Corcoran is reporting that the average price for a Park Slope brownstone has hit 3.35 MILLION dollars! New York Magazine has the rundown:
Yes, Brooklyn Heights’ dreamy blocks continue to be a haven for townhouse types. But Park Slope is still the center of a certain kind of Brooklyn life, and last week, when the Corcoran Group released its end-of-the-year report—painting a patchy picture of a housing market that’s up, down, and sideways, all at once—one statistic leapt off the page. The average price of a townhouse in the Slope reached $3.35 million this past year, a 90 percent increase over the last quarter of 2004.
Admittedly, those numbers are not pure: Corcoran’s stats lean heavily on the company’s own deals and tend to focus on the upper part of the Brooklyn market. Moreover, $3.35 million is an average, not a median, so a few super-duper sales may be skewing the numbers upward. Corcoran’s sheer size, however, makes its numbers a useful guide, and other brokers report more or less comparable data. The full range these days, says Aguayo, goes from about $1 million for a South Slope eighteen-footer to about $7 million for one park-block stunner. In short, there’s little question that the neighborhood has reached Gold Coast status.
Good news! We just checked Corcoran and apparently there are still a few townhouses left at the bargain basement price of $2M+. But let's say you did decide to pony up for that $3.5M average townhouse on Garfield Street-- how much would that run you? According to the handy Corcoran Mortgage calculator, if you put 20% down ($700k), you'd be looking at a monthly payment of $16,340!!! That's sixteen thousand dollars a month to live in PARK SLOPE! Forty minute ride on the F-Train everyday for sixteen thousand dollars a month? Excuse me while we puke puke puke! [Related: Brownstoner focuses on this stuff every day, and check out the brownstone photo stream on Flickr to see what you're missing.]
Cameraphone shot of 7th Street in Park Slope by Gak.