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]
I think all the neighborhoods are vunerable including Brooklyn Heights. A lot of youngish Wall Streeters have moved to the Heights within the past five years and the young are the first to be eaten in the Financial District.
I am amazed that prices have not softened more already. We are a stubborn and headstrong bunch in NY. But we cannot ignore reality forever.
10:44–
“I’ve always thought Park Slope was vulnerable. Not like, say, Bed-Stuy, but not safe like B. Heights. The run-up was simply far greater and far faster than any other Brooklyn neighborhood.”
No way. I also believe prices will fall in Park Slope, but look at some real estate listings from 5 or 6 years ago. Prices in Bed Stuy, Clinton Hill and Crown Heights shot up way more (in percentage terms) than Park Slope did. In 2007 houses in those neighborhoods were selling for probably three times what they did in 2002. In Park Slope, more like two times.
Yes I am shocked as well 11:40!! But you know what makes Park Slope so great, is the people. Those stroller moms that push you off the sidewalk into the middle of traffic and than give you dirty look when they pass by. I love taking walks through PS, it is so delightful. That is why the real estate market will flourish there forever.
But this is madness? Isn’t park slope one of the best neighborhoods in the country and have all those new things on 5th ave opening?
This data must be false. there’s no way park slope prices aren’t increasing astronomically.
But this is madness? Isn’t park slope one of the best neighborhoods in the country and have all those new things on 5th ave opening?
This data must be false. there’s no way park slope prices aren’t increasing astronomically.
“While Park Slope may be holding up better than, say, Bedford Stuyvesant, it’s evidently doing a whole lot worse than Tribeca”
Why not better than East New York? In the upcoming Depression all asset classes will fall. Without funny money being pumped thru the system and no access to credit, I think all neighborhoods are going to get hit.
Now that I’m in a good frame of mind I will restrain from using foul language. I can get my point across without using it.
The What
Someday this war is gonna end….
you can set the font color within your browser preferences.
spend a couple of minutes using google to figure it out.
Kuroko, 240 posts may have been possible without the faded type poster around to deter people from sticking around. I’ll stand by my original 150 post prediction.
Bren, you’re right on. When the financial and housing markets crash, most will be affected, particularly and unfortunately the lower to middle income classes. In general, they’ll be squeezed even tighter and, in general, will be no more able to afford to buy in PS, BH, etc.
I’ve always thought Park Slope was vulnerable. Not like, say, Bed-Stuy, but not safe like B. Heights. The run-up was simply far greater and far faster than any other Brooklyn neighborhood. It could drop 20% and be where it was just 18 months ago. 30% and be where it was 24 months ago.
I’m expecing a big drop in Park Slope prices.