Outlook 2007: Longs and Shorts
Note: We’re moving this post up from yesterday to encourage more input.Welcome to the third annual installment of our market prognostications. Last year, we picked Prospect Heights and Carroll Gardens to outperform and Williamsburg to slump, which in retrospect look like pretty good calls. As for next year, our eyes will be on the areas…
Note: We’re moving this post up from yesterday to encourage more input.Welcome to the third annual installment of our market prognostications. Last year, we picked Prospect Heights and Carroll Gardens to outperform and Williamsburg to slump, which in retrospect look like pretty good calls. As for next year, our eyes will be on the areas bordering Prospect Park that have the location and housing stock on their sides but have yet to attract widespread interest from the gentrifying crowd. We’d also be front-running the newly Brooklyn-focused Landmarks Preservation Commission by looking in spots like the soon-to-be-designated Crown Heights North. On the downside, it’s hard to see how increasing supply of run-of-the-mill condos coming on line in Williamsburg won’t continue to put downward pressure on prices. We’re not as wary about the effect of Atlantic Yards on surrounding real estate as some and continue to think that Prospect Heights has a lot to offer. As has been mentioned before, quality brownstones should continue to find buyers while those in more marginal neighborhoods and lacking architectural detail will likely have a tough time. Looking back on last year’s post, we can be thankful that we got our wish of a gourmet market (sorta) in the form of Choice. Now if we could just get a friggin’ cheese shop we’d be really psyched.
Market Predictions for 2006 [Brownstoner]
G train doesn’t go to Manhattan. That’s a big negative for certain areas of Clinton Hill and Bed Stuy.
Just remember people considered 5th Avenue in Park Slope a blighted dump not too many years ago. ‘Nuff said!
anon at 1:24, you can be sure that the area on the edge of clinton hill/bedstuy will continue to increase in value and feel more like clinton hill/fg-it reminds me of those neighborhoods less than 7 years ago. walk 5 minutes and you’re in the heart of clinton hill.
the border of clinton hill/bed stuy…westbed.
Anon at 12:54, do you own or rent?
“I could tell you why PLG hasn’t happened, but out of respect for Mr. B and because I don’t want to be branded a troll, I won’t.”
Thank you for your restraint :-).
I live in PLG, however, and it is undeniably already going through rapid change in terms of the people moving in (i.e. whiter, younger and wealthier).
I agree with the folks who have pointed out the aggregate demographic trends in NYC. The population of NYC is supposed to be 9 million in a couple of decades and those folks has to live somewhere. As some have previously mentioned, housing stock quality, space and transit access will remain key factors in determining a neighborhood’s short and/or long term future.
For 2007, short any neighborhood with an overabundance of condos going up. I think the market’s going to lag for a year or two and apartments will fare worse that houses in a slower market. It’s just a hunch..
I agree that South of Prospect Park will take off. With all the new restaurants nearby (the farm on adderly, endura in PLG) and the great access to transportation (Q and B), I can’t see why this area hasn’t already happened.
I think Stuy Heights still has a ways to go. Great housing stock, good community. If we were looking I would focus there.