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Brooklyn Luxury Market Slows | Real Estate News
Brooklyn’s luxury market hit a quiet patch last week, with just seven ultra-high-end contracts signed—down sharply from double digits—and total sales volume dipping to $24 million. This follows a broader summer slowdown, with luxury deals down 8% year-over-year and total volume off 15%. While the new pied-à-terre tax may be blamed, experts say it’s unlikely to be the main driver since most luxury homes sell below $3M. Instead, dwindling inventory from past developments and rising mortgage rates—now at 6.85%—are key factors. The top deal was a Park Slope townhouse that sold in under a week for…
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