BROOKLYN—MNS releases the Fourth Quarter 2011 Brooklyn New Development Market Report. The Report tracks the market trends with a quarter-over-quarter and year-over-year comparison throughout Brooklyn and on a neighborhood basis.
Some highlights of the report include the following:
*Big Sales Leave Little Inventory—With so many developments selling out, many neighborhoods are left with little supply. Downtown Brooklyn, which in the first quarter of 2011 had 20 percent of the new development inventory, closed the year with just 8 percent. Brooklyn could easily absorb what is has on the market in about three to six months, putting serious pressure on pricing and housing options.
*Williamsburg Fever—In tracking neighborhoods that sold the greatest amount of new development inventory in the fourth quarter of 2011, Williamsburg dominated in every unit size:
Studios—(34 percent)
One Bedroom—(23 percent)
Two Bedroom—(18 percent)
Three Bedroom—(27 percent)
*Comebacks—New developments that have been on the market for a long time saw big pickup in 2011. Developments like 96 Rockwell and One Brooklyn Bridge Park increased the number of deals and foot traffic this past year.
*One–Bedroom Bonanza—Those looking for a one-bedroom should head to Brooklyn. Borough wide, 50 percent of available new development inventory is one-bedrooms, and these units have been absorbing at about half the pace of other unit types.