the fate of williamsburg

I also wonder if the plummeting rental prices in Manhattan is gonna drag back some renters priced out from Manhattan back and make it worth for Williamsburg.

Just speculation but:

- once occupied by renters or buyers, all those new places will generate more support for various businesses, services, etc, so bound to make wmburg nicer place to live (for 90%....not for the whiners about the "old days")

- i can see renters being transigient as problem in a building sort of...but I don't see how "undesirable someone can be who can afford to pay 1700 per month or much more to rent)..i dont get "bringing the demographics down"...we aren't talking slum housing, so this concern seems illogical on a macro neighborhood basis, and only relevant in a particular building for people who prefer to see stable neighbors for a more warm feel to being in the place, i suppose

- condo prices will have to fall whether unsold inventory is sold cheap or rented out, because the latter will depress rentals and indirectly depress sale prices

thanks jim .. i guess the irrationality is based on some unfounded thought that some of the developments might turn into projects.. lol.. i read that in some thread somewhere and even tho it doesn't make any sense, i guess it stuck with me ;-) what's everyone's thoughts on where that market should be? ie) the bottom's price per foot?

Taken from curbed,

In North Brooklyn, which includes Williamsburg, the median sales price dipped 4.5%. Condos made up 84.5% of all sales in that area.

I think jim's got it right. If you're worried about renters, you've got to look at it case-by-case. Each building is going to be different, and those that still have many units on the market should feel a bit uneasy right now. Neighborhood services will only expand though, and that will be welcome news for most people (agreed about the whiners - anyone who lives here and hasn't seen this coming is living under a rock).

stalker, I don't know if you can peg a bottom ppsf with any degree of satisfaction. It really depends on what you're looking at, and where in Williamsburg exactly. I think it's safe to say it'll be lower than now though ($700+).

jim & bjw2103,

I totally agree.

on second thought, maybe i'm thinking the rowdy mediocre drunks u see hanging out in beekman... the ocean beach, fire island crowd... seems like lower rents would entice them in... turn b-burg into another drunk disney land.. anyway, clearly i shouldn't judge.. just wondering what will happen to the essence of it all..