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]
5:23
I’ll be there. i’ll talk to you real good.
I think that it is finally Ditmas’ time–there are many positive things going on out there. Recently went to an Open House and a community event at PS 217 over on Westminster and Newkirk and was really impressed–would definitely not think twice about sending my child to school there.
Bay Ridge Has the schools .
I think prices have gone up pretty high in Clinton Hill/Better Bed Stuy and schools and services need to improve for further growth.
Meanwhile, places like Brooklyn Heights has lagged Cobble Hill and the North Slope in growth but that will change with the improved PS8 there.
Carroll Gardens still hot for brownstones (not condos) and Carroll Gardens West still hot (again bcs of the school zones)
It’s all about schools now.
Which one of the “biggest real estate” firms would you mean, Anon 5:59? A developer, owner, or broker? If you’re thinking of NRT (owner of Corcoran, Citi Habitats, Sotheby’s, et al), they may not be releasing anything, because they’ve just been bought by Apollo Real Estate and are now a private company — so nobody needs to know anymore how well (or not) they’re doing — and I imagine it’s more that they’re doing very (obscenely) well than not.
“1:28 – Is PS 139 aka The Caton School?”
Not that I know of – it’s the Alexine Fenty school – see below:
http://www.insideschools.org/fs/school_profile.php?id=612
3:05 and 3:42, dude, get real. You can’t be back here once again trying to drive the property values down in Brooklyn single-handedly. Those discussions of this past Fall are over. Why? Everyone finally saw the big crash isn’t coming. Economists announced it wasn’t coming. On top of that, experts predict a huge increase in NYC residents over the next couple decades. Huge. So where do those new residents live? Also consider one of the biggest real estate firms in the city is getting ready to announce their profits in 2006 – and despite the market softening starting this past Spring, their profits were double in 2006 than what they were in 2005 which was the height of the bubble. Also, realtors have noticed there was no slowdown over the holidays in buyers looking at properties, this year. It stayed active. So give it a rest.
5:23 – Ooooooh – I’m all shook up! So, when I come down, who do I ask for?
1:28 – Is PS 139 aka The Caton School?