Market Report: Brooklyn City's "Shining Star"
“Brooklyn continued to be the shining star of the New York real estate market,” said Corcoran President Pamela Liebman, summing up the brokerage firm’s 3rd Quarter market report. Despite mixed results in Manhattan and anecdotal evidence locally to the contrary, Brooklyn continued to put up big year-over-year numbers. According to Corcoran, apartment prices in Park…
“Brooklyn continued to be the shining star of the New York real estate market,” said Corcoran President Pamela Liebman, summing up the brokerage firm’s 3rd Quarter market report. Despite mixed results in Manhattan and anecdotal evidence locally to the contrary, Brooklyn continued to put up big year-over-year numbers. According to Corcoran, apartment prices in Park Slope and Brooklyn Heights rose 10%. Other firms’ data backed up Corcoran’s findings as well. According to Fillmore, the hottest nabes aren’t in Brownstone Brooklyn though: Bensonhurst and Canarsie saw jumps of more than 20%. We haven’t seen the report yet and news articles didn’t mention the changes between 2Q and 3Q. Those should be the more interesting numbers. Anyone got ’em?
Boro Home Prices Still on Rise [NY Daily News]
Apartment Prices Up –or Down — in Manhattan [AMNY]
Whether Brooklyn’s character has actually changed as much as the perception and desirability of it has is open to question, but there’s no doubt that we’ve seen a substantial shift in the new millenium.
I was a confirmed Manhattanite for nearly 20 years before moving to Brooklyn last year, and it was for none of the “usual” reasons. I can “afford” Manhattan, I didn’t have kids, I wasn’t necessarily looking for “quieter.” I think 11:21 has chosen Brooklyn for some of the same reasons people have been choosing Brooklyn over Manhattan for centuries now. What I think is actually different is that for many of us–particularly those who experienced Manhattan in the ’80s and early ’90s (or before)–Manhattan has become too homogenized. When I first lived in Manhattan in 1985, going to different neighborhoods was like going to different planets. Today, everyplace is gentrified, every pharamacy is a Duane Reade, every coffee shop is a Starbucks. There are few if any neighborhoods remaining in Manhattan with “indigenous” working class populations, ethnic or otherwise (except maybe Chinatown–but that doesn’t seem long for this world either), and there just doesn’t seem to be anyplace left to explore.
When I was first walking around my new Brooklyn neighborhood last year, I felt a rush of discovery and diversity I hadn’t experienced in Manhattan in ages. In some ways, Brooklyn is a bit more like the city Manhattan used to be, while Manhattan is becoming more and more of a mall.
Here’s looking at you, Mr. Smartyfartypants!
“It was a nasty comment, but you have to admit, “Complainypants” sounds pretty funny.”
Yes, it was a mildly amusing little word.
But that comment reinforces to me that a lot of the supposed “haves” are under the mistaken belief that those who disagree with them are somehow poor and cannot afford something. Which is entirely untrue in my case, and I’m sure for many others.
Mr. Brownstoner conveniently omitted this detail: The inventory of unsold Brooklyn apartments reached its highest level since last fall.
It was a nasty comment, but you have to admit, “Complainypants” sounds pretty funny.
“Brooklyn will be full of people who can afford Brooklyn. Stop complaining, Complainypants. And start saving.”
Wasn’t complaining – just pointing out something I find mildly amusing, as I believe those who can now “afford” Brooklyn are the exact types of people that I left Manhattan because of (even though, admittedly, I am a lawyer – but we need not like our own kind).
And I have plenty of savings so save your nasty comments.
I think the biggest shift is the one that anon at 11:21 is describing. There are many people who leave manhattan because they are done with it. 10 years ago that meant moving to the suburbs. Now brooklyn is an option and is a great middle ground.
So while there are many folks who are priced out of manhattan and would move there if prices came down, there are many more who are here because it is the most desirable location for what they are looking for.
For most of you who are complaining or speculating on this site, I wouldn’t consider living in a 2 million dollar brownstone being poor whether or not you bought now or 5 to ten years ago.
anon 11.28 — like I said, “for better or worse.”