Williamsburg (Northside, Southside, Waterfront) - the state of the market

Here you'll find the highest demand, and in the last six months generally you were looking at about $770/sf. Go south and it's been around $723/sf. Go toward the waterfront and were talking about $830/sf. On the very high end, penthouses with outdoor space and protected views you were talking $1200/sf. Be very careful doing comparisons in this area - there isn't a greater range of product anywhere else in North Brooklyn (i.e. nearly all the classic loft buildings are here). Deals are scarce and most don't have to negotiate. There isn't much on the market right now. Studios and 1-beds are between $515K and $900K (large ones of course). 2-beds are available for $699K - $1.8M, most hovering around $1M. 3-beds run $995K - $2.5M. You'll also find some in-between categories that can convert.

Only a handful of townhouses have traded in the last 9 months. Single families went for between $885K and $2.025M (this was a top-shelf reno). Two's and Three's went for between $750K and $2.7M (that one had a commercial unit too). There are only a few on the market now, between $1.3M and $1.6M. In this area you are most likely to find sellers pricing ahead of the market just to see what they can get away with. Sometimes they win, sometimes they languish for months.

Photo by Barry Yanowitz at www.BarryY.com

East Williamsburg - the state of the market

Looking at condo closings in the past 6 months or so, the average price/sf comes up to about $629. Not many oddballs in this mix so this number feels about right. Most are within 10 min of the L train. The variation seems largely based on quality of construction and finish. The top of the pile was 174 Jackson, which was beautifully executed and perfectly calibrated for this market. There's not much on the market now. Large 1-beds are going from $500k-$700K (no small ones left). 2-beds are going from $575K-$750K.

Single family townhouses in the last 9 months have traded for around $600K, but that has changed rapidly. One just went into contract for $750K after multiple bids. Nothing else to pick from right now. Two and Three-families have traded for about $750K - $1.1M. Prices are going up though, and what you'll find currently on the market are houses for about $1.1M-$1.5M.

Photo via www.Forgotten-NY.com

Greenpoint - state of the market

Looking at about 6 months in closed condo sales, you'll see a rough average of about $577/sf. With a few exceptions, the general trend is ppsf in the 500's to low 600's on the Queens side, and in the mid-600's to 800 the closer you get to Williamsburg. There are a few odd-ball curve-busters in there dragging the average down, and in general the larger the apartment the lower the ppsf, so this average doesn't take any of that into account. There's not much on the market now - only about four 1-beds under $500K, maybe another four 2-beds under $850K. There are a couple large one-beds and convertible-2's in between.

Houses, as usual, are even more rare. It's not as meaningful to list price/sf with townhouses as there are so many variables that go into the price (condition, indoor/outdoor space, location). Generally speaking we group them into 1, 2 and 3 families. Anything larger is more for investors, and that's another newsletter. Since last August, one-family townhouse recorded sales listed from $725K-$950K. Two and Three-families went from $600K-$1.3M. Right now there are a few on the market from $690K - $1.3M. Prices are going up and anything decent will have multiple offers. Here, as in Williamsburg, the townhouse market is a tricky one. Every deal is an adventure, but not to worry...it's a rollercoaster I've ridden many times and lived to tell.

Illustration by Two Arms Inc. at www.TwoArmsInc.com