Brutal Sandy Flooding Hasn’t Slowed Down Red Hook Real Estate Prices At All
By Virginia K. Smith
Anyone hoping that all the damage incurred in Red Hook during Sandy would somehow mean cheaper real estate in the area (not an unreasonable assumption) will be disappointed to learn that not only have prices in the area held steady in the year after the storm, they’re more expensive than ever. So expensive, actually, that one Corcoran broker tells the Post, “Anyone who comes here looking to buy a finished place at $1.1 million needs to know that it is non-existent.” Yeeeowch.
Most finished buildings (as opposed to the $900,000 “fixer uppers” cited) in the high-risk “AE” classified flood zone are more around the $2 million mark, with a $25 million new condo space slated to come into a building once owned by a dock company. One couple who recently moved to the neighborhood from Soho gave the usual party line people with impossibly expensive brownstones tend to give about any neighborhood in Brooklyn at all: “SoHo is like a giant mall now. Red Hook, with its factories and low density, feels like what SoHo used to be.” Not for long, though; brokers interviewed for the article assured us that condos coming in “may pressure the development of more goods and services, which will enhance the neighborhood.”
But, yes, for now, it’s just like how Soho used to be. Full of up-and-coming artists who can afford multi-million dollar homes and clever renovations to protect themselves from likely annual flooding. That is what it was like, right?