National Auction Markets Easing

With a surge of sellers keen to take advantage of strong buyer competition, the home auction markets reported lower clearance rates and clear signs that the white-hot market is beginning to cool.

A total of 2401 homes were reported as listed for auction on Saturday, May 15, which, although lower than last weekend’s May record 2563 listings, provided plenty of choices for buyers.

The national average weekend clearance rate was down on Saturday, falling from 83.1% to 80.9% – the lowest result since the 77.7% recorded on January 30.

This is the fourth consecutive weekend that clearance rates have fallen and is well below the peak national average of 88.5%, recorded on March 5.

Sydney hosted another incredibly busy weekend of auctions, with 9990 Sydney auctions reported on Saturday – just below the previous weekend’s May record 1014.

With a larger volume of auctions, the Sydney clearance rate fell to 82.9%, down on the previous weekend’s 83.5%, and the fourth consecutive weekend of falling rates.

Sydney recorded a median price of $1,641,000 for houses sold at auction at the weekend, just below the $1,650,000 reported over the previous Saturday, but 16.4% higher than the $1,410,000 recorded over the same weekend last year.

Melbourne again saw a surge in auction volumes, which pushed the clearance rate down to a year low reporting a clearance rate of 78.6%, well below the 80.7% recorded the previous weekend.

A total of 1149 homes were reported listed for auction in Melbourne on Saturday, just below the 1248 May record auction the previous weekend and well ahead of the 82 auctioned over the same weekend last year.

Melbourne reached a median price of $1,093,000 for houses sold at auction on the weekend, which was 4.1% higher than the $1,050,000 recorded over the previous weekend and up 8.9% on the 1,002,944 recorded over the same weekend last year.

Listing of the Day

Location: Downtown Brooklyn, New York

Price: $16.75 million

Boasting 360-degree panoramic views across New York City, this new 92nd-floor penthouse is the highest residence in Brooklyn.

The full-floor apartment stands atop the new Brooklyn Tower, which encompasses 143 condos and 398 rentals in the heart of downtown Brooklyn, said Katie Sachsenmaier, senior sales director, Corcoran Sunshine Marketing Group.

The condos begin on the 53rd floor, and the penthouses begin on the 88th floor. This one, Penthouse 92, is the only full-floor penthouse.

“The building is coming into its own now,” she said. “It feels very busy when you step into the lobby.”

Developed by Silverstein Properties, the building at 85 Fleet Street rises from the historic Dime Savings Bank building, according to a news release.

It was designed by SHoP Architects with interiors curated by Gachot Studios, and it is the borough’s only super tall skyscraper.

Penthouse 92 features custom interiors by Brooklyn-based Susan Clark of design firm Radnor, Sachsenmaier said. “Her selections have made it really beautiful. It feels very warm and inviting.”

Architectural details include 12-foot ceilings, European white oak floors in a custom honey stain, mahogany millwork, bronze detailing and floor-to-ceiling windows.

The eat-in kitchen features Absolute Black stone countertops, an island with seating, oil-rubbed bronze Waterworks fixtures and integrated Miele appliances, according to the listing.

The primary en suite bathroom showcases large-format Honed Breccia Capraia marble. There is also a separate laundry room as well as a wet bar and a butler’s pantry.

The views are spectacular, Sachsenmaier said. “If you’re standing in the living room, you take in the Statue of Liberty and all the way up through Midtown. On a clear day, you can see the planes take off at LaGuardia (Airport).”

Penthouse 92 features custom interiors by Brooklyn-based Susan Clark of Radnor.
Photo: Sean Hemmerle

Moving around the apartment, you see south over the harbor and then north and east over the whole city, she said.

From the front door, “you’re immediately greeted with the expansive living room and the view,” she said. “It’s really the first thing you see.”

The primary suite features a dressing room, multiple walk-in closets, two bathrooms (one with a cedar sauna) and southwest-facing windows, Sachsenmaier said. “You get those really beautiful harbour views.

The amenities will be ready by the end of summer, she said. A Life Time club will occupy the entire sixth and seventh floors, and an outdoor pool deck wraps around the dome of the bank building.

Stats

The 5,891-square-foot home has four bedrooms, five full bathrooms and one partial bathroom.

Amenities   

Residents will have access to over 100,000 square feet of exclusive indoor and outdoor leisure spaces.

Fitness company Life Time will manage an array of amenities that include a 75-foot indoor lap pool, outdoor pools, a poolside lounge and atrium, a billiards room, a library lounge, a conference room, a theatre with a wet bar, a children’s playground and playroom and limited off-site parking.

The Sky Park offers an open-air loggia with a basketball court, foosball, a playground and a dog run.

An outdoor pool deck wraps around the dome of the Dime Savings Bank building.
Photo: Gabriel Saunders

Neighbourhood Notes   

Downtown Brooklyn is at the centre of a number of neighbourhoods, including Fort Greene, Cobble Hill, Boerum Hill and Brooklyn Heights. The tower has access to 13 subway lines, 11 commuter trains, the city’s ferry network and 22 Citi Bike stations.

“You can walk to Fort Greene Park in less than 10 minutes,” and Dekalb Market Hall, which has a Trader Joe’s, a Target and a food hall, is “right next door,” Sachsenmaier said.

Agent: Katie Sachsenmaier, senior sales director, Corcoran Sunshine Marketing Group

National Auction Markets Easing

While results remain strong, clearance rates are trending lower.

The new Brooklyn Tower, a mix of luxury condos and rentals, rises from the historic Dime Savings Bank building.