WORDS FROM THE MANAGING DIRECTOR As Brownstone Brooklyn braces for the industry-projected undersupply of new development inventory, burgeoning neighborhoods showed strong activity this quarter. Still, Park Slope was the true pivot point of Brownstone Brooklyns completed sales, accounting for the highest number of sales in the area. Market-wide, Brooklyn has registered a modest growth. Not limited to any key neighborhoods in particular, the average year-over-year growth testifies to the boroughs continued shortage of supply of real estate product. 1 Aleksandra Scepanovic Managing Director | Ideal Properties Group 232 Court Street, Brooklyn NY 11201 | 78 7th Avenue, Brooklyn NY 11217 | 462 Third Avenue, Brooklyn NY 11215 | 362 Bedford Avenue, Brooklyn NY 11211 w w w . i d e a l p r o p e r t i e s g r o u p . c o m | p h 7 1 8 . 8 4 0 . 2 7 5 7 | f a x 7 1 8 . 2 2 8 . 9 3 5 9 RED HOOK GREENWOOD HEIGHTS CARROLL GARDENS CLINTON HILL FORT GREENE GOWANUS PARK SLOPE DUMBO COBBLE HILL PROSPECT HEIGHTS PROSPECT PARK BROOKLYN HEIGHTS BOERUM HILL WINDSOR TERRACE COLUMBIA WATER FRONT DOWN- TOWN BROWNSTONE BROOKLYN GREENPOINT WILLIAMSBURG EAST WILLIAMSBURG NORTH BROOKLYN QUARTERLY SALES MARKET REPORT The sales market in Brownstone Brooklyn continued to expand in the second quarter 2014. Both average and median values tiptoed upwards, with average sales prices edging 2.7 percent to $1,160,532, and median levels increasing 7.2 percent to $905,000 from the previous quarter. Average prices per square foot accelerated by 8.7 percent to $900, while median prices rose from $808 per square foot to $884, gaining 17.1 percent. Actively fueling the pricing levels registered by individual apartment (condominium and co-operative) markets, 2Q 2014 proved to be a quieter quarter for Brownstone Brooklyns townhouses. Quarter-over-quarter, average townhouse prices slipped by 4.2 percent to $2,113,527. Even so, the upward year-over-year streak is particularly evident within this segment of inventory, the average pricing more than doubling relative to 2013 (up 107.2 percent year-over-year). To an extent attributable to the flattening of the townhouse market, co-operative units gained momentum, further solidifying the gains, and indicating enduring stability. Buyer confidence captured, the segment registered a 6.5 percent uptick quarter-over-quarter to an average level of $687,093, a 71.1 percent increase year-over-year. EXPANSION TIPTOES UPWARDS 232 Court Street, Brooklyn NY 11201 | 78 7th Avenue, Brooklyn NY 11217 | 462 Third Avenue, Brooklyn NY 11215 | 362 Bedford Avenue, Brooklyn NY 11211 w w w . i d e a l p r o p e r t i e s g r o u p . c o m | p h 7 1 8 . 8 4 0 . 2 7 5 7 | f a x 7 1 8 . 2 2 8 . 9 3 5 9 2nd Quarter 2014 BROWNSTONE BROOKLYN AND BEYOND ALL ASSET CLASSES Average Sale Price Median Sale Price Average Price per Sq Ft 2Q 2014 Change 2Q 2013 2Q 2014 Change 1Q 2014 1,160,532 905,000 900 905,000 900 26.6% 18.3% 844,000 828 714,811 761 A L L
S A L E S 2.7% 7.2% 8.7% Median Price per Sq Ft 884 884 17.1% 808 755 9.4% 1,129,776 1,160,532 27.5% 909,973 $ ONE- TO THREE-FAMILY HOMES (TOWNHOUSES) Average Sale Price Median Sale Price Average Price per Sq Ft 2Q 2014 Change 2Q 2013 2Q 2014 Change 1Q 2014 2,113,527 1,935,000 785 1,935,000 785 95.5% 23.2% 1,962,500 808 990,000 637 A L L
