Brooklyn buyers should be prepared for a fight

"Of the 10 New York City neighborhoods with the highest share of homes sold over asking, six were in Brooklyn, according to a Streeteasy report published Thursday. Heightened competition among buyers is a natural next step for the borough's residential market, where prices have been climbing since pandemic changes drove up demand. Brooklyn logged nearly 500 inked deals in September, up 11 percent from the same period last year."

"Some high-profile buyers have even swapped their Manhattan homes for pads in Brooklyn, setting new records. Last year, Glossier founder Emily Weiss and her partner, fintech executive William Gaybrick, paid $22 million for a Brooklyn Heights townhouse just five months after buying a Greenwich Village abode for $18 million, which they subsequently put back on the market. Prospect Heights claimed the largest share of homes selling over asking, at 47 percent. The median asking price was $1.3 million."

"Next up was Park Slope with 44 percent of homes selling above their asking prices. A townhouse at 535 First Street broke neighborhood records last month when Jared Vinik, the son of Tampa Bay Lightning owner Jeff Vinik, bought it for $14 million. Both Park Slope and Prospect Heights ranked higher in homes with above-ask closing prices than some desirable Manhattan enclaves, including the West Village and Greenwich Village."

One in four Brooklyn homes sold for more than their asking price last month, a rate typically signaling bidding wars. Six of the 10 New York City neighborhoods with the highest share of above-ask sales were in Brooklyn. Prices have risen since pandemic-driven demand, and Brooklyn logged nearly 500 inked deals in September, up 11 percent year over year. Some high-profile buyers have shifted from Manhattan to Brooklyn, including Emily Weiss and partner William Gaybrick, who paid $22 million for a Brooklyn Heights townhouse. Prospect Heights led with 47 percent of homes selling over asking; Park Slope followed at 44 percent.

Read at therealdeal.com