What Lies Beneath?
Now that everyone’s had the weekend to digest last week’s insanity, how you feelin’ about ye olde real estate market here in Brooklyn? It’s been clear for a while that the some fringe areas are in for tough times, but how about the most blue chip ones like Brooklyn Heights and the choicest parts of…
Now that everyone’s had the weekend to digest last week’s insanity, how you feelin’ about ye olde real estate market here in Brooklyn? It’s been clear for a while that the some fringe areas are in for tough times, but how about the most blue chip ones like Brooklyn Heights and the choicest parts of Park Slope? How about some of those right in the middle like Clinton Hill? How far do you think they’ll end up falling from their peaks when all’s said and done?
Brooklyn Heights
Clinton Hill
Bed Stuy
Wall Street Reorg: Impact on Real Estate? [Brownstoner]
Photo by Gregory Taylor
“It is always nice to try and find a silver lining (and cheaper RE is one) but I just dont see a widespread economic downturn benefiting anyone (long or short term).”
No pain, no gain. It’s a means to an end. It’s time to see the REAL intrinsic value in these homes and other assets. It’s time to expose the REAL wealth (however far down there it is from where we are price-wise). It’s time to PRODUCE something (renewable energy solutions?).
This downturn is scary but necessary.
The Wall Street bust will primarily affect the Manhattan Real Estate market of 1-3 million dollar homes and apartments.
Of course there will be trickle down to this, but I doubt anyone on Wall Street ever had interest in my Park Slope studio.
as a person only making 30k I can only assume that a weakened real estate market will be a good thing for me.
if a person who makes 200k with a 50k bonus now makes 100k with a 25k bonus I dont see that has a destruction of life as we know it.
11217 – that is all a great sentiment and hopeful
but I can not think of a single industry except movie production that is not significantly tied to the overall NYC/US/Global economy genrally and “wall st” more specifically here in NYC (Movies seem to do well in economic downturns). Can you name some others?
As to making NYC into the place it “used to be” – NYC has been seriously tied to wall st’s fortunes for the better part of a century and in fact the industries that used to diversify our employment picture, have been leaving NYC, the NE and the USA for decades.
Again, everyone wants things to ‘work out’ but we should at least be honest about the problems.
Hey Dave–yeah the music was just too loud. Must have been tough working by that all day. I got close and my daughter started screaming so I bailed. Anyway, looks like its going to be great. I really enjoyed the whole event. Ended up having lunch at Peaches on the sidewalk and then strolled around and bought an antique child’s chair to boot.
I think real estate will come down. No question.
But I think some people are overstating the affects of Wall Street on our lives. The affects on the NYC economy will be dramatic, surely but there is a lot still going on in NYC without Wall Street.
This is a chance to remake NYC into the place it used to be. Filled with more vibrancy and art and less money and greed.
Save some money every month and support your local shops and restaurants as much as you can. I have high hopes for the future of NYC with less of this enormous wealth floating around. It’s a chance to all come together like we should have after 9/11, but seemed to put out of our minds so quickly.
Live every day to the fullest.
I dont know but in my experience many many of those artists and creative professionals who live in Brooklyn (and elsewhere in NYC) are one way or another tied to the overall city economy and a downturn will make Brooklyn just as unaffordable for them even if sale/rental prices come down.
Who buys the art produced by the artists, who employs these creative professionals? I think vast numbers of people coming under these titles either work directly for, or as independent contractors, for the companies and individuals who can be expected to be hurting over the next few years (at least).
Additionally – I am not so sure that your mallification argument holds up either – the boutiques, unique restaurants and specialty shops that we all love so much generally have (much) higher price points that your typical chain type store/restaurant – if people are hurting, Costco and Home Depot make very nice substitutes to the local (expensive) hardware store or specialty butcher.
It is always nice to try and find a silver lining (and cheaper RE is one) but I just dont see a widespread economic downturn benefiting anyone (long or short term).
wasder…sorry i missed you saturday. I did meet aussie though.
Shillstoner–from your mouth to God’s ears. I hope you are right about that. The neighborhoods of Brooklyn that I love are very dependent on the ability of people making a decent but not extravagant amount of money per year to afford a nice home so I will keep my fingers crossed on your prediction.