New development condo sales increased 39% last week and every borough in New York City felt the boost.
Manhattan had 21 sales , Brooklyn had 16 and Queens experienced the most significant increase with 6 new sales, up from 1 the week before .
“For the first half of the year, it felt like activity in Queens and especially Ridgewood was a bit slower than the rest of the market. Over the last two quarters, we’ve seen that change dramatically,” said Eugene Litvak, founder of the Litvak Team at Compass. 1671 Summerfield Street in Ridgewood was among the Queens projects to find a buyer last week, signing a one-bedroom asking around $550,000. Litvak, who is leading sales, say buyer activity at the 28-unit project reflects the boro’s shifting market.
“[We] went from quiet to full open houses and we’re currently 75% in contract with most transactions at the asking price,” he said. On the heels of what was a strong week for new development condo sales, the market is poised for another dip around Thanksgiving. Holidays mean fewer days to transact and that typically translates to fewer transactions.
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