Two years ago, the Windsor Terrace/Kensington section of Brooklyn was one of the brightest spots in the emerging Brooklyn real estate market.What do you think this means for the rest of us, other than a bunch of unfinished eyesores dotting the neighborhood?
The neighborhood was fast becoming a magnet for writers, artists and growing families priced out of more established areas such as Park Slope and Brooklyn Heights.
However, the wave of speculative residential development that started in Windsor Terrace/Kensington during the boom has now been stopped in its tracks by the squeeze on lending. The financial meltdown has — at least for the near term — left several half-built condos and empty lots in its wake. (read whole story)
Monday, December 1, 2008
End of the boom?
From therealdeal.com:
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14 comments:
I think this is a great time to buy. There are a lot of choices and this neighborhood has been getting trendier in recent years.
I can tell you that as a writer who moved to the 'hood from California with my wife, I couldn't be happier with the area, or the apartment we bought.
We bought in July. The way we looked at it is that even if the values decline, we're comfortable with our mortgage payment, and we'd be paying about the same in rent anyway.
We're happy to be building some equity -- and to be putting down roots in an area we love.
I totally love the neighborhood too! And it's very very affordable so it should continue to grow.
I've noticed rents seem to actually be decreasing a bit from when I moved here nearly 2 years ago.
My rent is very reasonable and it's really close to go to Park Slope for shopping or dining or other amenities.
Let's support our local Kensington/Windsor Terrace business owners.
I was thinking the other day that these 1/2 completed buildings are the worst of both worlds for their immediate neighbors.
Indian, Tacos, Dominican, Thai, Polish, Albanian, Falafel RIP, why do I need to go to Park Slope to eat? Sorry I am hungry for lunch and off topic.
i dont think this article applies to much of Windsor Terrace proper. mostly kensington & the broken off bits of WT
I like to go to nice places for dinner and I haven't found many here in the neighborhood. That's why I go to Park Slope. I still like having the cheap rent here and the proximity to other neighborhoods I like to hang out in.
Julie: Have you tried The Farm on Cortelyou?
Since moving here 5 years ago and acquiring a garage space there's no way I'm ever moving back to no Park Slope. I don't care how cheap the prices get in the trendy areas.
Kensington ftw..
I got here in July also, and I'm not sure I'll ever recover what I paid for my place but whatever--I was sick of renting. If the market weren't so frozen, I'd sell and buy again because my building isn't as structurally solid as I thought by all appearances. This is most evident in the amount of noise I hear from the apartment above me. Very annoying, and not evident during my three walk-thrus.
In fact, it's so annoying, I consider failure to mention it highly unethical. Word to the wise: don't hire your lawyer on price alone.
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