A Softer, Gentler Prospect Heights Market

Dunno. Units in my PH building have been selling in a matter of days. The Washington Condos might not be the best example of the overall PH market--it's not in the best of locations.

Posted by: guest at July 9, 2008 11:02 AM

"The numbers reflect what Kim described as a 'softening, but not a bubble bursting' in the neighborhood."

LOL. When the "softening" finally subsides, play the tape back in fast forward. What you'll see is a bubble bursting.

This softening is not unique to Prospect Heights. Condos everywhere will take a beating.

Posted by: guest at July 9, 2008 11:03 AM

"Doug Bowen of Core Realty says Prospect Heights' prices are stable and there's high demand and price premiums"
Well if a broker says it, it must be true.

Posted by: guest at July 9, 2008 11:11 AM

I think the 899k unit is now listed at 825k with Corcoran.

A telling comment on the article....

Posted by: guest at July 9, 2008 11:12 AM

"Potential buyers William Zhang and Yang Lee were on hand...Both work on Wall Street."

Excellent time for them to buy.

Posted by: guest at July 9, 2008 11:13 AM

"All of the apartments in the building have granite countertops, stainless steel kitchen appliances, light hardwood floors, recessed lighting and washer/dryer hookups."

Whew! That was close. I knew something had to justify these prices.

Posted by: guest at July 9, 2008 11:21 AM

"this might be the right time to buy because it seems slower, less frantic, more relaxed"

But from a seller's perspective...

Posted by: guest at July 9, 2008 11:23 AM

"On the day of the open house, the apartment saw little activity. Murillo chalked it up to the extreme heat."

Yeah, inventory growth is WHITE HOT right now. Oh well, mortgage applications are up. Oh wait, so are mortgage rejections!

Posted by: guest at July 9, 2008 11:31 AM

Oh yeah, prices are definitely down in PH. That's why there was that a bidding war on that broken down house on Prospect pl a few weeks ago. The high bidders weren't fools either since two other houses on that block sold for $2.1M and 2.3M since the beginning of the year. PH is the best investment right now. It has the right combination of growth potential and momentum.

Posted by: guest at July 9, 2008 11:33 AM

"The high bidders weren't fools either since two other houses on that block sold for $2.1M and 2.3M since the beginning of the year."

You mean they weren't the only fools.

Posted by: guest at July 9, 2008 11:37 AM

You know maybe this spam person is a ghost and is trying to tell brownstoner or us something?

Posted by: guest at July 9, 2008 11:46 AM

Brownstoner,

MoveableType has many configuration options and plugins that can prevent this type of abuse. It's all very very simple to configure.

What's taking so long to solve this simple problem?

Posted by: guest at July 9, 2008 12:04 PM

Keep saving your pennies 11:37. Eventually you'll be able to afford your very own place back home in some cleveland suburb.

Posted by: guest at July 9, 2008 12:24 PM

"PH is the best investment right now. It has the right combination of growth potential and momentum"

yeah, except you can buy a brownstone in prime park slope for the same price or less. and it had all that stuff 10 years ago. oh yeah, almost forgot that little green patch up the hill.

Posted by: guest at July 9, 2008 12:37 PM

"yeah, except you can buy a brownstone in prime park slope for the same price or less. and it had all that stuff 10 years ago. oh yeah, almost forgot that little green patch up the hill."

You can't find park slope brownstones that were as nice for those prices. You obviously didn't see the houses and should shut up.

The whole point of prospect heights being a better investment NOW is that they have the right combination NOW, not 10 years ago. Glad you're not my broker if you advise people to chase others gains.

As for that green patch, have you looked at a map? You do know where prospect heights is don't you? It has great park access.

Posted by: guest at July 9, 2008 12:46 PM

We just bought a coop in PH a few months ago. Had we waited we might have gotten a better price but inventory is down especially if you're not looking for a condo. We love it!! Love the neighborhood, love how close we are to the Park, love that we're near Park Slope but not in it, and love that we have the 2/3/Q/B train options.

Posted by: guest at July 9, 2008 12:50 PM

12:37 Have you ever seen the size a PH backyard? you can land a small plane in the back of mine.

Posted by: guest at July 9, 2008 12:55 PM

OK people, it is a nice neighborhood and so is park slope and I suspect prices are softening in both.

This isn't a comparison of prospect heights and park slope even though it seems any time any area is mentioned the PS boosters think they are part of the conversation. This is a comparison of PH now to PH before. Moreover it seems to be about condo prices, not brownstone prices.

Posted by: guest at July 9, 2008 1:00 PM

"Keep saving your pennies 11:37. Eventually you'll be able to afford your very own place back home in some cleveland suburb."

Thanks for the motivation, 12:24, but that's too many digits to keep track of. I'll count my savings/T-bills/gold in the $100K demomination. I'm from NoCal.