S A L E S -4.2% -1.4% -2.8% Median Price per Sq Ft 712 712 17.7% 717 605 -0.7% 2,205,165 2,113,527 107.2% 1,019,876 $ CO-OPERATIVE UNITS Average Sale Price Median Sale Price Average Price per Sq Ft 2Q 2014 Change 2Q 2013 2Q 2014 Change 1Q 2014 687,093 640,000 776 640,000 776 56.1% 27.8% 539,000 708 410,000 607 A L L
S A L E S 6.5% 18.7% 9.6% Median Price per Sq Ft 747 747 23.1% 694 607 7.7% 645,446 687,093 71.1% 401,667 $ 1 QUARTERLY SALES MARKET REPORT Perhaps in anticipation of the industry-projected undersupply of condominium inventory in Brownstone Brooklyn, or possibly equally reflecting the softening of the townhouse market, the condominium market also posted gains. Although the year-over-year strengthening fell short of impressing as much as the cooperative market, condo units median price per square foot rose 35.5 percent to $1,038 relative to the same period last year, and 28.5 percent quarter-over-quarter. A slight shift in orientation from townhouses to condominiums largely due to extremely limited inventory and galloping pricing of townhouses resulted in condos making a comeback in popularity in 2Q 2014. Condos spent fewer days on the market and fetched higher prices both per unit and per square foot. Entering the busy summer, the closing process (average time lapse from date of listing to sale closing date) has faintly accelerated this quarter by an average five days (or 0.8 percent). This is particularly true of condominium units, which have registered a six days boost (nine percent quarter-over-quarter and 29 percent acceleration year-over- year). The outlook for townhouses remains positive, although the asset took on average nine additional days to close, up seven percent to 129, while co-operative units posted a 8-day slowdown, taking 125 days to close, up four percent quarter-over-quarter. 232 Court Street, Brooklyn NY 11201 | 78 7th Avenue, Brooklyn NY 11217 | 462 Third Avenue, Brooklyn NY 11215 | 362 Bedford Avenue, Brooklyn NY 11211 w w w . i d e a l p r o p e r t i e s g r o u p . c o m | p h 7 1 8 . 8 4 0 . 2 7 5 7 | f a x 7 1 8 . 2 2 8 . 9 3 5 9 2nd Quarter 2014 CONDOMINIUM UNITS Average Sale Price Median Sale Price Average Price per Sq Ft 2Q 2014 Change 2Q 2013 2Q 2014 Change 1Q 2014 1,079,517 907,500 1,017
29.6% 31.1% 865,000 908 700,000 776 A L L
S A L E S 10% 4.9% 12% Median Price per Sq Ft 1,038 35.5% 808 766 28.5% 981,661 18.9% 907,831 $ 1,079,517 907,500 1,017 1,038 BROWNSTONE BROOKLYN AND BEYOND DAYS ON MARKET: AVERAGE ELAPSED TIME Average Days on Market % Change 1Q 2014 % Change 2Q 2013 B R O W N S T O N E
B R O O K L Y N
Asset Class Townhouses Co-Operative Units Condominium Units 129 125 102 7% 4% -9% 12% -12% -29% All Asset Classes 119 -0.8% -16% CLOSING TIMES FAINTLY ACCELERATE EXPANSION TIPTOES UPWARDS 2 Heavily favored by the market in two previous quarters, townhouses are registering a scaling back in 2Q 2014, trading for an average $91,638 less relative to the previous quarter. The median levels have also slightly dropped by $27,000, to $1,935,000, while the average and median prices per square foot have mostly stagnated ($785 this quarter v. $808 on the average end, and $712 this quarter v. $717 median). QUARTERLY SALES MARKET REPORT 232 Court Street, Brooklyn NY 11201 | 78 7th Avenue, Brooklyn NY 11217 | 462 Third Avenue, Brooklyn NY 11215 | 362 Bedford Avenue, Brooklyn NY 11211 w w w . i d e a l p r o p e r t i e s g r o u p . c o m | p h 7 1 8 . 