per month to rents last month.

Units with full-time lobby attendance are renting for almost $660 a month more. Less, than last month, though we could see even more digital and virtual assistants and doormen close this gap.

There was only a minor premium for outdoor space.

Check the full version of these reports and individual reports at:

https://www.newyorkmarketreports.com (https://www.newyorkmarketreports.com)

 

This episode is brought to you by:

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New York Real Estate Market Updates

Welcome to the New York Real Estate Market Update

Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

Month over month, Brooklyn has seen seasonal softness in rentals over the past few months. Strong leasing activity, landlord concessions and better marketing, may finally be turning that around according to the latest data.

Overall, Brooklyn rental prices nudge up slightly in January 2018, by 0.7%. While rents continued to slide in some of Brooklyn’s most fashionable neighborhoods in January, less expensive ones picked up steam. Top performers, include: Bushwick, Crown Heights, and Prospect Lefferts Gardens.

DUMBO still holds the title for most expensive apartments in Brooklyn, thanks to new luxury units.

The most affordable rental apartments are being seen in Bay Ridge, Prospect Lefferts Gardens and Fort Greene.

Among the most notable stats over the last month was the 3.

Check the full version of these reports and individual reports at:

https://www.newyorkmarketreports.com (https://www.newyorkmarketreports.com)

 

This episode is brought to you by:

http://www.theratnerteam.com (http://www.theratnerteam.com)

 

Welcome to the New York Real Estate Market Update

Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.

 

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

Month over month, Brooklyn has seen seasonal softness in rentals continue, with rents down at least an average of just over 0.5% since last month. However, there were some strong performers, including; Bayridge, DUMBO, Fort Greene, and Greenpoint.

 

DUMBO holds the title for most expensive apartments in Brooklyn, thanks to new luxury units.

The most affordable studio to two bedroom rental apartments are still in Bay Ridge.

 

Among the most notable stats over the last month was the 13.4% jump in Greenpoint studio rental prices. This is due to new construction developments, existing oversized loft units coming onto the market, and more interest in the neighborhood due to the upcoming train shutdown.

 

Month over month, overall Brooklyn rents have fallen an average of $15 to $80 per month. Price per square foot fell slightly by just over 1%, inventory is down, and days on market fell by over 10%, to just 23 days. However, this is likely due to a lot of concessions on new leases.

 

Year over year, Brooklyn rental prices have fallen even further. The number of leases being signed are down, and we’ve seen over a 30% increase in concessions over last year.

 

Overall:

New leases are down by over 10%

OP + Concessions are up 32.4%

Negotiability and discounts rose just under 1%

Inventory levels dropped by over 11%

And marketing time has dropped by 32.6%

 

A lot of this data reflects normal seasonal challenges for landlords, though there could be a larger trend in play as well. Those attempting to lease their units now will definitely need to be competitive in offers special deals.

 

We are also definitely seeing a shift in interest, leasing, and growth to emerging areas like Bay Ridge and Greenpoint.

 

Now let’s take a look at rentals by unit type:

 

For studios

 

Average price per foot is up slightly to $51

average unit size is down to 520 square feet

Average Days on the market is 42 days

100 studios are No Fee, and 133 are Fee apartments

Month over month changes saw rents down 2.7%

And year over year rents are down 15.1%

 

Renters paid around $170 less per month for no fee studio rentals last month.

 

Having on-site laundry facilities in the building didn’t make much difference month.

Units with private outdoor space, rent for around $240 more per month.

Units with elevators rented for around $300 per month more than walk-up units last month.

Gyms are still one of the top amenities tenants are looking for. They can add an average of $400 per month to rents.

Tenants are now paying around $400 more per month in buildings which have a full-time lobby attendant. That’s twice as much over the previous month.

In all, we are seeing a big premium being put on gyms, attended lobbies, and outdoor space.

 

For 1 bedrooms...

Check the full version of these reports and individual reports at:

https://www.newyorkmarketreports.com (https://www.newyorkmarketreports.com)

 

This episode is brought to you by:

http://www.theratnerteam.com (http://www.theratnerteam.com)

 

Welcome to the New York Real Estate Market Update

Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

Month over month, Brooklyn has seen its seasonal price correction continue, with rents down an average of just over 0.8% since last month. The best performers of the month, with positive rental growth were DUMBO, Fort Greene, Brooklyn Heights, and Boerum Hill.

DUMBO holds the title for most expensive apartments in Brooklyn, thanks to new luxury units.

The most affordable studio and one bedroom rental apartments are being found in Bay Ridge.

Among the most notable stats over the last month was the 2.3% jump in Fort Greene rental prices.

Month over month, overall Brooklyn rents have fallen to an average of $2,730.56 per month. Price per square foot fell slightly by 1.6%, inventory is down, and days on market rose by over 10%, but is still healthy at 43 days.

Year over year, Brooklyn rental prices actually grew by 0.5%, and 4.9% more leases were signed last month, but concessions are up 3.2%.

Overall:

New leases are up by 4.9%%

OP + Concessions are up 3.2%

Negotiability is almost flat

Inventory levels are up 15.8%

And marketing time has dropped by 5 days

If you look at this trending data on the graph charts, landlords should note that this is likely to be the one of the best moments to sign new leases. At least until mid-2018. This is due to seasonal rental price dips and peaks.

If you have vacant units, it is time to fill them.

If leases are signed in Oct through Feb, consider signing 15 to 19 month leases to get the units back during the best rental months to get the highest possible rent due to high seasonal demand.

Check the full version of these reports and individual reports at:

https://www.newyorkmarketreports.com (https://www.newyorkmarketreports.com)

 

This episode is brought to you by:

http://www.theratnerteam.com (http://www.theratnerteam.com)

 

Welcome to the Manhattan Residential Sales Real Estate Market Report for the third quarter of 2017.

Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.

A grand epicenter of business, arts and economics, Manhattan is a one-of-a-kind borough and demands price tags to match. This is our residential report, and as usual, we’ll give you averages first, but stay around for this quarter’s record high sales.

Residential Manhattan’s prices stayed flat over last year’s October data, with an average selling price of $995,00 dollars. However, the average price per square foot actually dropped 3 percent, down to $1,316 dollars. This means that, while residential sales are gradually climbing, the amount of floor space purchased is also growing. In total, there were 1,087 residential transactions recorded this quarter – an increase of 11 percent over October 2016. That’s an increase that we expect will only continue to rise in the future.

New Development Condo sales prices decreased rather dramatically: the average sale price this third quarter was $4,256,992 dollars, down an astonishing 26.8 percent from last year’s October numbers. And while prices are declining, the average length of time a development sits on the market is only increasing: selling times shot up about 65 percent to around 264 days, versus 160 days last year.

Existing condominium sales are performing only slightly better that Manhattan’s new developments. This quarter, we saw only a 7.6 percent decrease over last year’s numbers, from $2.950,460 dollars to an average sale price of $2,725,706 dollars. Similar to last quarter, these condos are sitting on the market for longer lengths of time, averaging 136 days rather than last year’s 86 days. This 58.1 percent increase in selling time may be a burden for sellers, with a decreased sales price not even making the market worth the long wait.

Co-op sales had a slightly more exciting quarter, with an average sales price of $1,427,544 dollars – that’s 10.8 percent higher than this time last year. Market time decreased fractionally as well, from 73 days to 69 days. Overall, the co-op market is showing itself as a pool worth diving into in New York’s sea of real estate.

Of course, Luxury property sales hold the highest numbers this quarter, even with an 8.3 percentage decrease. The average Luxury sales price was $8,091,277, which is down from last October. Nonetheless lucrative, these properties also require patience: selling a luxury property took an average of 217 more days this quarter than this time last year.

Across the board,

Check the full version of these reports and individual reports at:

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Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.

This is the Brooklyn report, and we’ll give you the average residential sales in the land of timeworn brownstones and historic row houses. Keep listening for the record-high sales this quarter.

Residential prices in Brooklyn increased 9 percent over last year’s reports, with a median sale price of $680,000 in this ever-growing borough. The average price per square foot? $621 dollars – up 12 percent from last year. This quarter alone, we saw an astonishing number of 715 total transactions. That’s up, again, 12 percent from last year’s 3rd quarter, and demonstrates how relentless this market growth truly is.

On to condos: the average New Development Condo this 3rd quarter sold for $1,193,471 with an average $1,057 dollars per foot. Considering that in 2016, the average sale price was just under two million at $1,869,810, we’ve seen a decrease of 36.2 percent this year. Data also shows us that the average market time for these properties has increased considerably: last year, it took an average of only 161 days to sell a new development condominium property, versus 222 days in 2017.

Existing condo sales prices have also declined. The average condo sales price in the third quarter of 2017 was $1,082,398, versus $1,145,401 last year. While not nearly as big as the drop for new developments, that’s still a 5.5 percent decline. Average market pace for these properties also increased: 106 days this year, versus 78 days in 2016.

Co-op sales prices were predictable this quarter, with an average price of $562,410 dollars. Compared to $557,853 dollars this same time last year, that’s an increase of only 0.8 percent. Selling time, too, has remained fairly steady: co-ops sat on the market for only 69 days,

Check the full version of these reports and individual reports at:

https://www.newyorkmarketreports.com (https://www.newyorkmarketreports.com)

 

This episode is brought to you by:

Check the full version of these reports and individual reports at:

https://www.newyorkmarketreports.com (https://www.newyorkmarketreports.com)

 

This episode is brought to you by:

http://www.theratnerteam.com (http://www.theratnerteam.com)

 

Welcome to the Brooklyn Multi-Family Sales Real Estate Market Report for the third quarter of 2017. Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.

Brooklyn, while home to huge venues such as the Barclays Center and countless shops and restaurants, still remains a primarily residential borough. While not as drastic as Manhattan, Brooklyn’s Multifamily market declined from last year’s reports, with sales volume this quarter coming out at $1.2 billion – a 10 percent decline from 2016. Square-footage pricing did increase to $430 dollars on average, up 18 percent from last year’s quarter. The average selling price per unit across Brooklyn was $390,000 dollars, which is a 20 percent increase from this time last year; however, the total transactions in the third quarter were down 15 percent from last year, recorded at just 473.

While the overall Multifamily market is trending lower than in the past, Brooklyn top sales still don’t disappoint. In 2017’s third quarter, our top sale of $141,500,000 was in Prospect Park South neighborhood at 130 East 18th Street, coming in at $559 per foot for a total of 253,265 square feet.

That price, however, won’t buy you many square feet in the most opulent neighborhoods of Brooklyn. The top ten most expensive neighborhoods this quarter were as follows:

Cobble Hill, home to independent shops, young families and schools, tops off the list at an average of $1,152 per square foot. Carroll Gardens comes in second at $1,065, with Boerum Hill coming in third at $690. Park Slope listed at $690 per square foot, Brooklyn Heights at $684, Gowanus at $652, Williamsburg at $622, Clinton Hill at $620, Prospect Heights at $591 and, tenth but certainly not least, the Bushwick area averaged in at $570 per square foot.

Of all the neighborhoods, Bed-Stuy had the highest volume of Multifamily sales this quarter again at 54, with East New York following up with 38 sales. If you’re hunting for a deal, East Flatbush’s average price per square foot this quarter was a mere $183.

 

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