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]
There is nothing wrong with downtown Brooklyn that the market won’t take care of itself. Obviously it is doing quite well, store rents are among the highest in the city, and when a store can’t cut it, it goes out of business, just like anywhere else. The stores may not be your cup of tea, but they obviously work for many. The only thing rotten I see is your elitist attitude, not to mention your identity poaching.
J.D., I actually agree with you (and disagree with my shadow) about this. The people who worry about the fate of downtown have legitimate concerns, some of which I share. However, all things considered, I think the future looks bright for downtown. Yes, there will be problems. Yes, mistakes are sure to be made. But we have to bear in mind that the current situation is pretty rotten. A change, in my opinion, can only be a good thing.
windsor terrace
I can see a building like the Board of Ed condos doing well, because of its history and location, and the fact that people like the cachet of living in a historied building. But all of the other buildings going up along Atlantic and on or near Smith, along with DUMBO condos, not all that far away…..I dunno. Seems like way too much. Not to mention its not like they aren’t building anything in Manhattan. I work in NoHo, and just in that area, on down the Bowery, on Houston, and towards the Lower East Side, there are (luxury) buildings going up everywhere. That’s just on small part of Manhattan. I still don’t get where all these buyers are coming from, but what do I know, I’m just an observer, not a player in this vast real estate game.
Browner Park–I disagree with you about downtown Brooklyn. The numerous subways and new condos should bring in a lot of new residents, especially from Manhattan, which will bring in more development, which will bring in more residents. You can argue whether this is good or bad for downtown, but I think it will begin to happen starting next year.
Everyone, just so you know, I did not make the post at 12:28AM. My handle was hijacked.
I think most of Crown Heights North and Bed Stuy between Franklin and Throop, Fulton and Greene will see a huge influx of new buyers. I also think the better rowhouse blocks of Bushwick and East Flatbush are going to start seeing more gentrifying moves, as will the non-Hasidic parts of Crown Heights South. Frankly, I really think anywhere there are groups of nice looking, intact row houses, there will be lookers and buyers who have never been to that particular part of Bklyn before. As someone is always saying, they are not building anymore brownstones. The search for a period home will take people wherever it takes them, and if the price is right, many will buy, and figure out schools, amenities and other issues later. I am talking about people primarily interested in a long term home, not those with a quick resale investment in mind.
I think Williamsburg and downtown Bklyn is going to see a big slump, due to a condo glut, and in general, I don’t see many of the new fugly multi-family Fedders buildings doing too well, and predict many of them, especially on so-so blocks, will end up as rentals.
I think any developer who comes up with well designed, quality built, middle income housing will be a civic hero, as well as a rich man/woman, no matter where this housing is, but especially if it is in the Clinton Hill/Bed Stuy/Crown Heights/Prospect Heights areas.
Clinton Hill and Fort Greene public schools are actually getting better due to parent involvement. I say Clinton Hill will continue to go up in price in the long term, and the Prospect Heights/Crown Heights border due to conversion and development.
“1:28 – Is PS 139 aka The Caton School?
The Caton School is PS 249 which is located in Prospect Park South. It looks like a good school, but not very diverse.
http://www.insideschools.org/fs/school_profile.php?id=490