8 4 0 . 2 7 5 7 | f a x 7 1 8 . 2 2 8 . 9 3 5 9 2nd Quarter 2014 Average PPSF Median PPSF Average & Median Price Per Square Foot ($) 2Q 14 1Q 14 2Q 13 0 $637 $605 $785 $712 $808 $717 TOWNHOUSES BROWNSTONE & NORTH BROOKLYN 400 1,000 200 800 600 Average Sale Price Median Sale Price Average & Median Sales Price ($) 2Q 14 1Q 14 2Q 13 1,000,000 2,500,000 500,000 0 $1,019,876 $990,000 $2,113,527 $1,935,000 1,500,000 TOWNHOUSES BROWNSTONE & NORTH BROOKLYN 2,000,000 $2,205,165 $1,962,500 APARTMENTS PRESS HIGHER, TOWNHOUSES SLOW DOWN Continued demand and limited inventory afforded sellers of co-operative units a degree of latitude allowing them to list at even higher levels, and achieve higher selling points relative to the first quarter of 2014. Selling at an average $687,093 in the second quarter, co-operative units main- tained the upward trajectory, up $47,093 quar t er- over- quar t er, the year-over-year gains an even more staggering $285,426. Average PPSF Median PPSF Average & Median Price Per Square Foot ($) 2Q 14 1Q 14 2Q 13 0 $607 $607 $776 $747 $708 $694 CO-OPERATIVE UNITS BROWNSTONE & NORTH BROOKLYN 400 1,000 200 800 600 Average Sale Price Median Sale Price Average & Median Sales Price ($) 2Q 14 1Q 14 2Q 13 1,200,000 2,000,000 800,000 0 $401,667 $410,000 $687,093 $640,000 1,600,000 CO-OPERATIVE UNITS BROWNSTONE & NORTH BROOKLYN 400,000 $645,446 $539,000 3 QUARTERLY SALES MARKET REPORT 232 Court Street, Brooklyn NY 11201 | 78 7th Avenue, Brooklyn NY 11217 | 462 Third Avenue, Brooklyn NY 11215 | 362 Bedford Avenue, Brooklyn NY 11211 w w w . i d e a l p r o p e r t i e s g r o u p . c o m | p h 7 1 8 . 8 4 0 . 2 7 5 7 | f a x 7 1 8 . 2 2 8 . 9 3 5 9 In line with the increased appetite for Brownstone Brooklyns homes, condominium units also posted gains across the board, the p e r - s q u a r e - f o o t pricing, surpassing the $1,000 mark. The average price of condo units surpassed the $1M, likely announcing further growth in the summer months. 2nd Quarter 2014 Average PPSF Median PPSF Average & Median Price Per Square Foot ($) 2Q 14 1Q 14 2Q 13 400 1,000 200 0 $776 $766 $1,017 $1,038 $908 $888 CONDOMINIUM UNITS BROWNSTONE & NORTH BROOKLYN 800 600 2Q 14 0 Average Sale Price Median Sale Price CONDOMINIUM UNITS Average & Median Sales Price ($) 1Q 14 2Q 13 0 $907,831 $700,000 $1,079,517 $907,500 BROWNSTONE & NORTH BROOKLYN 0 1,200,000 2,000,000 800,000 1,600,000 400,000 $981,661 $865,000 In general, Brownstone Brooklyns properties, in a lead-up to the summer months, continue to live up to the expectations and projec- tions of pricing increases. This quarters sale-to-list ratio paints an image of a narrow majority of Brownstone Brooklyns properties (51 percent) trading with a discount from listing price. A testament to continuing bidding wars, however, 39 percent of properties sold above, while the remaining 10 percent fetched the asking price. Here is where we find evidence of Greenpoints increasing popular- ity on average, properties