Prospect Heights Overtakes Park Slope as Brooklyn's Hottest Real Estate Market
Prospect Heights has emerged as Brooklyn's hottest real estate market, overtaking Park Slope. The median sale price, at $1,197,000, is lower than Park Slope's $1,610,000, yet it's still a competitive scene. Recently, a family represented by James Guimaraes won a bidding war for a three-bedroom apartment, offering an unusually high price.
Prospect Heights' appeal lies in its attractions like Vanderbilt Avenue and proximity to Prospect Park, along with convenient transit options. This year, 50% of sales in the neighborhood have gone over asking price, the highest share in New York City. The property in question, a 'bring your contractor' apartment on St. John's Place, sold for more than its listing price. This trend has led Prospect Heights to dethrone Park Slope as the neighborhood with the most bidding wars, ending Park Slope's five-year reign. Across Brooklyn, one in four sales in September were for more than the asking price, according to a StreetEasy market report. Notably, James Guimaraes, a Corcoran broker, successfully negotiated this deal for his clients while running the New York City Marathon.
Prospect Heights' real estate market is booming, with fierce competition driving prices up. Despite the high demand, it remains relatively affordable compared to other Brooklyn neighborhoods. The recent sale, facilitated by James Guimaraes, is a testament to the neighborhood's desirability and the intense bidding wars taking place.
