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
“However, in Park Slope, the idea is to own thing–and live your life along the way. Just not my cup of tea, I guess.”
What?
Yes.
Are you guys always hating everything, everybody and every neighborhood or do you just save it for this site.
Doesn’t everyone in the people’s republic of park slope just home school their kids?
Not everyone likes Park Slope or wants their neighborhood to be like Park Slope. I’m currently IN Park Slope, but I’m looking to buy in a different area precisely because I don’t like living here. I like a little gentrification as much as the next guy, but it’s been pushed to bizarre and unfortunate extremes in Park Slope. Everyone has so much money here and materialism hangs thick in the air. Like most peoople, I want to live a rich, full life and own a few things along the way. However, in Park Slope, the idea is to own thing–and live your life along the way. Just not my cup of tea, I guess.
wow! poster is a moron. just a thought
1:31, out of 240 post so far, there are 2 references to a RE crash; hardly a consensus. In fact, the vast majority of the choir is singing in harmony that RE will continue to go up. The only disagreement seems to be which neighborhoods.
To me, the presupposition is that a neighborhood can only rise at the expense of another neighborhood. This is very flawed reasoning as it implies that RE is currently a zero sum game. For the past 5 years, the rising tide has lifted all boats. Those who would buy one neighborhood while shorting another, are basically conceding the fact that the tide is no longer rising.
Just so people know, PS 11 in Clinton Hill has been improving greatly in the past few years do to parent involvement and attention from the city. Friends of PS 11 often holds fundraisers that have helped, amongst other things, fund a new science lab and some libary upgrades. It will only get better. People have an interest in doing so. I’m long on Clinton Hill and Fort Greene, as well as Prospect Heights. They are great neighborhoods will a great group of diverse people living in them who really care about their communities. The areas have a really good “feel” to them and have great housing and amenities. I’m more upscale amenities will continue to proliferate too with all of the condo development.
Some of the posters are presupposing a crash. Most of the analysis I’ve been reading has pointed to a leveling off of appreciation and maybe some depreciation, but not a big crash. I think this is more likely, but time will tell. People get awfully opinionated and antagonistic on this blog. We all live quite close to one another, so no need to get adversarial. It will be interesting to see how things go, but overall, I doubt there will be blood in the streets…