Property Overview
Located at 3017 Brighton 8th Street, this property is a four-story building housing seven residential units. It is a recently constructed condominium, completed in 2022, developed by Smart Start Property LLC and designed by Rybak Architects. The asking price for the units ranges from $325,000 to $450,000, catering to a diverse range of buyers.
Key dates in the development’s timeline include submitting the offering plan in October 2021, accepting it in May 2022, and issuing the certificate of occupancy in September 2022. The property is managed and marketed by Ilite Realty, ensuring professional handling of sales and operations.
Key Property Details:
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Floors: 4
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Units: 7
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Year Built: 2022
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Asking Price Range: $325,000 - $450,000
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Developer: Smart Start Property LLC
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Architect: Rybak Architects
Neighborhood and Location Analysis
Brighton Beach, often called "Little Odessa," is a coastal neighborhood in Brooklyn known for its cultural diversity, vibrant community, and convenient access to urban amenities. The property’s location provides a blend of coastal tranquility and urban connectivity, making it appealing to residents seeking a balanced lifestyle.
Advantages of the Location:
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Walkability: The property has a high Walk Score of 97, indicating that daily errands can be accomplished without a car. Restaurants, grocery stores, and entertainment options are all within walking distance.
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Transit Accessibility: With a Transit Score of 87, the area is well-connected by public transportation, including nearby subway lines and bus routes.
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Proximity to Landmarks: Residents benefit from easy access to Brighton Beach Boardwalk, Coney Island, and local parks, enhancing their recreational options.
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Nearby Schools: Educational institutions like PS 225 and Abraham Lincoln High School serve the community, making it an excellent choice for families.
The market performance of 3017 Brighton 8th Street aligns with the broader dynamics of the Brighton Beach real estate market, where modern developments face both opportunities and challenges. Sales for this property began in June 2022, with closings starting a year later in December 2023. Despite its contemporary design and desirable location near the Brighton Beach boardwalk, the property has experienced relatively slow sales velocity. This highlights potential hurdles in attracting buyers in a competitive market.
Sales Performance
Only 2 out of the 7 available units have been sold, representing a sales rate of 29%. The average sales velocity for this property is 0.1 units per month, which indicates that the building is on track for a sellout time of approximately six years based on the current absorption rate. Recent transactions include Unit 4B, which sold for $300,000 two years ago and then resold for $314,000 a year ago, reflecting a modest price appreciation of about 4.7%. This indicates a stable, if not highly dynamic, value trend within the property.
Unit Types
The sales activity so far has been concentrated on the 1-bedroom units, which are in high demand due to their affordability and compact layout. This reflects a broader trend in Brighton Beach, where smaller, budget-friendly units appeal to young professionals and retirees seeking modern homes in a vibrant neighborhood.
Comparison to Similar Properties
The asking price range of $325,000 to $450,000 is competitive with other new developments in Brighton Beach. However, the slow sales velocity suggests that more aggressive marketing strategies or price adjustments may be necessary to attract additional buyers. Enhanced promotions, outreach, and potential incentives for first-time buyers could accelerate sales in the coming months.
Financial Considerations and Pricing Trends
The asking price range of $325,000 to $450,000 positions the property as an affordable option in the Brighton Beach market. Buyers interested in this development can take advantage of relatively low price points compared to other areas in Brooklyn, where similar units often exceed these figures.
Financing Options:
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Loan originators have not yet been prominently involved in this property, indicating potential opportunities for collaboration with financial institutions.
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Buyers are encouraged to consult experienced real estate attorneys to ensure smooth transactions.
Market Absorption:
With a current absorption rate of 77.2 months, the building is projected to achieve full sellout in approximately six years. This relatively slow pace provides prospective buyers with leverage to negotiate better terms.
Architectural and Design Features
The 3017 Brighton 8th Street architectural design focuses on modernity and functionality. Designed by Rybak Architects, the building’s aesthetic and layout cater to contemporary urban lifestyles while accommodating the specific needs of Brighton Beach residents.
Notable Architectural Features:
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Building Design: The four-story structure blends modern materials and efficient use of space to create a visually appealing facade.
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Interior Layouts: Units are designed with practicality, maximizing living space without compromising comfort.
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Amenities: The building includes laundry facilities, storage spaces, and an intercom system, ensuring convenience and security for residents.
Condo Amenities and Lifestyle
The amenities offered at 3017 Brighton 8th Street aim to enhance residents’ quality of life. While not extravagant, these features are thoughtfully curated to meet everyday needs and provide a comfortable living experience.
Key Amenities:
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Pet Policy: The building is pet-friendly, accommodating residents with animals.
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Storage: Additional storage options cater to residents’ organizational needs.
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Laundry Facilities: On-site laundry services simplify daily chores.
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Intercom System: Ensures a secure and connected living environment.
These amenities and the property’s location make it an attractive choice for individuals and families.
Sales and Buyer Insights
The 3017 Brighton 8th Street buyer demographic consists of individuals or small families seeking affordable housing in a well-connected neighborhood. The property’s 1-bedroom units have garnered the most interest, as evidenced by the sales trends.
Key Buyer Insights:
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Target Audience: First-time homebuyers, young professionals, and retirees looking for a coastal lifestyle.
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Unit Layouts: The dominance of 1-bedroom units reflects the demand for compact, cost-effective housing options.
While there has been limited activity regarding recent price changes or new listings, the property’s affordability and location remain its primary selling points.
Challenges and Opportunities
Challenges:
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Slow Sales Velocity: With only two units sold in over a year, the property faces challenges in achieving its sales targets.
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Long Absorption Period: The projected sellout time of six years indicates slower-than-expected demand.
Opportunities:
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Growing Demand for Coastal Properties: As urban buyers increasingly seek properties with access to outdoor spaces, Brighton Beach’s coastal location is an asset.
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Affordability: The relatively low price range compared to other parts of Brooklyn makes this property attractive to budget-conscious buyers.
Summary and Future Outlook
In summary, 3017 Brighton 8th Street Sponsor Condo represents a compelling opportunity for buyers and investors seeking modern, affordable housing in a vibrant neighborhood. The property’s strategic location, contemporary design, and moderate price points position it as a desirable option in Brighton Beach’s real estate market.
While challenges such as slow sales velocity and long absorption periods persist, the property’s potential for growth remains promising. The development can attract more buyers with targeted marketing efforts and enhanced financing options. As Brighton Beach continues to evolve as a sought-after residential destination, 3017 Brighton 8th Street is poised to play a significant role in shaping the neighborhood’s future.
FAQs
What types of units are available at 3017 Brighton 8th Street?
The building offers primarily 1-bedroom units, each designed with modern amenities to cater to urban living needs. These units suit individuals or small families seeking residence in Brighton Beach.
What amenities does the building provide?
Residents have access to amenities such as on-site laundry facilities, storage spaces, an intercom system for security, and a pet-friendly policy. These features aim to enhance comfort and convenience for all occupants.
How is the neighborhood around 3017 Brighton 8th Street?
Located in Brighton Beach, Brooklyn, the area is known for its vibrant community, proximity to the beach, and diverse dining options. The neighborhood boasts a high Walk Score of 97, indicating that daily errands can be accomplished on foot.
What is the price range for units in this building?
The asking prices for units at 3017 Brighton 8th Street range from $325,000 to $450,000, making it an affordable option for buyers looking to invest in a newly constructed condominium in Brooklyn.
Are there public transportation options nearby?
Yes, the property has excellent transit accessibility with a Transit Score 87. Nearby subway stations, including Brighton Beach and Ocean Parkway, provide residents convenient access to various parts of New York City.