Posted by: guest at July 9, 2008 1:02 PM

whatever brokers. there are a ton of incredible park slope brownstones for 1.7-2.3mn in prime areas. i don't really care how "nice" the house is. if that's all you care about, i know of some mansions in bed/stuy for less than a milli. a neighborhood with "upside" shouldn't be priced close to a prime neighborhood with one of the best parks in nyc. period.

Posted by: guest at July 9, 2008 1:02 PM

"We just bought a coop in PH a few months ago. Had we waited we might have gotten a better price..." - 12:50

Did you read that, 12:24? (No pun, 12:50. You sound like you can afford the opportunity cost of a better deal. Just making a point that, for average buyers looking for their ideal property in their ideal location, it DOES pay to wait at this stage in the market. Congrats anyway.)

Posted by: guest at July 9, 2008 1:11 PM

"I'm from NoCal."

You might have been there, but nobody from there would ever call it that.

Posted by: guest at July 9, 2008 1:14 PM

"a neighborhood with "upside" shouldn't be priced close to a prime neighborhood with one of the best parks in nyc. period."

But it is so maybe what you think is prime is not so prime. Clearly many people are choosing prospect heights when they have enough to buy in parks slope according to you. Maybe it's because it is a better neighborhood and a better investment and prime prospect heights is not further from the park than prime park slope. Again, look at a map.

Posted by: guest at July 9, 2008 1:18 PM

Shut up about park slope. 1:00 is right. This isn't about Parks slope. Stop with the slope jacking.

Posted by: guest at July 9, 2008 1:19 PM

unbelievable. first you say PH is good because it is "up and coming". then you say that "up and coming" should be priced with already established. and, yes, a swath of PH is close to the park. if you don't mind crossing a mad highway/circle where many people have died. yes, that is way better than strolling on gorgeous residential streets all the way there. you are so right. hell, i hope you ARE right. then i can pick up a PS brownstone for less than 1.5 b/c clearly people prefer "up and coming" areas cut off by heavy traffic. commissions slow much?

Posted by: guest at July 9, 2008 2:10 PM

Obviously PH is not as desirable or as fully gentrified as Park Slope, but anyone who thinks that there isn't a significant price discount which more than accounts for this needs to wipe the white powder off his nose. PH is one of the most rapidly improving hoods in Brooklyn. Vanderbilt Ave is well on it's way to being the next Fifth Ave or Smith Street, the housing stock is nice, access to the subway is actually probably a bit better than Park Slope because the 2/3 is just a more reliable train than the F, and access to Prospect Park is just as good as the Slope. Also, PH has great access to the Fort Green restaurants and nightlife (which to me is a bit more edgy and interesting than slope nightlife) On the other hand crime is bit of an issue, and the proximity to the still sketchy parts of Crown Heights might scare some away for now. Also, the great unknown of AY hangs over the neighborhood. My take is that in the short term this will be a pain in the ass, but long term it will add vitality and value to the neighborhood. Bottom line - if you want to buy in Brownstone Brooklyn right now the best deal, the best combination of "nice enough right now" and "potential to get even better" with a little bit of "relatively low current prices" is Prospect Heights.

Posted by: guest at July 9, 2008 2:14 PM

Bottom line - if you want to buy in Brownstone Brooklyn right now the best deal is to sit on the sidelines and watch the bubble deflate.

Posted by: guest at July 9, 2008 2:25 PM

"You might have been there, but nobody from there would ever call it that."

Wrong. I just did. But yes, I never heard anyone else use that term.

Posted by: guest at July 9, 2008 2:26 PM

In addition to the AY effect wild card, don't forget about the move of all intake services for the entire city to the Bedford-Atlantic Armory. While in Crown Heights, this is going to be only 3 or 4 blocks from North Prospect Heights, including the condos pictured above. While the few blocks from Washington to Franklin may seem like cultural miles to some folks on this board, the 20,000+ homeless men who will be redirected from the current center in Manhattan to the B-A Armory will probably not make a distinction as they make their way through this neighborhood to the shelter every night and kill time in it during the day.

Posted by: guest at July 9, 2008 2:32 PM

"relatively low current prices"

Naw. Prices, even by any relative measure, remain virtually unchanged. The 6 to 8 (or whatever) percent Case-Shiller drop only shows the direction, not the magnitude, for Brownstone Brooklyn TM. If the drop sustains itself, and I think it will, only then will we see significantly lower prices, relative and absolute (I know, I know - you bulls think I'm drinking Absolute vodka).

It's only a good time to buy on a low-ball-the-comp basis. From bidding wars to selling wars, here we go!

Posted by: guest at July 9, 2008 2:44 PM

i bought a buick for the price of a cadillac. i know buick is an up and coming brand, but i prefer that. i picked the perfect time to buy.

Posted by: guest at July 9, 2008 4:22 PM

I live across the street from the washington.

Mezzanine scandal = unsold condos.

The 2 units with 5 foot ceiling mezzanines are both vacant.

Question: how come condo owners never use their balconies?

Posted by: guest at July 9, 2008 8:20 PM