January 2021 set a record high for the most expensive home sale in Brooklyn. The Brooklyn Heights mansion belonged to billionaire Vincent Viola’s and sold for $25.5 million. What does this mean for the housing market in New York?
This sale shows that buyers are in search of homes that offer lots of square footage and this is a grand demonstration and an ultimate example that a large house is very appealing along with outdoor space. Townhouses have the privacy factor (no shared elevators, lobbies etc.) that many people find appealing at this time. These trends are affecting Brooklyn market. Brooklyn is the destination that many buyers want especially during Covid-19 when many are working from home, virtual schooling their children etc. Compared to Manhattan, Brooklyn is very attractive to those seeking more space at home. Sales for the last quarter has increased by 18% – out performing the same time in 2019.
Sharon Burroughs-Clarke, a broker at the Corcoran Group who’s worked in the borough for nearly two decades, recently listed a townhouse in Bedford-Stuyvesant that the city deemed a teardown for $550,000, expecting the final sales price to land closer to $500,000. After two weeks on the market, the home is now in contract and she’s fielded multiple offers, several over $600,000.Erin Hudson of The Real Deal
For more information on this historic ale and the housing market implications visit the full article here: What Brooklyn’s record $25.5M sale means for borough’s resi market