Monday, December 1, 2008

End of the boom?

Two years ago, the Windsor Terrace/Kensington section of Brooklyn was one of the brightest spots in the emerging Brooklyn real estate market.

The neighborhood was fast becoming a magnet for writers, artists and growing families priced out of more established areas such as Park Slope and Brooklyn Heights.

However, the wave of speculative residential development that started in Windsor Terrace/Kensington during the boom has now been stopped in its tracks by the squeeze on lending. The financial meltdown has — at least for the near term — left several half-built condos and empty lots in its wake. (read whole story)
What do you think this means for the rest of us, other than a bunch of unfinished eyesores dotting the neighborhood?