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]
Give it another few years of gentrification. We will see how diverse it is then.
Honestly, that’s why I love Fort Greene and don’t love Park Slope as much as I did ten years ago. Park Slope has lost most of its diversity. I prefer to live in a mixed neighborhood and I feel I get more of that in Fort Greene. The shopping has been coming along nicely, although I long for the day when Fulton Street has the variety of Shops that 5th Avenue does. But then look at 5th Avenue five years ago and look at it now.
Ditmas has had about a 30% jump in the last 12 months. I think it’s a bit less than the real jumps in other neighborhoods. Corcoran’s sample size is too small in most neighborhoods to be able to make real comparisons. Clearly, however, there’s been an increase in the last 12 months (in every neighborhood) and, based on asking prices, the increases will continue into 2006, at least until the impeachment hearings over the NSA issue begin.
Agreed. Fort Greene is awesome. I know everyone has their faves, but it a great neighborhood with amenities and architecture. And, everyone doesnt look the same, like in the Heights!
I heart fort greene & am happy to see it thriving.
I lived in Ft Greene in the 80’s when there was NOTHING there as far as shops and restaurants. Moved to Park Slope and now I’ve just left for Bed Stuy. Now that I’m spending alot of time in Ft Greene (because there’s not much in Bed Stuy), I’ve come to realize that it is the perfect neighborhood. Check it out: close to the city, beautiful architecture, diverse community and great neighborhood businesses. I have a feeling I’m not the only one who realizes this, which is why prices have shot up.
Would have thought the same thing about Bed Stuy
I’ msurprised Bed-Stuy didn’t shoot up more. Anecotally it seems to have had a big percentage increase lately. (Look at the flips cited here, e.g.) Maybe also a sample size issue.
I suspect Ditmas will also have had a bigger % jump than the “established” anbes in the Corc report.
Yeah none of this is surprising. These areas have for all intents and purposes \”arrived\”, I think. In fact, a neighborhood\’s being discussed on the Corcoran year end report may itself be the criterion for \”arrival\”. More interesting, at least to me, is what\’s happening in nabes like Ditmas Park and Bay Ridge. I\’ve just about decided to buy in Ditmas.