From the July issue: Three years ago, a new high-water mark was set in Red Hook when the
first house in the neighborhood sold for more than $1 million.
In the years that followed, a number of other houses in the
Brooklyn neighborhood traded in the seven figures, making the largely
industrial area one of the boom era’s most unlikely Cinderella stories.
Nowadays, however, brokers say sales of homes priced at more than $1 million are generally not in the cards in Red Hook.
While deal volume and prices are down, the market for the area’s
small stock of single-family and two-family houses appears to be back
to pre-2006 values.
However, the neighborhood is in the midst of a retail renaissance,
bucking the retail trend citywide. And in a strange twist, it is also
upending the traditional real estate logic that goods and services
follow residents.
