See the highs and lows of NYC real-estate prices
A tale of two cities: Explore the geography of property values by neighborhood with this data-visualization map
Wed Nov 6 2013
Screenshot via Vizynary
If we had a dollar for every time we read about the rising value of property in NYC, we'd be that much closer to buying an apartment. But how true is that oft-stated claim in reality? Chris Walker took a look at some 958,000 residential property values between 2008 and 2012 (all the stats are readily available via the NYC Department of Finance). The data analyst then plotted his findings on an interactive map, posted on his blog Vizynary, depicting the percent property values have risen or fallen by zip code.
The results are both fascinating and predictable. Homes in every single Manhattan neighborhood have experienced an increase in worth, from a relatively meager 5% around Wall Street to 109% in parts of Inwood and Washington Heights. Rising property prices extend as if contagious to adjacent neighborhoods in the Bronx, Queens and Brooklyn: nearly 25% in High Bridge and Morrisania, 13.5% in Astoria, and a whopping 175% in Williamsburg. (Oddly enough, the map shows unchanging values in Long Island City.)
On the other hand, working-class neighborhoods across the city (with the exception of Manhattan) have seen assessments decrease significantly. Housing prices in a large swath of deep-red-colored neighborhoods in eastern Queens—Ozone Park, Jamaica, Richmond Hill—hover around the minus-20% mark, while southeast Brooklyn homes are also struggling to recoup value since the recession, with Canarsie, Central Brooklyn and Flatbush hit especially hard. As for Staten Island, the entire borough has experienced a drop in real-estate values except for South Shore.
Walker's findings certainly bring to mind the "tale of two cities" narrative Mayor-elect Bill de Blasio put at the forefront of his campaign. At the top of his agenda should be bringing the two cities together by stopping the housing collapse in the "foreclosure belt" and creating affordable housing in areas with prime real estate.
(h/t The Atlantic Cities)
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