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 agree that the market is tanking itsawrap, but we are just discussing which neighborhoods will do best in the long haul if you had to buy right now.
It’s all about schools in Brooklyn.
Long: Brooklyn Heights, Dumbo, PS8
Short: Park Slope, PS 321
No weight: Cobble Hill, PS 29
There are still nice 2 bedrooms in BH for $650-700k. You don’t see that after the run-up in prices in PS, CH. And Clinton Hill, etc are 10 years away from a decent public school.
Nice try, itsawrap, but facts or no facts, people on this site will always be bullish. The enthusiasm is too great. If it bothers you, feel free to leave.
Good point
The bullishness on the site is amazing; almost delusional. Despite the fact the sales are already tappering off, the majority of you are still cheerleading one neighborhood or the other. Despite the fact that home prices are leveling for the first time in 36 months, you’re still cheerleading. Despite the fact that tens of thousands of apartment units will be added to the housing stock in the coming year, you’re still cheerleading. Despite the fact the mortgage rates are back above 6% and rising, you’re still cheerleading. Compound the 6%+ mortgage with the fact the in 2006, approx 335 billion dollars worth of ARMs start adjusting. 1.2 TRILLION in 2007, you’re still cheerleading.
Wake up folks. The party’s over, the bar is closed and the music has stopped playing. It’s a wrap….
Yeah, can we stick to the topic of Brooklyn real estate? Thanks….and by the way, has anyone heard of the condos going up on Myrtle between Hall and Washington? I’ve asked before but never got an answer. Enough about Montclair, Beacon and race. This is “brownstoner.com”.
Comparing Montclair and Ditmas is like comparing apples and oranges. Some people don’t want to live in the city. They move to Jersey. Some people do want to live in the city without living under horribly cramped conditions. They move to Ditmas. Why should it get under your skin that some people (a growing number of people, actually) like Ditmas. I’d considering moving there. It beautiful and it’s convenient. True, there aren’t yet a lot of amenities there, but the amenities certainly aren’t far away. People who invest in Ditmas Park real estate today will, I suspect, smile tomorrow. I’m not sure that the same will be true with regard to Montclair.
what was the question again
Nativegal I appriciate the honesty. I had similar decision to make but I choose Park Slope (North). I to am in an inter-racial couple without children. I haven’t had to deal with people’s assumptions of whose child I was with yet. I grew up in brooklyn in an all white, all european neighborhood. I don’t feel comfortable living there as an inter-racial couple because we really would be the only ones who were different. Park Slope in comparison is much more racial and economically diverse than the neighborhood I grew up in.
Now the black population is mostly in the north end and the hispanics are mostly above the stores on 5th avenue and the south end.
There are many black own business in the north end on flatbush ave and hispanic owned business on 5th ave in the south end.
I agree the population of Park Slope is not reflective of NYC: 30% Black, 30%White 30%Hispanic and 10%Asian.