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L Train Shutdown May Already Be Affecting Williamsburg Condo Prices

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Q2 market reports suggest a drop in the average sales price in the neighborhood

The effects of the impending L Train shutdown are becoming more clear with a new real estate report revealing that the average sales price of a condo has dropped in Williamsburg, which is possibly a reaction to the closure in 2019, DNAinfo reports.

In its Q2 market report, the Real Estate Board of New York (REBNY) found that while the number of condo sales increased from the same time frame last year, the average prices experienced a drop. There were a total of 120 sales in the second quarter this year in the neighborhood, which is a 43 percent increase from the same time last year. In contrast, the average sales price dipped 13 percent to $937,000.

DNAinfo interviewed a few real estate agents in the neighborhood and found out that buyers have been more hesitant following the announcement of repairs on the L Train. One agent told the publication that there are fewer offers per listing and hence sellers are settling for a lower price. He did notice a slight uptick in just the last two weeks however, but isn’t certain if that indicates a resurgence yet.

Corcoran also highlighted a similar trend in their Q2 market report. They noticed a 13 percent drop in average sales, and a 10 percent drop in median price from the same quarter last year. However they pointed to an increase in price per square foot — an eight year high of $1,171. Corcoran attributes this to more smaller apartments selling in the second quarter.