New development condo sales dipped 11% last week but the market is mirroring pre-pandemic norms.
In Brooklyn, sales activity shows prices are holding pretty steady. The average unit was asking $1,379,691 at $1,350 per square foot .But the boro’s more attainably priced offerings likeare also seeing momentum. The 16-unit rehab condo launched four months ago and after last week’s three deals is already 50% sold.
According to Douglas Elliman’s Allison Duibuisson, who’s leading sales with the Eklund | Gomes Team, the project’s success proves it’s all about timing, pricing and good design. “There definitely is a sweet spot in the market for well-renovated apartments with pre-war character offered at a price point that aligns with the current market,” Duibuisson said, adding that their two-beds below $700,000 hit an underrepresented niche in Brooklyn.
Queens wins the award for consistency, with two straight weeks of nine new development condo sales. Once again, activity was heavy in Astoria, where three boutique condos each found two buyers, includingKey takeaways this week: the market is performing as it did pre-pandemic, low re-sale inventory is great for older new development stock, and Astoria is apparently becoming the city’s hottest neighborhood.Kael Goodman is the CEO of Marketproof, Inc. Marketproof is a leading real estate data intelligence company that provides the most complete analysis of New York City’s new development and condominium market.
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