The Brooklyn Paper is reporting that the biggest drop is occurring in DUMBO (Down Under the Manhattan Bridge Overpass), Boerum Hill, and Downtown Brooklyn where the marvelously wealthy come to live, quickly come to be bored, and quickly move out. Prices have fallen 22 percent to a paltry $754,000 for a place to hang one’s hat and drink martinis.
Brokers are having a difficult time finding affluent suckers to buy this wondrous living space that usually adjoins (or IS) a long-abandoned warehouse overlooking yet another long-abandoned warehouse that usually overlooks the East River and the Brooklyn Bridge. Less than twenty years ago, this sort of living space would have been considered as either a slum or the boondocks. (Ah, the miracles of gentrification!)
Greenpoint, once a hot spot of pretentiousness, is also cooling off as sales and prices fall by about 20 percent. “There’s been a drop, but I can’t tell you it’s been 20 percent,’ said Herb Kliegerman of North Brooklyn Realty.” He contends that the “market is glutted with more listings, yet fewer buyers because people no longer expect a fast increase in the value of their home.”
According to the HMS Associates report, Carroll Gardens and Cobble Hill were immune to the decline. Prices in those neighborhoods actually increased by one percent to $933,438, though sales decreased by 62 percent. Prices in Fort Green remained the same at $911,538 as compared to last year.