Morning Briefing: Brooklyn condo market booms

by Steve Randall29 Aug 2016
Brooklyn condo market booms
New condos in Brooklyn have seen a massive price surge in the past 5 years with some increasing 100 per cent.

Halstead Property Development Marketing says that Boerum Hill and Park Slope prices have seen the sharpest rises in prices per square foot; up 105 per cent and 64.1 per cent respectively since 2011.

A Boerum Hill condo now costs an average $1,305 per square foot while in Park Slope the average is $1,107 per square foot.
Berkeley mansion lists after decade vacant
A luxury 12,000 square foot home in California is on the market having spent more than a decade empty.

The Berkeley home set in 3 acres was bought in 2005 by Casino owner John Park for $6.3 million but then moved to Los Angeles, leaving the home empty but looked after by a caretaker.

Bloomberg reports that Park listed the home twice, in 2010 and 2014, but was unable to find a buyer.

The latest listing follows an upgrade of some of the mansion’s features. The 7 bedroom, 6.5 bathroom home is listed Herman Chan and Elizabeth Stein of Sotheby's International Realty at $7.5 million.
Sales, prices dip in Southwest Michigan
Home sales in Southwest Michigan slipped in July compared to June according to data from Southwestern Michigan Association of Realtors.

Sales were down 4 per cent year-over-year and 8 per cent year-to-date. The average selling price was down 12 per cent from July 2015 to $206,179 while inventory dropped 5 per cent.

“For the last three months we have been setting records for number of houses sold, total dollar volume and or selling prices when compared back to 2006,” Gary Walter, the association’s executive vice-president said. “In July 2016, the total dollar volume, median selling price and the year-to-date average and median selling prices for the month of July were the highest in the year-over-year comparison.”



Is TILA-RESPA a good or bad thing long term?