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Median Listing Price of New Developments Down in Brownstone Brooklyn

By Heather Holland | May 16, 2012 3:41pm | Updated on May 16, 2012 4:00pm
Third + Bond, condominiums in Carroll Gardens.
Third + Bond, condominiums in Carroll Gardens.
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Third + Bond

BROOKLYN — Listing prices for new developments in Boerum Hill, Cobble Hill and Carroll Gardens have plunged 22 percent in the last year as median listing prices in other parts of Brooklyn have shot skyward, according to a new report.

While the number of new development properties coming under contract is up 10.2 percent throughout the borough, median listing prices in the three neighborhoods fell nearly $150,000 — from $644,000 last April to $499,00 in April 2012, according to the report on Streeteasy.com.

“Anecdotally, it’s not something we’ve experienced,” said Tina Fallon, a realtor at Realty Collective, located at Columbia and Union Streets. “In fact, we feel the opposite is happening.”

According to Fallon, because of issues of landmarking and zoning, there hasn’t been much inventory for new developments. She says rents are through the roof and many people are choosing to buy now, which should be driving development prices back up.

Brownstone Brooklyn is home to condos such as the Cobble Hill Towers, Third + Bond, and 225 Atlantic Avenue. According to Fallon, Cobble Hill Towers might be what’s bringing prices down.

“They have a lower asking price and it’s a conversion of a big property,” said Fallon. “It’s not an amenities-rich building.”