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."


  1. There is a big discussion of this over on Brownstoner....many many people defending their 700K decisions to live in places like this!

  2. I 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).

  3. It is going to be ugly.

    A 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.


    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)