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]
Dear 4:44 – I am honored that out of 67 posts you chose mine to respond to. Having lived here through blackouts, car theft, muggings, the murder of Amy Watkins, the Rodney King and Yusef Hawkins unrest, the Crown Heights riots, and various other bad things I will probably survive this, but it is very sad to see our unique neighborhood destroyed for the sake of a money grubbing developer.
I agree that “the sky is falling” rhetoric is DDDB propaganda intended to scare people into opposing AY. Clearly, it has failed. The AY will put the area on the map and have a resoundingly positive effect on property values.
Let me save the unhinged DDDB cult members the trouble: “It’s nice to see Ratner’s paid PR flacks posting on this site.”
Don’t worry. Most of the homeless crazies will get run over by the ridiculous traffic. How many posters have ever tried crossing Atlantic at 4th Avenue?
Anon 3:58 — I heard that Hanson Place and the Smith St. condos (particularly Hanson) are struggling. Rumor is that prices at Hanson will come down after the new year due to that fact.
Target, Chuck e cheese, all those retailers don’t appeal to ppl who can afford Hanson place prices. Think about the train/bus station in anytown USA –generally where the homeless and crazy hang out and the flatbush LIRR/subway station right outside Hanson place’s front door is no different.
And PH rez at 2:44pm, you sound unstable and on the brink of an emotional meltdown. If AY has you so depressed before construction, it’s going to kill you later. My solution would be to sell and allow someone else who wants to live in post-AY downtown Brooklyn enjoy your PH home. I’m sure you have enough equity that you can afford someone place really nice in a less densely populated area. The buyer of your property? Well he or she will make out like a bandit in five to ten years. You, on the other hand, will have peace of mind. You can’t put a dollar value on that…..
I don’t understand all of the ballyhoo with respect to the arena. It’s tucked away on the periphery of brownstone Brooklyn, on a commercial strip (which was upzoned for high density development) and at the corner of two major thruways. The hysteria of AY, the arena and falling real estate prices was put forth by DDDB for the sole purpose of scaring nearby residents into opposing the project. Now that this tactic has failed can we please move on and focus on Brooklyn’s very bright future?
I think the big old grand 20’s buildings south of prospect park on and around ocean avenue. Every area around it has started to go, and I predict its next. Those super grand elegant huge apartments have me salivating!
When AY opponents had a glimmer of hope they argued that AY had too much luxury units, not enough affordable housing and thus should be stopped. Now that AY appears to be a foregone conclusion, they are now arguing that the affordable housing component will be a drag on the development and a negative to surrounding communities. You people are unbelievable!!! Do you want affordable housing or not?!?! This is why DDDB and their supporters lost the AY fight; they could never get their story straight.
The above comment by 3:54pm just goes to show you that it’s always been about the arena and the luxury housing angle was but a ruse. Why not just attack the arena? Can’t because Ratner outfoxed DDDB and as it turns out Brooklynites want the Nets!!
Sure Thing: The remaining HOT areas plus Bed Stuy..
Dont know: Sunset Park…There seem to be many illegal chinese mulit-family dwellings for it to really come up.
Again, air on the side of caution this year…dont know what the market has in store for us..especially with the inverted yield curve…I would say to sit tight and stay away from a huge amount of Risk this year.