Brooklyn Heights to World: Slump? What Slump?

By on January 3, 2008 3:38 pm in Uncategorized

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The Corcoran Group released its 2007 report on home sales in Brooklyn today citing price gains of 7% on coop/condo prices and a 2% gain on townhouses, according to Brownstoner.

The big news: Brooklyn Heights saw a rise of 19% in real estate value in 2007.

Is Fink's pal Max Keiser wrong about the "Death of the Dollar" considering these gains or are we just fooling ourselves?

Flickr photo by andygooner

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  • http://selfabsorbedboomer.blogspot.com Claude Scales

    Ummm … well, the decline of the dollar may actually be contributing to the inflation of real estate prices. As the dollar declines against the Euro, Pound, Yen, Loonie and so forth, New York (including Heights) real estate becomes more attractive to foreign buyers, since they can get more bang for their Euros, etc. This drives up demand, which, all else being equal, makes dollar denominated prices rise. A slowdown in new construction would make this effect even greater. Of course, since the prospects for increasing available housing stock in the Heights is severely circumscribed by landmarking, values in the Heights (to the extent it is seen as a prestige location) are likely to rise more rapidly than in non-landmarked areas, as seems to be happening.

  • No One of Consequence

    That does make some sense, that if you want to live here you pretty much have to buy (and pay for) what’s available.
    Plus, who among us wants to leave, for that matter?

  • Bart

    I sort of love living in Brooklyn Heights. My biggest gripe is the foot traffic from outside neighborhoods that dominate Court Street. They leave Court Street filled with garbage. And this past summer we got the floating pool which transformed Joralemon from a quiet street into a busy street full of outsiders going to and from the pool. Sometimes I wonder why I spend so much money to live in a upper class area only to have it filled with people from the projects.

  • Publius

    My Dear Bart:

    Your comments is so innane, I almost passed up it, but not quite.

    I’m sorry you have a problem with “outsiders” and “people from the projects” arriving like Mongolian Hoards down your private city street. Clutch my pearls, the nerve of these people!

    You certainly have a right spending all the “money to live in a upper class area” to limit those who might walk down your street to attend a park that only your ample tax dollars go to support. Oh, the humanity!

    Bart, do you happen to be the chairman of the Heights John Birch Society? Twit.

  • Kris

    Ha! That was funny.

  • Bart

    My dearest Publius,

    I’m glad your social enlightenment runs so deep that you can view the street trash strewn all over Court Street with such equanimity.

    Bart

  • HDEB

    If you want to live in an “upper class area” without any “outsiders” you’re going to have to move to a gated community order everything you need to be delivered.

    Might I suggest the ‘burbs, Sao Paolo, Sea Gate NYC or Breezy Point NYC?

    In the rest of NYC the common masses are allowed to brush shoulders with even the most privileged individuals.

  • Bart

    HDEB,

    Thanks for the suggestion but I really prefer Brooklyn Heights with its upper middle class people. That’s why we live here.

    We don’t need gates to keep people out, our high real estate prices do that for us ;-)

    Bart