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
Okay, out of sheer boredom I guess I checked out the blog recommened above about the so-called housing bubble. It’s written by some guy in Northern Arizona. I think the national issues are only somewhat related to our area at this point. Interest rates obviously being the key issue. But the interest rates are still incredibly low. So stop freaking out people. Houses in Brooklyn are not going up by the hundreds/thousands like you see in the rest of the country. (Well, except for Williamsburg and Ratnerville I guess.)
I agree with anonymous at 07:22! This speculation is ridiculous. It’s not horse racing, options or puts. Perhaps brownstoner coming from a Wall Street dayjob is looking to put some sort of spin on the info? But look what happened to Henry Blodget. It’s not a liquid asset with public filings and private info. that can’t be traded upon officially and can be hyped for better or worse. It’s just houses. People live in them. If they want to buy them they do. If they don’t, they don’t. That’s all.
i bought in 79 a loft in soho for 95,000. It’s now worth 4.5 million. Through the years, the doomsayers crowed just as loud as those above. I cannot tell you how many agents and know-it- alls said, “sell,sell. the markets going down. blah, blah” The lesson I learned is that if you buy quality, it will always retain value and there will always be a demand for it. Especially now (and unfortunately, so) the rich are proportionally better off than the poor. They will spend their not so hard earned money on property with intrinsic value such as beachfront, Soho, Fifth Ave., the West Village, etc.
My advice when buying is to seek real lasting quality and don’t be full of fear from listening to others who know as much about the future as your fortune cookie.
Long: Renting anything.
Short: Buying anything.
Becoming a homeower (you don’t own it until the note is paid) now would just be catching a falling knife. Wait until the Spring ’06 “Rush for the Exits” tour. It’s gonna be wild and crazy. Market will get a slight bounce and then hang on. The intense political season will only enhance the flawed policies that let the market get as crazy as it has.
Next stop is down because it sure ain’t going up anymore, and there aren’t any greater fools left to absorb the rising tide of inventory. Spring and Summer will be harsh reality check.
Keep abreast and stay informed if you are foolish enough to jump into the housing market unless it’s for the long term.
Lots of perspective at http://www.thehousingbubble2.blogspot.com/
W. still the worst commander-in-thief ever.
Shortem all. The top is in. They’re all going down. YOY prices will be down by the end of ’06. Prices are already flat from July.
Long on Bed-Stuy – but not all parts of it. The area close to Fulton along the A train and the part that borders Clinton Hill…
Already noticed a new restaraunt that’s underway on Macon and Stuyvesant Ave
walking around Dumbo on a quiet week-day leads one to believe that it’s an amazing and unique place. was there yesterday and noticed a brand new gourmet supermarket openned. The J condo building will be oversized but the rest, the area actually between the two bridges represents the old and new New York.
Just like Soho, it will always go up in value. There’s just a finite amount of property there and the rich will always be attracted to that, not to mention the spectacular views, restaurants, streets, etc. I don’t live there (i wish i did) and it’s hard not to believe that Dumbo won’t thrive.
I’m long on the landmarked part of Bed-stuy/Stuy Heights – not necessarily the part closest to Clinton Hill. As someone posted here not too long ago the A train is infinitely more convenient than living on C train. Beautiful buildings too!
Gourmet market?
How about a decent public school in FG, CH, PH, RH, ‘berg?
That why I’m long on Ditmas Park and Brooklyn Chinatown (Sunset Park-Bayridge-Borough Park border area).
I’m definitely short on Williamsburg, but strangely long on Greenpoint and Bensonhurst.