Brooklyn’s housing market surged above pre-pandemic heights last year and entered a new league.
The autonomous region has maintained its scorching momentum since late 2020, when Manhattanite began to flee from crowded skyscrapers and small condos due to townhouses and backyard spaces across the East River. Adding historically low interest rates and a flood of buyers returning to the city, Brooklyn has risen from long-standing affordable Manhattan, which itself replaces the primary market.
Itzy Garay, Senior Executive Vice President of Brown Harris Stevens, said: “Brooklyn was a place that many people paid attention to in order to get more light, air and more space.”
To identify the best performing securities firm in the autonomous region Genuine We analyzed thousands of Brooklyn home listings recorded by real estate data company LavaMap in 2021 and cross-referenced the data to brokerage firms, public records, and third-party sources. Off-market transactions have been excluded from the survey.
After Compass recorded $ 2.7 billion in sell-side transactions in 2,060 transactions, it took first place in Brooklyn, making the industry’s power players more accessible.
After Realogy’s brokerage firm took the top spot in Manhattan sales, Corcoran came in second with a $ 2.69 billion closed sale on 1,940 transactions.
In total, the top 10 brokerage firms have sales of $ 8.88 billion, more than double the $ 4.28 billion. Sales in 2020.. Industry-wide brokers agreed that the townhouse market was particularly hot last year. Especially in Brownstone Brooklyn, the area from Brooklyn Heights to Styve Santo Heights, and from Bed-Stuy to Park Slope. Leslie J. Garfield, a townhouse-specialized brokerage firm, closed with sales of over $ 100 million, despite just 18 transactions.
“Brooklyn has seen tremendous growth over the last decade, but we’re starting to see a second wave of prices per square foot, similar to the West Village,” founding member Ravi Kantha said. I am saying. Of Garfield’s LK team. “There are more $ 10 million buyers than ever before.”
Ryan Sir Hunt, the mediation ended in 7th place TRD According to the rankings, downtown Brooklyn and its surrounding areas are in very high demand due to faster commuting to Lower Manhattan than some areas of Manhattan.
“When I moved to Brooklyn, I was looking at the Upper West Side, Upper East Side, and Brownstone Brooklyn townhouses. The commute to SoHo’s headquarters was faster than if I lived in Uptown,” he said. Said.
Brooklyn’s townhouse market has since taken off completely, Mr. Selhunt said.
Blackburn, Brooklyn’s top compass agent and founding member of The Barak, said the Blackburn team with Rior Barak noticed that demand was expanding beyond the commuting area.
“Subway transportation is less important,” she said. “Green Point has always been a hot area in the immediate vicinity of Williamsburg, but the connection from the G train to the L train wasn’t considered much for those who work primarily at home.”
Brooklyn Sales rebound Continued in 2020: The median record high was broken for the third consecutive quarter by the second quarter of 2021. Inventories rose from 2020 levels as sellers responded to soaring prices, but they couldn’t. Keep a constant pace At a ferocious pace of contract.
Christine Blackburn said he has a network of clients who have postponed sales in weak markets before and during the pandemic. She started calling as soon as she felt the market change.
“There was such an inventory shortage, huge demand and a lot of money in the market. It was definitely a frustrating few years if the buyer needed a mortgage contingency,” she said.
PamLiebman, CEO of Corcoran Group, said low interest rates helped boost sales.
“Last year, the stock market generated a lot of wealth and had incredibly low interest rates,” said Reeveman. “There was an affordable level that opened the door to many who may not have been able to enter the market so far.”
Richard FerrariPresident and CEO of New York City and the northeastern region of Douglas Elliman evaluated his company’s performance at nearly one-third of the manager-broker ratio the company maintains in Brooklyn.
“Brooklyn has four professional managers, each with probably about 60 agents, which is a very low percentage compared to Manhattan,” he said. “It’s like one-on-one training.”
Ferrari predicted a slowdown in the next six months, but said it did not expect the Brooklyn market to return to its former secondary market.
“Brooklyn stays here,” he said. “It was always the case, but today is more than yesterday.”