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]
faded type spammer- please seek some psychiatric help. You are in dire need of it.
For what it’s worth, I don’t like the faded type either.
The faded type poster is correct, the vast majority of posters for whatever reason choose to be anonymous.
It does not look like faded type is encouraging people to register and it is harder to read.
faded type spammer- please seek some psychiatric help. You are in dire need of it.
I think people need to realize that euro money is not going to flow in and prop up the Manhattan (and by extension, Brooklyn) real estate market forever. Even if the dollar is weak, no one wants to invest in a market that’s going down, especially if it really is investing and not buying a primary residence. Also, the Europeans are being hit with their own economic problems at home. Of course there is a handful of very wealthy individuals who aren’t that affected by this, but in general I think you’re going to see European interest in buying in the US dropping quite a bit (would be surprised if it hasn’t already).
For instance, I own in Brooklyn Heights – if the prices dropped 50%, it would be even easier for me to afford to sell my place and upsize if I wanted to. Of course that assumes there’s something desirable on the market, which isn’t always the case given the limited inventory in the area.
As an aside, I would accuse The What of being the faded type poster, except the grammar is well above his standards.
As the dollar continues to weaken, Manhattan housing prices will only increase or at least hold steady because of the influx of flush Europeans snapping up condos at–to them-bargain prices. Thankfully, Brownstone Brooklyn is of interest only to local New Yorkers who are feeling the economic pinch like everyone else. Let’s stop hating the Slopers and aim our enmity at Eurotrash instead!
“I expect prices in Park Slope and nearby neighborhoods to crash”
keep on expecting 9:24 #1. If the prices did drop, those you mentioned with lower incomes will still be shut out by the existing residents and affluent newcomers coming in and scooping them up and combining apartments.
ok, just read it and would still like to know…
The faded type guy should find something else to do.
Prices will go down everywhere in a recessions. Prices will go down less and later in areas where more people with more money and more cushion live. Why is it even controversial?