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
I believe there was a kitchen on the second floor, which has been complately removed, and that the current first floor kitchen was initially smaller and in the front of the house. This is what I’m told by someone who was involved in the renovation. I believe the owners occupied the English basement and parlor floor and rented out the second floor. But no-one’s lived there for so long I can’t really say.
Another thing the current owner did in converting it back to a one family is that she had the second floor landing knocked out above the stairs, so now you can actually move furniture up there. When I moved into my place I had to have my sofa taken apart to get up the stairs and then reassembled — I guess I’ll have to do the same thing when I move out.
The house for sale on Lefferts Ave. is useable as either a one or two family house, as are all the houses on this block. Some are illegally used as three families (apartment in the basement). It was bought last year by a real estate broker who took out one of the kitchens (you can still see where it was in the pictures — the floor is still tiled), put in the new one, and is trying the quick flip, which so far hasn’t happened — first she tried it on her own, now she’s got Corcoran behind her, but they don’t seem to be doing too much — a few open houses before Christmas and that’s it.
Certainly when it snowed they didn’t send anyone around to shovel the sidewalk in front of it, turning that stretch into a hazardous ice patch for the older people on the block.
And I’m sure Nativegal is aware of this house — I’d like to get her opinion of it if she’s seen it.
rather than discuss the question i’d rather discuss some other question that has nothing to do with the question
Very long on Ditmas Park. It’s happening and no slowdown in the market will stop it.
Medium on Prospect Heights.
Short on Sunset Park and the Lefferts area.
Rather than making a call long or short on a specific neighborhood I think it makes more sense to think about each neighborhood in terms of neighborhood specific factors that will impact upon the market pricing.
Many factors ie interest rates and the overall economy will impact many of the neighborhood more or less in similar ways.
Other factors ie proposed developments may have a much more targeted impact.
I dont pretend to know wether the market is going up , down, sideways. I know that the market has gone up significantly in the last five years and seems to be at least slowing or taking a breather relative to what it has been doing. That being said Brooklyn has been going through a transformation. Especially the downtown Brooklyn and the areas surrounding. I think Brooklyn has gotten a lot of push from the high pricing in Manhattan. At some point though some people discovered there was a quality of life in the neighborhoods of downtown Brooklyn that was special and even preferrable. I believe a critical mass developed as a result of a lot of factors including the drop in the crime rate. I think the drop in the crime rate helped the less established areas (to a greater degree) become more established (more$$$). I also think at least at the earlier stages of transformation the build up feeds upon itself and creates a momentum. I still think many of the Brooklyn neighborhoods are in the early stages of transformation. The Downtown Brooklyn area recently had a massive rezoning allowing for major increase in density and major future transformation. There are other areas that have actually been down zoned or are in the process of being downzoned. The are neighborhoods ie Williamsburg where there is a lot of “supply” coming to market and then there are other neighborhoods where there is much less supply is coming on line.
I think Red Hook with its challenges is going to get a lot of push from Fairway, Ikea , The Cruise Ships,Water Taxis, Governours Island, The Waterfront, and various residential and nonresidential development projects. The Waterfront also has a very special feel to it.
I think eventually the City will rezone the
area to allow more residential and as you gain critical mass you see a major transformation hoefully creative solutions to the transportation challenges and reflection of this in an upward
bias of market pricing.
So I guess I am long on Red Hook and the
Brooklyn Waterfront.
I also think that the new Whole Food Markets planned for 3rd avenue and 3rd street will have
a major positive impact on that 3rd avenue area.
Come to think of it I dont think I would want to short any neighborhoods of Brooklyn which is not to say I wouldnt be more cautious at this stage of the market when buying.
Park Slope – Cocotte
Brookyln Heights – Waterfront Ale House
Columbia Waterfront – Schnack
since we’re off topic, any one know where to get a good hamburger around here
we’re looking to buy a house in prospect heights. it’s not about the market–we’re looking for a nice place to live! if anyone knows of anything for sale (or coming up for sale), an email would be much appreciated. thanks.
Babs,
That house on Lefferts was on the market a year ago for under 500,000. It is a legal one family, not a two and I don’t see how it would work as a two.
What did you think of the new kitchen sink? If it were Barbie’s Dreamhouse or an airplane bathroom it would be a perfect fit.
Since NativeGirl lives there she has the benefit of word of mouth in her search and being able to see “For Sale” signs posted by neighborhood agencies.