Brooklyn Luxury Condos Boost Contracts Amidst Late Summer Slump
Brooklyn's high-end real estate market sees improvement with 19 contracts signed last week, totaling $55 million in asking volume.
Last week, Compass' weekly reports revealed that Brooklyn's luxury condo market experienced a bump in contracts, signaling a potential turn in the market after a series of slow weeks. Of the 19 contracts signed, 15 were for condos and four were for houses, with a combined asking volume of $55 million.
This improvement comes after a lackluster previous week, which saw only 15 contracts signed, including 10 for condos and five for houses, with a total asking volume of $41 million. This is a significant decrease from the same week last year, where only nine luxury contracts were signed in the borough.
This boost in contracts is a positive sign for the Brooklyn luxury market, which has been struggling in recent weeks. However, it is important to note that this improvement may be short-lived, as the market continues to face challenges such as rising interest rates and an oversupply of luxury units.
Real estate experts are cautiously optimistic about the market's potential for recovery, with Compass’ Brooklyn sales manager, Erin Wheelock, stating that "I think there’s still a lot of uncertainty in the market, but I think there’s also a lot of pent-up demand.” However, some remain skeptical, with one unnamed broker telling The Real Deal that "it’s not as if [the market] is going gangbusters.”
Originally reported by
https://therealdeal.com/new-york/2025/09/15/condos-boost-brooklyn-lux-contracts-out-of-summer-slump/