Realty Collective dishes Red Hook in The Real Deal

Look who's talking! Click here to read how I devalue the neighborhood I love. An excerpt:

Tina Fallon, an agent with Realty Collective — a brokerage that she said mainly represents buyers — observed that the only single- and two-family houses now selling in Red Hook are going for less than $1 million. 

"The $1 million mark seems to be the number buyers have a hard time going beyond," she said. 

She and her husband actually paid more than $1 million for a house in the neighborhood a couple of years ago. But she said the streak of sales priced in that range that began in 2006 has been cut short by the weakened market and by the fact that there was more high-end inventory for sale from 2006 to 2008. 

"There are still renovated properties on the market in excess of $1 million, but they're just not selling," Fallon said. "Renovated properties that come onto the market under a million — those are selling, and at prices very close to $1 million." 

After 2005, said Fallon, "the quality of the housing stock available improved" in Red Hook because fully renovated homes were coming on the market more readily. 

"Pre-2005, we had a market of 100 percent unrenovated properties," she said. "And renovated versus unrenovated makes all the difference in Red Hook." 

Note that I paid more than $1M for my house in Red Hook, making me either a) dumb, or b) cooler than you.