Market Predictions for 2006: Neighborhood Picks
In what is now becoming an annual tradition, we invite you to share your thoughts and predictions for the Brooklyn housing market in 2006. Like last year, we’re particularly curious to hear your neighborhood “longs” and “shorts”. On a risk-adjusted basis, we’re most bullish on Prospect Heights and Carroll Gardens and, relatively speaking, would bet…
In what is now becoming an annual tradition, we invite you to share your thoughts and predictions for the Brooklyn housing market in 2006. Like last year, we’re particularly curious to hear your neighborhood “longs” and “shorts”. On a risk-adjusted basis, we’re most bullish on Prospect Heights and Carroll Gardens and, relatively speaking, would bet against Williamsburg. Overall, though, we don’t think 2006 will look at all like 2005, which was marked by huge surges in prices in some rapidly gentrifying neighborhoods. From where we sit, 2006 is looking like a year for the market to take a breath and digest all the rapid-fire changes that have occurred in recent years. Barring a big move upward in rates, we think prices will more-or-less move sideways. In our own little corner of Brooklyn, the big test will be whether the upscaling of Fulton Street can extend beyond Fort Greene. Man, could we use a gourmet market in Clinton Hill! Anyway, that’s how we see it. But what do we know. We’d rather hear from you.
Happy New Year.
Brownstoner
To Anon at 8:09 A.M. – How can you compare Ditmas Park to Montclair? Have you tried commuting from each into Manhattan? Montclair takes 3 times as long. The fact that there is a neighborhood on a subway line within 20-30 minutes from Manhattan with huge, beautiful, historical homes that is still semi-affordable is amazing. I would go for Ditmas Park any day of the week. In the past when people thought it might take off, buying anywhere in Brooklyn was considered failure. Now that Brooklyn is no longer considered “uncool” and has become the choice for many, I can’t see how this area will not become popular. The houses are fabulously beautiful and you do not have to drive everywhere. There is a subway line in walking distance and you are in a borough of NYC, not the burbs. You can keep your job in NYC, have a huge house to raise a family in, and still get home to see your kids by dinner or jet off to dinner in Manhattan on a whim (unlike Montclair).
You are right about the schools and the yuppy ammenities – they are not there yet but precisely for the reason this neighborhood is not like Montclair – because it is in the middle of a city and in an area that has not yet gentrified. These things can change and these things are what bring up property value. (Did you ever walk down 5th Avenue in Park Slope 10 years ago? There wasn’t even one nice restaurant.)
Montclair has nowhere to go, just as the already completely gentrified and high priced areas of Brooklyn have nowhere to go. I thought this whole post was about picking areas that have an upside – not where we would want to live if we had all the money in the world (Brooklyn Heights) or where we might be forced to live if we never get any (Montclair).
Based on the comments on this board, you are guaranteed to make money if you do the exact opposite of the wisdom found here.
Nativegal, do you think making a decision where to live based on race (when deciding between equally priced and convient locations) is about personal confort?
In all honesty I’m not really social with my neighbors. Some neighbors look like me and some don’t. Its not like we are kids anymore and we play with the kids on are block. Sometimes I dont want to standout so much, there is comfort in that.
In reality there will always be people who want there neighbors who look like them and some who just want quiet neighbors.
I may have just had good luck in my housing situations.
Williamsburg is an example of how a neighborhood can become more desirable and competitive even with predominantly frame/aluminum siding buildings. The housing stock there is not as aesthetically pleasing yet it “boomed” before areas like BedStuy which has brownstones (and brick, aluminum siding)?
Do brownstones guarantee desirability and a competitive real estate market?
I was the 1.33 poster talking about the Fulton Street BID. I want to correct what I said. There is not currently a formal BID, but a BID feasibility study is being done by the Fulton First organization which is a Brooklyn Chamber of Commerce initiative. See the link http://www.ibrooklyn.com/fultonfirst/about
One reason for the Williamsburg boom is scarcity of product. The waterfront towers will be a different housing type and will dump a lot of units. In order to get the prices they want, condos and rentals will be at manhattan pricing.
My prediction, today’s prices will decline and the waterfront towers will develop over a pretty long time window similar to LI city’s towers.
Fulton from Flatbush to Nostrand is part of a Business Improvement District or “BID”. The Clinton Hill stretch (from Vanderbilt to Classon) has seen a few new places pop up in the past 4 years or so – Bodegas, Cafe Shane Deux, Kush, Outpost Cafe, Olivino etc. The apartment buildings on the corner of Fulton and Washington are for sale for $8 million, the corner 3 or so building on Fulton (Putnam actually) and Grand are up for development of condos if the owner can find a partner willing to invest $7million, there is a proposed condo development on the site of the parking lot next to the Cathedral Condos on Washington between Fulton and Atlantic as well as another proposed condo development on Clinton (I think that is the street, across from the large church) between Fulton and Atlantic. Whether any of this will be done is to be seen, but if it is true and things move forward, the commercial stretch of Fulton Street in Clinton Hill will likely change significantly (i.e. go more upscale as it has in Fort Greene in the past 5 years).
The name BedStuy applies to a large area. How do people who live there see it as it currently is?
Is it still block by block specific?
Is the Southern area near the A/C more establish than the Northern area near the G, and the Eastern area near the J/Z?
How is the center that is pretty far from the subway?
Any unbiased feedback would be appriaciated. Thanks
Vanderbilt needs upgrading. Anyway Ratner could pay for it?