in Greenpoint sold for four percent over their asking price. Greenpoints more developed neighbor, Williams- burg, commanded prices up to 11 percent lower than asking levels. In 2Q 2014, the savvy buyer was to be found on the opposite end of the sale-to-list spectrum in Windsor Terrace. The petite neighborhoods properties were selling with an average discount of 15 percent. Park Slope and Carroll Gardens commanded near-firm asking prices, trading with a one- and three-percent discount, respec- tively. Traded with Discount Traded at List Price Traded Above List Price ALL ASSET CLASSES: SALE-TO-LIST-RATIO Number of Sales: 2Q 2014 (%) 39% 10% 51% APARTMENTS PRESS HIGHER, TOWNHOUSES SLOW DOWN 4 QUARTERLY SALES MARKET REPORT 232 Court Street, Brooklyn NY 11201 | 78 7th Avenue, Brooklyn NY 11217 | 462 Third Avenue, Brooklyn NY 11215 | 362 Bedford Avenue, Brooklyn NY 11211 w w w . i d e a l p r o p e r t i e s g r o u p . c o m | p h 7 1 8 . 8 4 0 . 2 7 5 7 | f a x 7 1 8 . 2 2 8 . 9 3 5 9 Never stepping out of the bounds of tradition, the most popular homes in the second quarter of 2014 were those selling between $500,000 and $999,999. At the same time, a new standard seems to be solidifying in 2014: properties fetching over $1.5M participate at around (and slightly above) 20 percent in the sum of all sales. This segment of sales properties is just one percent over being a virtual repeat of previous quarters, and a distant improvement in relation to the same quarter in 2013 (14 percent of all properties sold in that quarter sold at a price at or over $1.5M). The slight contraction of the bottom-priced properties is accommo- dated by a three percent expansion to a total of 18 percent this quarter in the $1m - $1,499,999 range. 2nd Quarter 2014 100% $1 - $499,999 $500,000 - $999,999 $1m - $1,499,999 $1.5m - $1,999,999 $2m + ALL ASSET CLASSES Sales by Price Range (%) 2Q 14 1Q 14 2Q 13 16% 48% 15% 7% 14% 28% 44% 13% 7% 7% *Percentages may not sum to 100 due to rounding 15% 46% 18% 10% 12% 42% 19% BROOKLYN ALL ASSET CLASSES: MARKET-WIDE BROOKLYN All Geographic Zones - Market Share (%) 39% BROWNSTONE & NORTH SOUTH EAST *Percentages may not sum to 100 due to rounding 2 Q
2 0 1 4 A GLANCE AT BROOKLYN Widely announced as a banner year for sales in burgeoning neighborhoods radiating from the traditional epicenters in mature areas such as Park Slope, Cobble Hill and Williamsburg, 2014 appears to be showing strong activity this quarter in Downtown and Greenpoint. Properties in Downtown Brooklyn accounted for nine percent of all sales this quarter, while Greenpoint participated with seven percent. Park Slope was the true pivot point of Brownstone Brooklyns completed sales, accounting for the highest number of sales (22 percent of all sales) in the area. Brooklyn Heights and Williamsburg followed, each contributing 13 percent to the pool of all closed sales transactions this quarter. A look at the rest of Brooklyn reveals East Brooklyn continuing to exceed expectations, ending the quarter with a strong (13 percent) gain quarter-over-quarter, and up 43 percent over the year prior. APARTMENTS PRESS HIGHER, TOWNHOUSES SLOW DOWN 5 Average Days on Market % Change 1Q 2014 % Change 2Q 2013 B R O W N S T O N E
