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The national housing slump has not affected the love affair that buyers and developers have with the borough of Brooklyn.
According to the latest numbers from HMS Associates, home prices in the borough has risen 4% in the last year, from $609,176 to $634,915. "Considering the current climate, there is still a strong real estate market in Brooklyn," said Sam Heskel, executive vice president of the real estate and consulting and appraisal firm.
And whether it's that good old Brooklyn neighborhood charm or the new modem slant to many of the buildings and amenities in the area, Prospect Heights is a sure bet.
A small section that runs from Flatbush to Washington Avenues (west to east) and from Atlantic Avenue to Eastern Parkway (north to south), Prospect Heights has recently been the "go-to neighborhood" of sorts for many young professionals and educated families seeking to escape Manhattan, or who feel that the prices in the Fort Greene and the non-parking friendly Park Slope sections are out of their league.
Yet this new interest in Prospect Heights, according to Fillmore sales agent, Anne F. Buckley, should not be seen as an instantaneous trend. The area has been steadily on the incline since the 1990's.
"In the 1980's, the area was somewhat in a decline, so the government stepped in and gave incentives to developers," said Buckley. "But Prospect Heights has Prospect Park and its striking oval plaza entrance, Grand Army Plaza.
Yet what gives Prospect Heights its appeal is its intimacy, ethnic diversity and the assortment of designs for the section's many buildings.
Prospect Heights is a part of Brooklyn's Community Board 8 that borders the much larger Crown Heights section, known for its traditionally entrenched African American; Caribbean and Jewish populations. But a major quality that separates Prospect Heights from its neighbors is the robust mix of single professionals and families with moderate-to-high incomes (the average income of the area's 22,000 residents hovers around $60,000 and 35% of them are college graduates) looking for that perfect mix: a cozy neighborhood with upscale access. Developments like the newly constructed St. Johns Heights Condominiums located at the intersections of Classon Avenue and St. John's Place, typify the trend.
"At St. Johns Heights Condominiums there's a coffee shop and a wine bar coming on the first floor and a daycare center in the building, which the people really welcome with open arms," said Patricia Neinast, senior vice president, Corcoran Group.
According to Neinast, this 13-unit development (seven of which have already been sold) has a mixture of the "old and new Brooklyn" that speaks to Prospect Heights' character and the future of the entire borough.
"Part of the building is a conversion and the rest of it is new," said Neinast. "It attracts different kinds of people because part of it has the old world charm and the rest is very new, with floor-to-ceiling windows, outdoor spaces and wood-burning fireplaces."
Average prices for a 900 s/f, two-bedroom condo range between $550,000 and $620,000, but one can find a one-bedroom co-op apartment as low $315,000, depending upon the finishes. Brownstone and limestone houses, depending upon condition, range anywhere from $800,000 to $1.5 million.
"Most of the new developments going up in the area are condos and co-ops, but in some cases, they are taking some of the limestone [properties] and converting them into condos and co-ops," added Buckley.
"What makes Prospect Heights desirable is the diversity in the style of houses; whether it's limestone, brownstone, carriage houses, along with the new construction right now."
Along with the plush, tree-lined streets outfitting many of the blocks in Prospect Heights, the access to transportation is another attraction. The 2 and 3 trains as well as the Q and the D are a 20 to 30 minute ride to Manhattan. Main shopping areas are Atlantic Avenue's Atlantic Center Mall, home to large chain grocery, electronic and convenience stores.
However, Vanderbilt and Washington Avenues have a number of small, amiable clothing boutiques, restaurants and cafes, and bars possessing the same appeal one might find in Greenwich Village or the Upper West Side. Restaurants like Cafe Shane or health food stores like Namaskar are examples of Prospect Heights' progressive, entrepreneurial spirit.
It remains to be seen what type of impact the impending development of the Brooklyn Nets basketball stadium and its accompanying housing and commercial lots by developer Bruce Ratner will have. The overall views shared by many area residents appear to be mixed, characterized by strong protests over the past three years both for and against his proposal.
Nonetheless, properties in Prospect Heights continue to go up in value and appear to be a boon for developers keen on capitalizing on the spillover from Park Slope and Fort Green and the area's intimate scenery.
"Brooklyn is a diverse community and Prospect Heights is no different," said Buckley.
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