Asking Prices in Williamsburg Jump 53 Percent
WILLIAMSBURG — New homes in Williamsburg have shot up in price this year, a new report shows.
Median asking prices on the neighborhood's new developments shot up 53 percent this April from the last, according to new figures released by Streeteasy.com. Meanwhile, availability of apartments has dropped, the report reveals.
The price jump can partly be attributed to an increase in the size of the spaces, since the developments' price per square foot rose only 19.2 percent.
And David Maundrell, President of the real estate brokerage company aptsandlofts.com, said developers had plotted the price increase.
"This is a result of 2 – 3 years of planning by developers who shifted gears to rentals to take advantage of a record rental marketplace as well as a record multifamily sale marketplace in Brooklyn," he wrote in an email.
He also noted that the bulk of the most expensive closings have been on the waterfront, at luxury developments like the Edge condos on Kent Avenue and North Seventh Street.
The report also showed that inventory plummeted 51.6 percent from last April to this year, and Maundrell linked the lower supply to the higher costs.
"We are seeing our condominium pricing for several soon to be released developments this summer in excess of 20% compared to three months ago because of the supply crunch," he said. "Not to mention the fact that sections of Williamsburg, like the Northside, have transitioned into a more high end marketplace."