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Video: Sad Subway Rant
Call to Ban Carriage Horses, Close Stable
Giuliani Takes Job As Security Consultant For Rio Olympics
Co-ed Dorm Rooms Coming To Columbia
Forgotten-NY has a great exploration of the Brooklyn Yards-- the streets around the intersection of Atlantic and Flatbush Avenues that will be replaced by Bruce Ratner's giant Nets stadium project. Highlights include the Underberg Building, the belgian block sidewalks at the entrance to the LIRR railyards, and lots of great protest signage. A very timely piece-- given Curbed's recent reports that demolition of these buildings is imminent (others, including Callalillie, went by the area and said that it doesn't look like anything started yet.) Whatever the case, it seems clear that many of these streets are not going to be around at this time next year.
Somewhat related: Brownstoner has put up his annual predictions for which Brooklyn neighborhoods will be hot in 2006, and Prospect Heights (adjacent to the Brooklyn Yards) makes the list:
On a risk-adjusted basis, we're most bullish on Prospect Heights and Carroll Gardens and, relatively speaking, would bet against Williamsburg. Overall, though, we don't think 2006 will look at all like 2005, which was marked by huge surges in prices in some rapidly gentrifying neighborhoods. From where we sit, 2006 is looking like a year for the market to take a breath and digest all the rapid-fire changes that have occurred in recent years. Barring a big move upward in rates, we think prices will more-or-less move sideways.
Our prediction: if people are willing to pay $8500 per month in mortgage payments to live in a run-down brownstone on a grimey street in Prospect Heights, we're not going to be buying an apartment for a loooooooong looooooooong time. And honestly, that's fine with us.
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Don't buy.
We were told the 1980s mania would go on forever, and if we didn't buy now we would never be able to live in the Northeast. But I looked at the relationship between household income and housing prices, and realized it just couldn't be.
Adjusted for inflation, housing prices started falling after the stock market crash of 1987. It took seven years for sanity to be restored, before we purchased in 1987. One-family home prices had fallen by 1/3, adjusted for inflation. Co-ops and condos? With the whole baby boom moving out of the singles and couples phase and into the parenting phase, they got kills. Friends who had bought had to live in poverty for years to save up enough money to cover their losses at closing, so they could sell, start renting, and save for a house.
Well, I thought, that kind of bubble will never happen again.
Against this, after having abandoned urban American, suburban American has decided it wants it, but since most downtowns and walkable urban neighborhoods have died, the demand exceeds the supply. But the real estate industry (which characteristic arrogance) believes it can re-create it in a decade, and whereas there are now only half a dozen metros with urban neighborhoods worth living in, there could be three dozen a decade from now. That could limit the frenzy to get in New York City, Boston, San Francisco, etc.
Don't buy.
Check out Bay Ridge, Brooklyn by the Narrows. Views of the water, Manhattan, etc. It has been called the next brownstone neighborhood after Park Slope. There is the 69th St. Pier; Shore Road Park for jogging and cycling. There is good mass transit access to Manhattan (better than from many parts of Brooklyn) and plenty of accessible shopping, restaurants and bars. Used to be fairly inexpensive, but less so now.
I would love to move back to Bay Ridge, where I used to live, but as with most NYC neighborhoods, I'm priced out.
http://www.forgotten-ny.com/forgottentour20/tour20.html
Bay Ridge does not want you in Bay Ridge. Bay Ridge says that people like you are the reason prices are too crazy. Bay Ridge does not want to have to send more people to Staten Island to escape you.
Not me, I want affordable housing in Bay Ridge to return, like the $775 rent-stabilized apt I have in fab Flushing.
Now you REALLY don't want me there eh...
www.forgotten-ny.com
Don't worry, Kevin. There'll be plenty of room for you as soon as we finish sending all THOSE people to Staten Island.