B R O O K L Y N
&
N O R T H
B R O O K L Y N Asset Class Townhouses Co-Operative Units Condominium Units 136 125 102 7% 4% -9% 12% -12% -29% All Asset Classes 118 -0.8% -16% Average Days on Market % Change 1Q 2014 % Change 2Q 2013 N O R T H
B R O O K L Y N Asset Class Townhouses Co-Operative Units Condominium Units 143 126 103 9% no change -10% 16% -23% -23% All Asset Classes 114 -8% -14% DAYS ON MARKET: AVERAGE ELAPSED TIME FROM LIST TO CLOSE: AVERAGES BOERUM HILL BROOKLYN HEIGHTS CARROLL GARDENS CLINTON HILL COBBLE HILL DOWNTOWN DUMBO FORT GREENE GOWANUS PARK SLOPE PROSPECT HEIGHTS WINDSOR TERRACE GREENPOINT WILLIAMSBURG NORTHWEST ALL ASSET CLASSES: BROWNSTONE BROOKLYN Individual Neighborhoods - Market Share (%) 2Q 2014 *Percentages may not sum to 100 due to rounding B R O W N S T O N E BROWNSTONE N O R T H 2% 13% 6% 7% 9% 7% 9% 13% 7% 1% 22% NORTH 1% 3% 1% QUARTERLY SALES MARKET REPORT 232 Court Street, Brooklyn NY 11201 | 78 7th Avenue, Brooklyn NY 11217 | 462 Third Avenue, Brooklyn NY 11215 | 362 Bedford Avenue, Brooklyn NY 11211 w w w . i d e a l p r o p e r t i e s g r o u p . c o m | p h 7 1 8 . 8 4 0 . 2 7 5 7 | f a x 7 1 8 . 2 2 8 . 9 3 5 9 2nd Quarter 2014 East Brooklyn outpaced its South counterpart, where the townhouse and co-operative markets experienced a slight softening (with condominium units continuing on a strong upward trajectory). Market-wide, Brooklyn has registered a modest growth, its properties selling on average for $830,889, a 2.6 percent increase from previous quarter. Not limited to particular key neighborhoods, the average year-over-year growth at 31.7 percent testifies to the boroughs shortage of supply and continued demand. Average Days on Market % Change 1Q 2014 % Change 2Q 2013 B R O W N S T O N E
B R O O K L Y N
Asset Class Townhouses Co-Operative Units Condominium Units 129 125 102 7% 4% -9% 12% -12% -29% All Asset Classes 119 -0.8% -16% 6 QUARTERLY SALES MARKET REPORT 232 Court Street, Brooklyn NY 11201 | 78 7th Avenue, Brooklyn NY 11217 | 462 Third Avenue, Brooklyn NY 11215 | 362 Bedford Avenue, Brooklyn NY 11211 w w w . i d e a l p r o p e r t i e s g r o u p . c o m | p h 7 1 8 . 8 4 0 . 2 7 5 7 | f a x 7 1 8 . 2 2 8 . 9 3 5 9 2nd Quarter 2014 SELECT NEIGHBORHOODS: AVERAGE AND MEDIAN PRICES Average Sale Price Median Sale Price ALL ASSET CLASSES: PARK SLOPE Average & Median Sales Price 600,000 900,000 1,200,000 1,500,000 300,000 0 $1,057,828 $815,000 $1,321,159 $999,000 $996,696 $829,000 2Q 14 1Q 14 2Q 13 Average Sale Price Median Sale Price ALL ASSET CLASSES: WILLIAMSBURG Average & Median Sales Price 0 $845,440 $702,500 $1,319,614 $962,50000 2Q 14 1Q 14 2Q 13 $999,612 $950,000 600,000 900,000 1,200,000 1,500,000 300,000 0 Average Sale Price Median Sale Price ALL ASSET CLASSES: BROOKLYN HEIGHTS Average & Median Sales Price 0 $1,031,841 $680,000 $1,579,968 $1,200,000 500,000 1,000,000 1,500,000 2,000,000 2Q 14 1Q 14 2Q 13 $809,400 $550,000 7 QUARTERLY SALES MARKET REPORT 232 Court Street, Brooklyn NY 11201 | 78 7th Avenue, Brooklyn NY 11217 | 462 Third Avenue, Brooklyn NY 11215 | 362 Bedford Avenue, Brooklyn NY 11211 w w w . i d e a l p r o p e r t i e s g r o u p . c o m | p h 7 1 8 . 8 4 0 . 2 7 5 7 | f a x 7 1 8 . 2 2 8 . 9 3 5 9 2nd Quarter 2014 EAST BROOKLYN ONE- TO THREE-FAMILY HOMES (TOWNHOUSES) Average Sale Price Median Sale Price Average Price per Sq Ft Change Change 680,017 610,000 259
