unless the city's economy completely falls apart in a way that's vastly disproportional to the rest of the country, you won't see prices tank in "central" brooklyn as they have nationally. these neighborhoods improved in a sustainable way through renovations, through new businesses, through improved schools, and, yes, through quality new construction - all of which forces have less to do with speculation and a lot more to do with professionals and other middle- and upper-middle class people wanting to stay in the city and wanting to invest in their neighborhoods. unless things get really bad, i don't see those people changing course drastically. especially now - most can't afford to. yes, prices will continue to drop, until credit loosens up again and prices have come more in line with incomes and rentals. but expecting prices to return to pre-2000 prices, when brooklyn was a very different place, is evidence perhaps of having partaken of the smoke of ye olde crack pipe.
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