Paying $3 Million-Plus for a Brooklyn Townhouse Is Now the Norm
Brooklyn’s real estate market is hot, but the market for historic townhouses is searing. Today, the NY Post cites Ideal Properties’ latest report which reveals that $3 million-plus townhouse sales in Brownstone Brooklyn and North Brooklyn increased 579 percent in the last five years, and accounted for 9.5 percent of the 1,035 townhouses sold just last year. Record-breaking sales in the last quarter gave the segment its biggest boost, and rising inventory is expected to swell this number even further over the coming year.
In 2014, 98 townhouses were sold in Brooklyn and North Brooklyn for more than $3 million, while 47 townhouses sold for $3 million or more in 2013—a nearly two-fold (78.2 percent) year-over-year increase. In 2009 just 11 sold within the same range.
The done-gentrifying neighborhoods of Brooklyn Heights, Cobble Hill and Park Slope led the charge last year, followed by Boerum Hill, Downtown Brooklyn, Fort Greene and Carroll Gardens. Prospect Heights, Greenpoint and Williamsburg saw new records in 2013, while Gowanus made its first sale over $3 million last year.
Image: $3.5 million four-story Vinegar Hill townhouse
Some lofty examples from the $3 million-plus pot include the sale of Michelle Williams’ Boerum Hill townhouse, which closed for $8.8 million last month—well over her asking price of $7.5 million, and the $3.6 million she paid for it back in 2005. Another notable townhome to recently hit the market includes a $3.5 million four-story Vinegar Hill townhouse that also happened to catch the eye of “Twilight” star Robert Pattinson.
Get the full report from Ideal Properties here.
[Via NY Post]
Lead image: Michelle Williams’ Boerum Hill townhouse, recently sold. Image courtesy of Brown Harris Stevens
