BoCoCa Market Update
In recent years, Boerum Hill, along with neighboring Cobble Hill and Carroll Gardens, sometimes referred to as BoCoCa (yes, another broker acronym) has experienced exponential growth in prices driven by buyers' insatiable demand in the area.
In 2017 there were 58 co-op and 118 condo resales in BoCoCa. The co-ops entered contract after an average of 67 days on market with a median sale price of $900,000 (based on an average size of 1.5 beds/1 bath) - with negative negotiability, meaning sold prices exceeded asking prices. Area condos similarly moved quickly with an average of only 63 days on the market. The median sale price of these was $1.165M with an average price per square foot of $1,132 (based on average size of 2 beds and 1.8 baths at a square footage of ~1,115 sq. ft.).They spent an average of 63 days on market before entering contract and sold, on average, for ~1.37% below ask.
BoCoCa has also been a magnet for developers, with some of the highest priced inventory in all of Brooklyn. In addition to the ongoing controversial project at LICH, four major developments closed in 2017- The Boerum at 265 State Street, 465 Pacific, 610 Warren, and the Carroll at 345 Carroll Street. These have added more than 200 new condominium homes to the area, representing 138 of the 256 total condo closings last year. These new condominium homes are currently trading at an average price per square foot just above $1,350 — about 19% higher than the 2017 average PPSF for resale condos in the neighborhood.