37.9% 21.9%
442,500 212 A L L
S A L E S 13.4% 19.6% 3.4% Median Price per Sq Ft 243 30.2% 187 1% 37.1% 496,075 $ CO-OPERATIVE UNITS Average Sale Price Median Sale Price Average Price per Sq Ft Change Change 301,000 300,500 296
35.4% 20.8%
222,000 245 A L L
S A L E S 2% 23.9% 1% Median Price per Sq Ft 251 2.4% 245 1.2% 39.1% 216,394 $ ALL ASSET CLASSES Average Sale Price Median Sale Price Average Price per Sq Ft 2Q 2014 Change 2Q 2013 2Q 2014 Change 1Q 2014 683,487 607,635 300 607,635 300 41.3% 19.9% 467,500 271 430,000 250 A L L
S A L E S 19% 30% 10.6% Median Price per Sq Ft 266 266 25% 245 213 8.7% 574,362 683,487 43.2% 477,352 $ CONDOMINIUM UNITS Average Sale Price Median Sale Price Average Price per Sq Ft Change Change 624,086 434,219 620
24.5% 48.4%
348,816 418 A L L
S A L E S 40.2% 35.2% 12.5% Median Price per Sq Ft 620 83.5% 338 94.4% 48% 421,596 $ 2Q 2014 2Q 2013 2Q 2014 1Q 2014 2Q 2014 2Q 2013 2Q 2014 1Q 2014 2Q 2014 2Q 2013 2Q 2014 1Q 2014 599,611 510,000 250 241 295,000 242,500 293 248 445,002 321,100 551 319 680,017 610,000 259 243 301,000 300,500 296 251 624,086 434,219 620 620 8 QUARTERLY SALES MARKET REPORT 232 Court Street, Brooklyn NY 11201 | 78 7th Avenue, Brooklyn NY 11217 | 462 Third Avenue, Brooklyn NY 11215 | 362 Bedford Avenue, Brooklyn NY 11211 w w w . i d e a l p r o p e r t i e s g r o u p . c o m | p h 7 1 8 . 8 4 0 . 2 7 5 7 | f a x 7 1 8 . 2 2 8 . 9 3 5 9 2nd Quarter 2014 SOUTH BROOKLYN ONE- TO THREE-FAMILY HOMES (TOWNHOUSES) Average Sale Price Median Sale Price Average Price per Sq Ft Change Change 694,549 640,000 327
600,000 305 A L L
S A L E S
Median Price per Sq Ft 308 287 636,385 $ CO-OPERATIVE UNITS Average Sale Price Median Sale Price Average Price per Sq Ft Change Change 197,972 187,500 289
-6.3% 6.3%
200,000 272 A L L
S A L E S -15.5% -8.5% 6.6% Median Price per Sq Ft 244 -7.6% 264 -11.9% -14.9% 232,764 $ ALL ASSET CLASSES Average Sale Price Median Sale Price Average Price per Sq Ft 2Q 2014 Change 2Q 2013 2Q 2014 Change 1Q 2014 589,687 535,500 341 535,500 341 11.3% 6.5% 549,999 361 481,075 320 A L L
S A L E S -2.6% -2.6% -5.5% Median Price per Sq Ft 320 320 8.5% 332 295 -3.6% 605,697 589,687 12.1% 526,000 $ CONDOMINIUM UNITS Average Sale Price Median Sale Price Average Price per Sq Ft Change Change 480,810 450,000 478
-1.4% 6.5%
456,300 449 A L L
S A L E S 2.9% 4.5% 12.7% Median Price per Sq Ft 465 4.3% 446 10.2% -1.7% 488,982 $ 2Q 2014 2Q 2013 2Q 2014 1Q 2014 2Q 2014 2Q 2013 2Q 2014 1Q 2014 2Q 2014 2Q 2013 2Q 2014 1Q 2014 732,054 699,000 349 325 234,330 205,000 271 277 467,290 430,440 424 422 694,549 640,000 327 308 197,972 187,500 289 244 480,810 450,000 478 465 -5.1% -8.4% -6.3% -5.2% 6.7% 7.2% 7.3% 9.1% 9 QUARTERLY SALES MARKET REPORT 232 Court Street, Brooklyn NY 11201 | 78 7th Avenue, Brooklyn NY 11217 | 462 Third Avenue, Brooklyn NY 11215 | 362 Bedford Avenue, Brooklyn NY 11211 w w w . i d e a l p r o p e r t i e s g r o u p . c o m | p h 7 1 8 . 8 4 0 . 2 7 5 7 | f a x 7 1 8 . 2 2 8 . 9 3 5 9 2nd Quarter 2014 MARKET WIDE: BROOKLYN ALL ASSET CLASSES Average Sale Price Median Sale Price Average Price per Sq Ft 2Q 2014 Change 2Q 2013 2Q 2014 Change 1Q 2014 830,889 670,000 538 670,000 538 27.1% 27.2% 655,000 442 527,000 423 A L L
