Park Slope price per square foot

I've recently started thinking about whether it is time to buy and I would like to ask for your opinions. I am interested in the Park Slope area but even though prices appear to have dropped I do not know if they are at reasonable levels considering how much they've went up. Trulia has a chart for average price per square foot in the Park Slope area, ... [more]

I've recently started thinking about whether it is time to buy and I would like to ask for your opinions. I am interested in the Park Slope area but even though prices appear to have dropped I do not know if they are at reasonable levels considering how much they've went up. Trulia has a chart for average price per square foot in the Park Slope area, http://www.trulia.com/real_estate/Park_Slope-Brooklyn/5202/market-trends/ At lot of the places I've been looking at are 2 bedroom 1 bath and they are all asking for around $600/sqf. According to Trulia that's 2006 levels. Isn't that near the peak of the bubble? or right before the burst? Is it unrealistic to expect prices to be more in the 2004-2005 levels of $450/sqf? What do you guys think? p.s. this is what i'm looking for 1. between 5th avenue & west side of the park 2. small, no doorman co-op, nothing built after 2000 3. 2 bedroom 1 bath with 700 sqf Thank you, first time buyer [less]