Corcoran: Ft. Greene and Clinton Hill Tops in 2005
We finally got a chance to read the year-end Corcoran report. Not surprisingly, the runaway winners for 2005 were Fort Greene and Clinton Hill, which the brokerage lumps into one category (with good reason): As the popularity of the districts has grown over the past few years, Fort Greene and Clinton Hill have ridden a…
We finally got a chance to read the year-end Corcoran report. Not surprisingly, the runaway winners for 2005 were Fort Greene and Clinton Hill, which the brokerage lumps into one category (with good reason):
As the popularity of the districts has grown over the past few years, Fort Greene and Clinton Hill have ridden a wave of price increases in all categories. In 2005, three-bedroom apartments overall stole the show, with average sale prices catapulted upward by +38%. Studio and one-bedroom apartments gained +25% and +32% respectively. The multi-family townhouse arena proved equally exhilarating, with increases of +28%.
We don’t put too much stock in these numbers given the relatively small sample size, but they probably have some use in identifying larger trends. More outtakes to come throughout the week.
Year End Report 2005 [Corcoran]
I’ve lived in CH/FG for almost 20 years and here are the 2 reasons, I think, it’s kept a more diverse profile (totally my observation, not scientific!): 1) lots of middle-class and working-class black folks did own their homes before the RE craziness and a lot of those homes have stayed in the families, and 2) because of #1, more upwardly mobile black folks have been attracted to these nabes, drawn to the idea of diversity, keeping the racial diversity (but flattening out the economic diversity, for sure).
Park Slope is not really diverse. Sure, you see black people there, but do they live there? Unlikely. If they do live there, do they own? Even more unlikely. Park Slope is lily white, whether we like to admit it or not.
I am no psychic, but something tells me that Ditmas Park has not yet come close to the ceiling. I am always fascinated when I drive around there. The Victorians are so beautiful and several huge ones are currently undergoing renovations, obviously being fixed up. I like that neck of the woods.
Meryckawick,
Curious, as a non-FG-er: do you mean that the black people who were living in the neighborhood were able to stay? If so, why? Because they already owned their homes, in greater numbers than elsewhere in the city?
Or did upper-middle-class black people move in and lower-middle-class black people move out — i.e., keeping racial diversity but losing economic diversity?
Just when I keep thinking Ditmas Park is hitting its ceiling, something comes along to suprise me – in this instance teh $1.9 price tag for a massive, newly renovated house that was engulfed by a fire several years ago. It’s with Brooklyn Properties. I’ve been inside, if anyone’s interested. Not for the strictly purist among us, but could be perfect for a family that wants a pretty house and no work. And no, I am not a broker.
A lot of Clinton Hill and Fort Greene have already been gentrified. The difference so far is that black folks are staying. Sure some converted SRO’s and rentals have changed hands but in the last three years while prices have skyrocketed there has not been a net loss of black people living in the neighborhood.
Eryximachus, you are saying that Park Slope is still ethnically diverse because you were mugged by two black guys? People get mugged in every neighborhood in this city. Not that it would have helped in your case, but maybe you shouldn’t fly that KKK flag of yours so high outside of Mill Basin.
it will be interesting to see what corcoran’s report looks like year over year in 2006. Declines potentially and which nabes get hit hardest? I know its a can of worms, but hey, I think everyone agrees the market is not anywhere near what 2005 gave us given price declines, open house viewings, etc. Spring should be interesting if bernanke keeps the hikes going and the 10 year actually moves on it.
Diversity would be being mugged by one African American and one Caucasion….
Funny about the diversity bit. I was just mugged by two African Americans on 14th Street and 6th Avenue in the Slope. The neighborhood seems as diverse as ever.