A two-bedroom, one-bath co-op at 123 Street Address, Windsor Terrace, hit the market this morning for $899,000. Steps from Prospect Park, this 900-square-foot unit signals continued strong demand in a coveted Brooklyn neighborhood. Brooklyn real estate prices remain stubbornly high, yet demand for prime locations like Windsor Terrace continues to outstrip supply, making even high-priced listings fiercely competitive. Properties in such desirable areas will likely continue to command premium prices, making entry difficult for many buyers. Monthly maintenance charges are $950, according to Listing Details.
The Property and Its Immediate Value
- The unit features original pre-war details, hardwood floors, and a renovated kitchen, according to Listing Photos.
- Windsor Terrace's median sale price for a two-bedroom in Q1 2024 was $925,000, as reported by a StreetEasy Market Report. Similar two-bedroom units sold for an average of $910,000 in the last six months, according to Compass Data.
These figures confirm the asking price aligns with current market value. A co-op in this area now commands a significant premium.
Why This Listing Matters Now
This listing marks the first two-bedroom under $900,000 near Prospect Park in Windsor Terrace in three months, according to Brokerage Internal Data. With 30-year fixed mortgage rates recently decreasing to 6.8% this week, according to Freddie Mac, limited inventory combined with renewed buyer activity suggests rapid competition.
Brooklyn's Enduring Seller's Market
Brooklyn's overall median apartment price rose 4.2% year-over-year in Q1 2024 to $825,000, according to a Douglas Elliman Report. Inventory in prime Brooklyn neighborhoods remains 18% below pre-pandemic levels, according to Corcoran Market Analysis. This scarcity, coupled with strong buyer demand for properties under $1 million, frequently leads to bidding wars, according to a Local Broker Survey. The market remains fiercely competitive.
What Buyers Can Expect
Real estate experts predicted a slight increase in asking prices for well-located Brooklyn properties in Q3 2024, according to the NYC Real Estate Forum. Inventory constraints continue to push prices upward, as noted by a Bank of America Economist. The listing agent expects multiple offers within the first week. Homebuyers anticipating a market correction will likely be disappointed.
Given sustained demand and limited inventory, prime Brooklyn properties like this Windsor Terrace co-op will likely continue to command competitive bids well into 2026, challenging buyers to act swiftly.
