how would p-heights weather a downturn?

Subject: Your loan is the issue

I think PH will be ok. We have the park, the subways...etc.

But the prices are getting ridiculous. What happens to co-ops when people start defaulting on their loans. Maintenance increases...large ones???

Check out this diary posted on DailyKos.com. Yikes.

http://www.dailykos.com/story/2005/3/28/124557/561

my real question (and i hope i'm not sounding too optimistic) is, what is the likelihood of an economic downturn around here anyway? does the Times know something we don't?

Subject: downturn

proho is not a hot trendy place (yet) and so prices have not sky-rocketed in my opinion. A lot of the higher priced places involve new construction
or conversion which allows for seemingly loftier (no pun intended) amounts being asked. In any event, it can't be compared to Manhattan which is out of control. This is a real neighborhood with a great mix of people, near subways, culture, etc., . It should do just fine IF there is a so-called downturn.

Subject: Culture Vultures

I am so sick of all of the Yuppies and Gentrifiers moving into what used to be a GREAT Neighborhood. I can't wait for stadium to be built and for rents to go up. When that happens, the only people who will be able to afford to live in the neighborhood will be the super-rich and the super-poor! The city's not giving up their low-income section housing 8 (nor should they!) and guess what folks? The drug dealers, loud music, and people from the 'hood aren't going anywhere. And neither are the barber shops, hair salons, or nail salons. People of Color (me included!), like to look good. We take pride in our appearance and can appreciate a good manicure every week. So, if you're gonna live in Prospect Heights, get used to everything about it. I can't wait for Ratner to tear down those overpriced lofts! I can't wait for the ball players to take over Brooklyn! Jay Z is coming. P-Diddy is coming. And the Nets are coming. I am so, so, excited! Ya'll ain't ready for the African-American Nouveu Riche.

To the poster named "guest" from April 1:

I agree that the low-income housing will remain, and Washington Avenue seems safe from major gentrification for now. However, the barber shops, hair salons, and nail salons on Vanderbilt will get priced out before long. Just because they have a steady customer base does not mean the proprieters could afford, or would be willing to pay, the rent increase their landlords are sure to demand once the leases come up for renewal. And those that own their buildings will probably be tempted to sell.

Anon,

Perhaps you're right. Lately, while walking up and down Washington and Classon and I've noticed quite a few buildings (or permits for buildings) going up:

-one on St. Mark's, between Washington and Grand
-another on St. Mark's, between Classon and Franklin
-one on Washington, not far from Gen
-the old Jewish Hospital on Classon has been refurbished and bears a sign advertising rentals
-the building next door to Tavern on Dean

Only time will tell, I guess.

Subject: good to know

thanks for the heads up on the crack vials and bloody history of st/ marks and underhill...

scary stuff...

i for one, know that the hood is still gritty, on the edge and gentrifying...all those auto body shops are proof...and the fact that there
are so many lots w/ mangy (guard) dogs and in some cases, scary killer-type dogs...

months ago, as i rode by on my mtn bike to check out classon, grand, etc, i saw one guy urinating on the side of a garage, and another whistling at me, possibly to sell me drugs, since i looked out of place, riding thru the hood. i mean, why else would i be there, right? to get some crack, of course

this forum has also let me know about all the muggings, etc in the neighborhood..

unfortunately, it's a fact of life for most ppl in nyc that sometimes you have to purchase in areas that are not necessarily the greatest. sure, i can move to fresh meadows, queens and take a bus to the subway and take a 1 hour ride to tribeca for work, or i could move to forest hills and have a 2br condo or coop for half the price...but hey, the same reason you love ph, i have found some redeeming factors in it myself...

by the same token, tribeca used to be a wasteland, as did park slope, ad infinitum

thanks

I'm not saying Washington won't change, I think it will...eventually, if the economy holds but...please do some research, and ask around before you blithely buy into a "developing" neighborhood thinking all is ok. The car repair lots with those poor dogs seem very busy, and I don't see them going away anytime soon. Who-ever lives here is going to have to tolerate them, like I have..

There are two thriving businesses on the worst drug corner, {wash. & St. Mrks} Kinky Crowns and Restaurant Gen, I thought they'd make a big difference, but the dealers/crackheads do their dirty work late at night, after they're closed.