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]
Sir? I’m a woman. Thank you very much! 😉
Re 3:20 Post – You, sir, are a sage beyond measure.
shhhhhh….. BAY RIDGE
The southern part of park slope and “south slope” (from 9th street south to 15/16th street and above 5th ave.) will become increasignly more attractive when AY gears up. There are brownstones and nice frames, train access, good school zone, the park and the commercial offerings are much more mom and pop. The builidng of AY and inevitable “Manhattanization” of downtown Brooklyn and the areas surrounding AY will make this area really appealing.
First, AY is not a housing project so the comparison is stupid. To the contrary, AY will be primarily luxury housing and produce instant gentrification for most of Brownstone Brooklyn east of Flatbush Avenue. If anything it will produce black and lower income displacement which is sad and unfortunate. On the flip side, it will attract a slew of high income families, new shops and businesses to the area, all of which will further drive up propery values.
Second, the day that they start to build NEW brownstones, limestones and federal brick townshouses full of details is the day I start worrying about property values in Brownstone Brooklyn. These homes will always be in high demand. Further, since most new developments are aparment building condos, as the city becomes more overpopulated and apartments become smaller, the truly urban rich will be primarily concerned with square footage and the ultimate trophy prize – owning a single family townhouse in the heart of Manhattan or Brownstone Brooklyn. Remember, Wall Street is just minutes away and Brooklyn is no longer the anathema it used to be but rather HOT HOT HOT!!!
Man, when people start talking about how we CAN’T lose money and property values CAN’T go down, that’s when you know the sh*t’s about to hit the fan.
I’m someone who was defending the neighborhoods around AY, saying their values would not go down due to AY. But I don’t work for Ratner; I’m against AY in general, I think it was a sham and a shame the way that development has been shoved down our throats. I certainly think transportation in Brooklyn will be a joke after AY is built. But I don’t believe Fort Greene or PH values will go down because nothing in Brooklyn is going to be going down. The NYC population is growing and growing. Plain simple fact that means prices will always go up, just more slowly in some periods perhaps.
To 12:50 PM re the subways overcrowding. This is the kind of thing that opponents of AY were trying to emphasize – thousands of new residents and sports fans with no additional transit infrastructure – Ratner was/is going to give free metrocards to people going to events at AY – that will really help – it is sad that the community didn’t react quicker so that this could have been prevented or scaled back. I live in PH and am really depressed about the whole thing.
It looks like the hypsters from Williamsburg are moving into Bushwick, so this area is headed for a change. Looks like more rapid migration than anywhere else of new residents totally different than existing.