Prices Skyrocketing in Emerging Brooklyn
A story in the Post yesterday confirmed what regular readers of this blog have known for some time: Home prices in Bed Stuy are rising quickly — as are prices in other neighborhoods outside the traditional Brooklyn brownstone belt. Average condo prices are up 12 percent and two- to four-family townhouses up 36 percent this…
A story in the Post yesterday confirmed what regular readers of this blog have known for some time: Home prices in Bed Stuy are rising quickly — as are prices in other neighborhoods outside the traditional Brooklyn brownstone belt. Average condo prices are up 12 percent and two- to four-family townhouses up 36 percent this year vs. last year in Bed Stuy, Crown Heights, Bushwick and Prospect Lefferts Gardens, based on data from the Corcoran Group, the story said (presumably it meant as of May, the end of the second quarter, but the story didn’t specify). The reasons given were many: Brooklyn has become a top-tier destination, rising interest rates, not much newly built inventory, and improving retail and amenities — as typified by Franklin Avenue. What do you think the reasons are — and will the prices last?
Stuy High [NY Post]
Hoping someone can give informed comments to my constant query: Is it because of the lack of brownstones in the Greenwood Heights neighborhood that improving retail and amenities is just not happening? I don’t wish for a “hipster invasion” but 5th Avenue from 17th Street on is just so bleak. There are a few bright spots, Freddy’s, Roots, Quarter, and a couple of bars past 21st Street, but there’s not one decent provisions store or other quality retail. There are more down and out, depressed and vacant storefronts that could house a number of great retail opportunities. Please don’t be snarky in commenting. I’m just constantly wondering why this area doesn’t improve.
Because there are available storefronts in Park Slope as things keep turning over, business owners are likely to set up shop there because of the adjacent businesses provide traffic. Sure there are “pioneers” who open shops in “bleak” areas. But most business owners aren’t pioneers, they are followers. And most pioneers don’t survive in the long run. Specifically what sorts of “quality retail” are you hoping for?
artisinal slope train heading east it seems. better transit
hmmm maybe I will start one
MrHancock’s dismissiveness is more indicative of his hopes than any rational thought. Condo prices might fluctuate, but there’s no reason to think brownstone prices will dramatically decrease. They’ll stabilize, sure, but NYC brownstone prices NEVER dramatically decrease. Even the Great Depression left NYC brownstone prices disproportionally high.
The suburbs are calling. Pick up the phone.
That’s part of the picture, certainly and good points. But what I don’t understand is that there is seemingly enough critical mass already in the neighborhood to keep improved retail opportunities in business, i.e. good produce, quality food shop, a cheese store, quality restaurants, better wine shops, etc. etc. Park Slope is not going to become “cool” again but Slopers may travel south if something other than Lot 2, for example, drew them there. People already in this neighborhood would support better retail. I don’t get why smart development won’t take the chance. 5th Ave is so damn depressing when it needn’t be.
Take off the tinfoil hat. In this heat, your head must be completely cooked through by now.
H.A.M.!!!