Windsor Terrace: Hot or Not?
An article in the latest issue of the Real Deal looks at Windsor Terrace and sees lukewarm prospects for the neighborhood. Why so? Well, to begin with, one broker says prices in the area are falling. An Elliman broker who recently sold three Windsor Terrace townhouses says prices are down 7.5 percent, and that properties…
An article in the latest issue of the Real Deal looks at Windsor Terrace and sees lukewarm prospects for the neighborhood. Why so? Well, to begin with, one broker says prices in the area are falling. An Elliman broker who recently sold three Windsor Terrace townhouses says prices are down 7.5 percent, and that properties are slow to sell. Other brokers, meanwhile, say a lack of new development in the neighborhood means there’s not enough inventory. And Windsor Terrace home values may fall even more if prices drop in the Slope. My feeling about Windsor Terrace is that as Park Slope goes, the Terrace goes, says Zev Keisch, a broker at Bond New York. If Park Slope shows a slowdown, then people who were compromising by going to Windsor Terrace to be in that area don’t necessarily have to and can look at their first choice, Park Slope, with a greater chance of a successful buy.
Windsor Terrace on Edge [The Real Deal]
Photo by Betty Blade.
sorry i shouldn’t have said “appraised” … i should have said “estimated.”
i had a couple brokers come by last year and again this year and across the board, they said that the market had softened… and that i would’ve gotten a higher price last year.
11:35, i’m sure you’re right and you did well for yourself. i’m sure some properties have gone up in value… i’m just sharing my anecdotal experience of prices.
thank you 11:38.
a voice of reason.
and try more like 1.5 million now.
even a 15% drop is not even going to be felt by many as long as they aren’t getting a divorce or a job transfer (although homes across the country are also falling, so you’d just get more bang for your buck anyway).
The prices are not falling and i Agree about the nabe being linked with Park Slope. Right now face it or not the prices have no reason to fall. The prices will level off
Uh oh. Alot of people saying WT is as expensive/desireable as PS.
This should get the PS Mafia out in force….
A drop of 7.5% is nothing when you think about the fact that they paid only $200,000 for it in 1994 and it’s now worth more than a million.
WT makes me giggle
“appraised by a broker”
Brokers don’t appraise properties. Appraisers do.
I call bullshit, 11:31.
I have lived in WT for nearly 9 years. At the time I was looking for an apartment, post-college, while working my first job in Downtown BKLYN. 5th Ave. Park Slope was unsafe and mainly bodegas and burned out/condemned buildings, Carroll Gardens was and always will be exorbitant (I actually got laughed at by a CG broker, who told me I couldn;t even afford a closet in CG -at the time), and Park Slope was doable-but still too much money.
WT has a small town feel and has always taken pride in that, even before I moved there. Though it has seen spill-over from people who were priced out the Slope, mainly younger people, and it makes WT better than it was 9 years ago. It’s nice to have a ‘hood in Brooklyn where you are NOT going to see a 30-floor Condo spring up every 100 feet. There are things called zone laws people!
I don’t agree that prices are going down, because I am now in my 5th apartment in 9 years in WT. And I pay just as much as a Slope renter, but my space is bigger. Unfortunately WT landlords have realized over the years that they can price gouge renters, just as much as they do in the Slope, Carrol Gardens, et al.
There have been over the past 5 years new, “young”, businesses that have popped up on either end of the neighborhood signaling a slow but hopeful progression of the neighborhood. But if it remains quiet and “small town”, what is so wrong with that?
that’s interesting 11:31.
i bought my studio in late 2006 for 250K and sold it 3 weeks ago for 364K.
that was the highest of 3 offers. all of which were over my asking price.
sounds like your appraiser doesn’t know a lot about the market right now.
or maybe you don’t.