Laurence, Home Buyer in Park Slope, Brooklyn,...

Does anyone know the price per sq ft for luxury condo in Park Slope, Brooklyn?

Asked by Laurence, Park Slope, Brooklyn, NY Sun Aug 23, 2009

For a long term investment, would you recommend luxury condo or an apt in a townhouse? I am torn by the confort of a new condo and the charm of old apt!

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3
JOSEPH RUNFOLA JR, BROKER, GRI’s answer
The median sales price for homes in Brooklyn NY for May 09 to Jul 09 was $518,000. This represents a decline of 3.2%, or $17,000, compared to the prior quarter and a decrease of 12.5% compared to the prior year. Sales prices have appreciated 34.5% over the last 5 years in Brooklyn.

The average listing price for Brooklyn homes for sale on Trulia was $630,765 for the week ending Aug 19, which represents a decline of 2.5%, or $16,234, compared to the prior week and a decline of 1.9%, or $11,898, compared to the week ending Jul 29. Average price per square foot for Brooklyn NY was $295, a decrease of 18.3% compared to the same period last year. Popular neighborhoods in Brooklyn include Bedford - Stuyvesant, Park Slope, Sheepshead Bay, East Flatbush, Greenpoint, and Gravesend.
Web Reference: http://www.clovelake.com
2 votes Thank Flag Link Sat Aug 29, 2009
The median sales price for homes in Park Slope, Brooklyn for May 09 to Jul 09 was $975,000 based on 37 sales. Compared to the same period one year ago, the median sales price decreased 17.9%, or $212,500, and the number of sales decreased 22.9%. Average price per square foot for Park Slope was $588, a decrease of 16.1% compared to the same period last year.

There are currently 209 resale and new homes in Brooklyn on Trulia, including 1 open house. The average listing price for homes for sale in Park Slope was $1,008,358 for the week ending Aug 26, which represents a decrease of 1.2%, or $11,797, compared to the prior week.
Web Reference: http://www.clovelake.com
1 vote Thank Flag Link Mon Aug 31, 2009
This is a great question. I have lived in Park Slope since 1981 and sell both here and in Manhattan. I've raised my kids here and know every nook and cranny of the neighborhood and can tell you more details and history than you would ever want to know. When I moved here, it was the charm of the townhouses that brought myself and many of my peers to the neighborhood which was still largely undiscovered at that point and undergoing a renaissance. The new condos that have sprung up of late are an interesting alternative. Most of the Slope condos are along the periphery, as most of the core Slope is a designated historic district. Therefore, you are further from Prospect Park and other key attractions of the neighborhood. However, you can get the amenities of a Manhattan new condo for less. I have sold both and both are excellent investments. It really comes down to a matter of the heart - do you love the old, or do you prefer the creature comforts of the new?
Whichever way you choose, it is very much in your interests to have an agent work with you, someone who knows the housing inventory here very well and knows the nuances of the market (she says as she writes from her home office in her Park Slope townhouse). A good buyer's agent takes you through every step of the process with ease, making what could be a very stressful time much smoother. Best of all there is no cost to you as the seller always pays the commission.

Jenet Levy
jlevy@halstead.com
212 381-4268
0 votes Thank Flag Link Sun Sep 13, 2009
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