S A L E S 2.6% 2.3% 21.7% Median Price per Sq Ft 431 431 29.4% 430 333 0.2% 809,833 830,889 31.7% 631,123 $ CO-OPERATIVE UNITS Average Sale Price Median Sale Price Average Price per Sq Ft Change Change 521,185 395,000 590
32.1% 43.9%
299,000 410 A L L
S A L E S 11.9% 5.8% 34.7% Median Price per Sq Ft 563 63.2% 345 35% 29.3% 402,951 $ ONE- TO THREE-FAMILY HOMES (TOWNHOUSES) Average Sale Price Median Sale Price Average Price per Sq Ft Change Change 881,126 675,000 382 18.4% 23.6%
570,000 309 A L L
S A L E S -9.5% -1.5% -9.9% Median Price per Sq Ft 320 19.9% 267 -3.6% 27.2% 692,786 $ CONDOMINIUM UNITS Average Sale Price Median Sale Price Average Price per Sq Ft Change Change 799,240 660,000 829
11.9% 23.7%
590,000 670 A L L
S A L E S 18.9% 19% 16.8% Median Price per Sq Ft 701 5.6% 664 34.3% 11.7% 715,594 $ 2Q 2014 2Q 2013 2Q 2014 1Q 2014 2Q 2014 2Q 2013 2Q 2014 1Q 2014 2Q 2014 2Q 2013 2Q 2014 1Q 2014 973,778 685,000 424 332 465,769 373,500 438 417 672,045 554,500 710 522 881,126 675,000 382 320 521,185 395,000 590 563 799,240 660,000 829 701 10 QUARTERLY SALES MARKET REPORT 232 Court Street, Brooklyn NY 11201 | 78 7th Avenue, Brooklyn NY 11217 | 462 Third Avenue, Brooklyn NY 11215 | 362 Bedford Avenue Brooklyn, NY 11211 w w w . i d e a l p r o p e r t i e s g r o u p . c o m | p h 7 1 8 . 8 4 0 . 2 7 5 7 | f a x 7 1 8 . 2 2 8 . 9 3 5 9 Data included in the rental market report focuses on the most competitive areas of Brooklyn, geographically concentrated to the largest extent in North and Brownstone Brooklyn. The report presents the focus area as part of the general overview of the sales market of the entire borough of Brooklyn. Neighborhoods considered in the North section of Brooklyn are Williamsburg, Navy Yard and Greenpoint. Neighborhoods included in the Brownstone Brooklyn, the section on Brooklyn commonly referred to as Brownstone Brooklyn, are Boerum Hill, Brooklyn Heights, Carroll, Gardens, Clinton Hill, Cobble Hill, Columbia Waterfront District, Downtown, DUMBO, Fort Greene, Gowanus, Park Slope, Prospect Heights, Red Hook, Vinegar Hill, and Windsor Terrace. This report uses Brownstone Brooklyn and North/Brownstone to denote North and Northwest markets. GEOGRAPHIC AREAS ANALYZED This report analyzed closed (recorded) sales data of individual co-operative and condominium units, and one- to three-family townhomes in Brooklyn. In preparation for the analysis, Ideal Properties Groups researchers identified and disqualified from compiled datasets any transactions that were not arms length in nature so as to minimize distortion of true market value. The report is based on a sample of 522 sales transactions recorded in the second quarter of 2014, and represent an analytical examination of the pricing trends in the Brooklyn real estate sales market as per the public records at the close of the quarter. Under no circumstances should any of the data presented herein be construed as reflective of, or utilized toward valuation of, any specific or individual real property. PROPERTY TYPES ANALYZED; METHODOLOGY Rolling sales reports issued by the New York City Department