Bottom line: prices have dropped to 2005 levels.
The wost hit were speculative new construction levels like Williamsburg and Bushwick.
Carroll Gardens and surrounding areas fared the best because of the lack of new construction. There is a solid houseing stock combined with a well established neighborhood that can better withstand such dips in the market.
“The largely landmarked district comprised of Dumbo, Brooklyn Heights, Boerum Hill, Carroll Gardens and Cobble Hill had the smallest median sales price decline over the past two years, at 7.5 percent. The area also saw one of the smallest declines in rental listing prices over the past year — 4.7 percent.”
The future forecast? Things are going to remain mellow for a couple years still.
We have a lot of new construction coming on the market and this will keep the availability of rentals and sales very high. It is simple economics: lots of supply and lower demand.
How much of this is green building I am not sure. But it doesn’t really matter since all the supposedly green buildings I have seen are more green washing than anything that will help the environment.
A new construction green luxury condo is a complete oxymoron. Thats like killing people to attain peace.
The one bitter sweet irony is that hopefully all these new buildings, green or not, that will sit around untaken are going to stop the irrational building in Brooklyn.