I built the map above after analyzing market value changes on over 958,000 residential properties in New York City from 2008 to 2012.
I see two main drivers here:
- Global investors continue to park their money into prime Manhattan and Brooklyn real estate.
- Queens and working-class neighborhoods in Brooklyn were hit hard by the recession, and the foreclosure rate is high in the red areas. See this NYTimes piece on foreclosures in New York City. Excerpt:
A dozen miles from Midtown Manhattan, the foreclosure belt stretches across the heart of black homeownership in this city, from Canarsie and East New York in Brooklyn, to Springfield Gardens and St. Albans, Queens, where Fats Waller, Count Basie and Ella Fitzgerald once owned handsome Tudor-style homes.
Update: I made a correction to zipcode 11211. The neighborhood label is Williamsburg, not Greenpoint.