cobble hill / carrol gardens

Two of my favorite neighborhoods in the city.

But townhouses in Brooklyn have been slower to fall, so I figure its going to take longer to bottom. The income to support those prices is simply gone. There is less liquidity, and more "families" so you're not going to see the immediate shocks... but $3-4 million for a townhouse is going to be looked at as "what were we thinking" in a few years...

Yeah, it's my favorite part of NYC, too (disclaimer: I live there). I haven't seen prices fall much, but there's rarely much supply in Cobble Hill (I don't pay as much attention to Carroll Gardens, though). On a related note- rents don't seem to be dropping much, either. It's more expensive to live in Cobble Hill (rent or buy) than much of Manhattan.

If you feel priced out of these areas, also consider Boerum Hills to expand your search. It also has decent school choices, great neighborhood feel, good shops and restaurants. The areas all blend together, but his is the more affordable end of things from what I can see. My brother lived in Cobble Hill for years and now has town home in Boerum Hill. It was like a former crack house (exaggeration, but still...) when he got it and when my parents saw it they actually cried. But with some rehab for the place, my bro' now has a home in NYC to raise his kids in which was what he and his wife really wanted.

Spiderman27, I think only truly exceptional townhouses have gone for that much in Cobble Hill or Carroll Gardens. Here's a lovely looking home for under $2m, on a great corner (Degraw and Tompkins is prime Cobble Hill): http://www.streeteasy.com/nyc/sale/317179-house-271-degraw-street-cobble-hill-brooklyn

Prices are also noticeably lower if you look west of the BQE, which admittedly is not as convenient, but still provides good access to everything in the area.