Park Slope: The Canary in the Coalmine
When we talk about the Brooklyn neighborhoods that are likely to fair best in the market downturn, blue chips like Brooklyn Heights and Park Slope are typically mentioned. But a New York Magazine article yesterday suggests that it’s all relative. While Park Slope may be holding up better than, say, Bedford Stuyvesant, it’s evidently doing…
When we talk about the Brooklyn neighborhoods that are likely to fair best in the market downturn, blue chips like Brooklyn Heights and Park Slope are typically mentioned. But a New York Magazine article yesterday suggests that it’s all relative. While Park Slope may be holding up better than, say, Bedford Stuyvesant, it’s evidently doing a whole lot worse than Tribeca, which is the article cites as the richest neighborhood in the city. As the chart, at right, shows (with data provided by Streeteasy), one-bedrooms are up 23% over the past year in Tribeca while they’re down 2% in the Slope; three-bedrooms are up 26% in Tribeca and down 14% in Park Slope. Does this suggest a relative weakening for Brooklyn as a whole versus Manhattan going forward?
Where Boom Meets Bust? [New York Magazine]
eurotrash getting hit too. when it was all the rage to take advantage of dollar weakness and buy, many of these guys probably didn’t predict even further weakness in the dollar coupled with declining RE values. an irish carpenter who bought in november is underwater 7% just on the FX position. sure, they can wait that out, but will probably be underwater 20% on the RE by then.
12:02/12:13, you’re both dead on. When I first moved to NYC and bought a place in Manhattan, Brooklyn was a far off land in which I could never have imagined myself living (forget about Jersey). A friend suggested I buy a place in Park Slope years ago and I thought she was crazy (actually, she is crazy, but her place has probably tripled in value). I love living in Brooklyn now, but let’s face it, Manhattan is truly the place to be young and single.
Here is another problem with PS, the moms who live there think they are gods gift to mankind. That they are somehow more important than any other person in Brooklyn. If you don’t live in PS, your worthless to them and your treated like garbage. Sorry I could not afford to live in your neighborhood but you don’t have to be rude and inconsiderate to me. Have some decency and please don’t turn PS into the Upper East Side.
idisagree—f’off. Push your ‘tude and your doublewide right into the GowANUS
Here is another problem with PS, the moms who live there think they are gods gift to mankind. That they are somehow more important than any other person in Brooklyn. If you don’t live in PS, your worthless to them and your treated like garbage. Sorry I could not afford to live in your neighborhood but you don’t have to be rude and inconsiderate to me. Have some decency and please don’t turn PS into the Upper East Side.
all this stroller mom hating is so tired. i used to be interested in how this one particular brand of obvious misogyny became and remains somehow permissible, but now i’m just bored by it. i’ve been pushed off the sidewalk more times than i care to count by hipsters walking three abreast with their affected my-bangs-are-in-my-eyes shambling, and you all need to get over yourselves. and, oh, also? have you ever been to tribeca? they have stroller moms there too! lots. so if this chart is right, perhaps you need to look to other factors to explain the weight on home prices in PS.
“Not too many young bankers it seems want to live in brownstone area right now…”
No, not the young ones. They begin to look at brooklyn when they’re married and their pregnant wife wants a 2nd or 3rd bedroom and maybe a yard.
I see that the misogynists are out in full force. Hopefully they won’t procreate, although that normally entails finding a partner. May you guys,( and us women know that you ignorants are guys), never find yourself pushing a stroller, because your self hate will become apparent.
I know so many young single banker type people that work in Manhattan that look at Brooklyn and Jersey being almost the same. When I tell them they should check out Park Slope they are like “whats that”…. Not too many young bankers it seems want to live in brownstone area right now…