Brooklyn Luxury Market Sees $55 Million in Contracts Signed

Close to $55 million worth of luxury homes went into contract in Brooklyn during the first week of August.

Of the 18 deals that were signed, eight were townhouses, eight were condos and two were co-ops. Combined, the transactions are valued at $54.6 million, according to Compass’ weekly report of contracts signed at $2 million or more in the borough.

It marks the third straight week that Brooklyn contract activity has increased. The final week of July saw 12 properties go into contract for a combined total of $36.1 million, while the week prior logged 10 homes inked for a total of $30.2 million.

The most expensive contract signed last week was a Park Slope townhouse with a private driveway and garage. Located at 31 Prospect Park West, the home spans 2,600 square feet, plus a 600-square-foot terrace. It was on the market for 35 days before going into contract at $5.65 million.

The second priciest contract was a Dumbo condo at 200 Water Street. The three-bedroom unit has a 18-foot wide all-glass wall overlooking the water and an 850-square-foot terrace facing Manhattan. The 2,500-square-foot unit was last asking $4.75 million.

The median asking price across all 18 deals was $2.75 million, with an average of 117 days on the market. The average drop in asking price was 2 percent.

Comparable weekly contract activity has not been seen since early March. The week of March 9 saw 15 deals inked for a total of $45.3 million, while the first week of March had 21 contracts totalling $62.8 million signed.

Write to Erin Hudson at ekh@therealdeal.com