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
A million in government money or a developer? Do you know what the terms are? Is it for tree planting, benches, lighting?
I’ve read that there’s $1mil earmarked for storefront improvements along Fulton Street, from Bedford Ave to Lewis?
A couple of posters have alluded to the future of Fulton Street as if there are some specific development plans in the works. Are there?
I’m asking becuase I think Fulton is really promising– it seems like it could be much more of a neighborhood hub than it is.
And a real estate agent told me once that a lot of businesses (like Jive Turkey & the Thai places, I think) have been choosing Myrtle over Fulton for the past few years because the rents are too high on Fulton– but if this is true, I”m thinking that it’ll eventually level out.
what does it mean for a broker to teleport themselves into a brownstone?
The dirty little secret of NYC real estate no one likes to talk about. Race matters. Whether you are renting or buying.
As a black man who is also looking to purchase a brownstone, I have experienced the same discrimination as Tyler while looking for homes in Bed-Stuy and Clinton Hill. It’s almost as if the brokers just teleport themselves into the brownstone without bothering to look at the neighborhood surrounding it.
Back on topic, I, too, am long on Bed-Stuy (particularly the areas near the Nostrand and Utica stops), since the housing stock and transportation is there. Also like Prospect Heights, Windsor Terrace.
Shorts: Brooklyn Heights, Park Slope, since they are already near their price peak.
what happened to the name calling and political rants? can’t you people stay off topic?!
Ditmas Park has been “the next neighb” for at least two decades precisely because of the “big houses, yards, driveways.” But this is also why people move to Jersey!
There is the B,Q train, a tiny stretch of Cortelou with one decent restaurant, and you have to drive everywhere else. Sounds an awful lot like Montclair (except the schools in Montclair are WAY better, and you don’t have to pay city income tax).
I agree with an earlier poster that Ditmas Park will prosper. The reason? Ditmas Park has some things to offer that you just won’t find anywhere else. Huge Victorian and Colonial style homes, yards, driveways and parking are available in abundance, and these look *awfully* good to someone who’s lived in Manhattan or Park Slope for a few years. In fact, my theory is that, if you’ve lived in one of these well to do areas, Ditmas will have much more appeal than Carroll Gardens, Ft. Greene or any other area offering a variation on the style of housing and life you’ve already had. At the same time, the commute from Ditmas to Manhattan via B or Q is surprisingly easy and quick.
Then there’s the matter of value. We may call Carroll Gardens an up and coming area, but in terms of property values it arrived long ago. It’s expensive! Someone who’s looking to get more for their dollar (more area, more convenience and more investment potential), will go to Ditmas Park.