Source: Propertyshark via Gothamist

Gentrification is one of the most emotionally loaded words in Brooklyn. Some welcome it with open arms, embracing all the artisanal cheese and organic coffee shops left in its wake. Others detest it like a virus, decrying the loss of the “real” Brooklyn, horrified by the hipster harem left in its wake. Those less concerned with the culture wars point to the skyrocketing rents that uproot poorer and working class families out of their neighborhoods.

For those people, here’s the latest map confirming their suspicions. Provided by Propertyshark via Gothamist, the map outlines changing property values in Brooklyn from 2004 to 2012. Only residential properties were included in the analysis, measuring the values of single and two family homes, condos and co-ops.

The darker the red, the higher the jump in real estate prices. And them red parts are exactly where you’d expect them to be.

In Sheepshead Bay, there has been a 10 percent decline in property prices, a figure that puts it in the stagnant zone. Those worried about a hipster invasion in Sheepshead Bay can take comfort that they are not Williamsburg, which, unsurprisingly, has seen a whopping 174 percent increase in property prices.

Other areas surging with hipsters and high prices include Fort Greene (+51 percent), Gowanus (+52 percent) and Lefferts Garden (+63 percent). Southern Brooklyn’s very own Coney Island also saw a bump of 25 percent.

Not all of Brooklyn is so hot though. Cypress Hills saw a 30 percent drop in property prices while the supposedly up-and-coming Red Hook only saw a relatively stagnant 10 percent boost.

Of course, none of this is to say that Southern Brooklyn has cheap real estate. In fact, some of the largest residential deals have recently been in Gravesend and Manhattan Beach. But it does show that over the past eight years, home prices have stayed relatively stable, even through recession, while Northern Brooklyn developed, gentrified and saw dumpy commercial areas give way to so-called luxurious living.

Sheepshead Bay and its environs, though, remain the bastions of middle class families, with steady real estate prices and unflinching resolve in the face of the hipster hordes. We were here before they came, and we’ll be here when they go home to Arkantuckisconsin.

And, in case they get any ideas, here’s a reminder to our Northern Brooklyn neighbors: stay above the line.

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  • nolastname

    I feel the numbers are higher and more widely spread.

  • Sheepshead Bay

    Now, which property owner doesn’t want their property to go up in value/price? My previous post on how to better rebuild areas affected by Hurricane Sandy, which focuses on redevelopment etc, has been under attack viciously by a few member of this blog. Now I understand, those people who doesn’t want development, doesn’t want change, because they don’t want to be priced out of this area.

    These detractors are not for the best interest of this area. They want this community to not achieve their best potential (sea view etc), to be poor so that they can selfishly enjoy lower rents. While the real owners, the property owners have to suffer from locked equity in their houses which doesnt not go up in value. Who is worst? Hipsters or these detractors? As for me and other property owners in this community, our clear choice would prefer a wholefood over (some random unkept low priced small grocery chain) anyday.

    • http://www.brucebrodinsky.com Bruce B

      I agree with you mostly. Except I’m a cheap J… (oops, not allowed to say that), I want the cheap supermarket. I don’t need expensive organic, politically correct food!

  • http://www.brucebrodinsky.com Bruce B

    Actually, if an area went up in price 24% over 8 years, that’s only a compounded increase of 2.7% per year, which isn’t very much, in fact, it’s probably equal to the inflation rate, so really it represents no increase.

    I doubt if it’s healthy if real estate prices decline or even stay level. It’s a sign something’s wrong with the economy.

    I wouldn’t mind a more hipster-like neighborhood. What I see in hipster hoods are more independent music clubs, more art stores, more weird shops, by weird I mean interesting things that pique your interest. More entertainment. To tell the truth, S. Bay is kind of boring in the store department, no? I mean, we have decent restaurants, but besides that, not much in the intellectual area, for example. I would love to see the hipster environment break in here.

    • flatbush depot

      my biggest arguments are that (1) something really needs to be done about the movie theater (clientele, riff-raff, garbage being left around there, the actual movies, people talking during movies etc etc) and car break-ins and (2) the Brigham St park area needs to be fixed up. nice views of the water but TOO MUCH TRASH OVER THERE!

      SB will probably become more attractive after the 44 SBS is introduced, whether the increased attractiveness be a direct or an indirect result of the introduction of the 44 SBS.

      also is it me or does there need to be like a supermarket and/or a cvs or a duane reade on Knapp St by “Z” or Voorhies or Harkness

      I honestly do not understand why people go on about hipsters so much unless they are people who get priced out of their residences due to gentrification; I do not see anything wrong with hipsters and they have not caused me pain or suffering, so somebody tell me something I do not know, or is the whole anti-hipster thing 99% political..

      • Andrew

        Some people feel threatened by others who make different life choices. I don’t really understand why – unless you’re insecure in your own choices in life, who cares if somebody else takes a different approach?

  • http://www.facebook.com/andy.baum Andy Baum

    This is strictly anecdotal, but I think the -10% change is driven mostly by the depreciation of single and two family homes. (And, no I can’t back that up with data.) Condos and co-ops seem to have appreciated in value. Although, now that there is a glut of ugly multi-unit structures this could change.