From The Peopling of NYC
A main problem in Park Slope is the high real estate. Many residents who live in the area are having trouble paying their rent. Many
organizations in the area help deal with this problem. The Fifth Avenue Committee was established in 1977 and developed more than 600 units of affordable housing. The Park Slope Civics Council is another organization that deals with this issue. The displacement of immigrants living in the area heightened in the 1990s with the real estate boom. In New York City, the real estate market soared and rents increased from anywhere between 37 percent to 48 percent. Park Slope, a desirable neighborhood was greatly effected and rent increased all over. Many of Park Slope's apartments aren't under the city's rent control laws, and because of rent increases, evictions increased. Residents which include, the elderly, working poor families and disabled people were being kicked out. Now even many middle class people can't afford to live in the north section of Park Slope (most desirable section) because of high real estate. They are now settling in the south area of Park Slope which used to be known only as the working class section. Gentrification, a process where wealthy residents push poorer residents out, is an issue in Park Slope.
According to the Corcoran year end review of 2006, the average sale price for co-ops was 591K and the median price was 553K. For condos the average sale price was 690K and the median price was 610K. For one room townhouses the average sale price was 1.915M and the median price was 2M. For two-four room townhouses the average sale price was 1.795M and median price was 1.625M. The Corcoran report writes "strong demand has kept Park Slope moving strongly upward, with the average sale price rising by 10%. Three bedroom co-ops saw the most dramatic growth, up 19%. Condos rose a solid 10%. No other area has been more desirable or hotly contested by townhouse buyers, who are attracted by the spaciousness and architectural beauty of these historic structures. Multi-family homes were up an impressive 16%."
Both Census 1990 & Census 2000 provide data about the median income for residents in Park Slope. The median household income in 1990 was
$37,443 and the median family income in 1990 was
$44,740. In 2000, the median household income was
$56,360 and the median family income was
$74,370. High income rates display that people from Park Slope have decent salaries and can afford expensive homes. Also, one can see that there is a direct relantionship between income rates and average sale prices for houses. From 1990 to 2000, income has risen and from 1990 to 2000 average sale prices for an aparatment has risen. This can be explain for the simple reason, that only wealthy people who can afford the high real estate are settling in the area, which accounts for the increase in median income.
Real Esate Brokers
(images taken from http://www.brentonrealty.com/ , on 4/26/07)
Park Slope