of Finance (ACRIS), and the REBNY Listings Service (RLS) data were used as primary data sources in the compilation of this Report. Portions of the report were additionally supplemented by information obtained from Property Shark and other subscription services, as well as Ideal Properties Groups proprietary sales database and details of individual sales transactions. The data used does not necessarily represent all sales transactions in their respective categories. DATA SOURCES New York City Department of Finances Office of the City Register (OCR) records transfers of real property in Brooklyn. There is, however, a significant lag between the sale (closing) date and its actual recording by the OCR. The lag ranging from mere days to several months renders real-time reporting of the residential real estate market activity in the borough challeng- ing. For the reasons of practicality and timeliness, data presented in this report represents a reasonable overview of the years final quarter of sales activity. The report is a snapshot of the market at the time of publishing. Data collected following the recording dates are not appended or otherwise amended after the publishing of the report, since data collection continues to date. DATA LAG As used in this report, average Days on Market is the time period between the date when a residential property is listed for sale, and the date its sale is recorded. Listing dates are not logged in as part of the public record kept by the ACRIS. REBNY, FSBO, co-operating broker websites as well as subscription-based industry services (StreetEasy, PropertyShark) were used to determine listing dates. Days on Market number presented in this report is not cumulative: the last known listing date was used as List Date. Additionally, listings with uncharacteristically long days on market, and listings that were de-listed more than once in the 12 months preceding the sale date have been excluded from the report in an attempt to obtain true average listing dates. Days on Market considered in this report measured only properties that sold (Time to Sale listings rather than Time on Market listings - the latter being all active listings within the analyzed timeframe). All text, charts, graphs, data and any additional material presented in the Brownstone Brooklyn and Beyond is protected under U.S. Copyright Law. Express permission to reproduce any of the text, images, or data contained in the Brownstone Brooklyn and Beyond report must be obtained in writing by contacting Aleksandra Scepanovic at 362 Bedford Avenue, Brooklyn, NY 11211, or via email ascepanovic@idealpropertiesgroup.com. Permission need not be obtained for fair use purposes, such as news reporting and noncommercial educational purposes. Any use for such purposes must properly credit Ideal Properties Group LLC. All material presented in the Brownstone Brooklyn and Beyond report is intended for informational purposes only. While information is believed to be correct, it is represented subject to errors, omissions, changes, amendments or withdrawals without notice. All property information, including but not limited to number of bedrooms and square footage, is approximate. DAYS ON MARKET 2nd Quarter 2014 11