It would seem by a new report that there are either (a) a lot of people leaving Brooklyn; or (b) a lot of opportunities to move to Brooklyn. It’s got to be (b), right?
The number of homes offered for sale in the BroBo paradise jumped 11.5 percent annually in the second quarter, according to a new report from Douglas Elliman and Miller Samuel, and the average number of days spent on the market hit 142 days, up from 103 days during the same time last year.
More apartments and brownstones gone wanting? For a month-plus longer than last year? What gives?
It might be that people are hopping the L and heading back to Manhattan out of frustration with longer commutes and an abundance of hipsters and baby strollers, but Jonathan Miller, Miller Samuel’s CEO and president and author of the report, attributes the change to the feds’ expired homebuyer tax credit.
“Last year we had this tax credit and we had a hard deadline for its expiration that occurred in the first month of the second quarter,” Mr. Miller told The Observer. “…So sales were artificially high in the first half of 2010 and artificially low in the second half.” (We’ve written about this in regard to Manhattan.)
So it could just be that not as many people are buying, and they’re not buying as quickly as they did during the first half of 2010, when they had the tax credit.
There is also mammoth new Edge condo in Williamsburg, with its 500-plus units, around half of which are up for sale. That will get you some listings, as will the fact that resales have apparently ebbed (maybe people are sitting tight, then?).
“Resale activity has cooled more, so it’s one of those periods where we’re just seeing more new development activity than we’ve been seeing,” Mr. Miller said. “I think the rise in listing inventory is to be expected in the sense that overall sales activity is flat and inventory is rising because we see more product come to market.”
Follow Pamela Engel via RSS.