Tuesday, March 28, 2006
'On the fringes of Brooklyn, some doubts creep in'
Solid article about the real estate market in Brooklyn. It starts out "There's no doubt about it: Brooklyn remains hot. But while the flames that fanned this market keep core areas warm, a cooling can now be found in the borough's more farflung neighborhoods, which had been embraced by many as up-and-coming places to buy a home."
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There is a big discussion of this over on Brownstoner....many many people defending their 700K decisions to live in places like this!
ReplyDeleteI like the article's mention of Crown Heights. I grwew up in this city, and the word that immediately follows "Crown Heights.." is "riot" (not the off-da-hook party type either).
ReplyDeleteIt is going to be ugly.
ReplyDeleteA new Trader Joe's just opened on 14th St. near Union Square. Seeing the line around the block to get in, I asked a linestander, "Are they giving away money in there?!" ..."Nah, we just want to buy groceries."
Oh, and new to the same hood are a Whole Foods -- down the block -- and another one to open soon on Houston St.
Bubblicious!
This is in a city where average incomes are down and -- yes, so is population -- over the last five years.
Just went to an art museum with a friend and her guest -- a young woman. This was during the afternoon, a weekday. I was just curious, "How did you arrange to sneak out of work? :)" She said, "I didn't -- I manage my own schedule, as I am a real estate broker." She (a fine artist-turned broker) was very hip to the art scene in NY and, obviously, an art buyer too. I was secretly praying for her -- but didn't dare say, "I hope you're saving some money, honey, as you ain't gonna have any commissions this year!" I just passed on the name of a housing bubble blog -- she was interested.
NYC Smarty Pants (renter, debt-free, & anxious about inevitable debt crisis)