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They always say the fringe neighborhoods are the first to feel the pain. Red Hook blog Redhooky reports,

I've been doing a bit of a dogwalker's survey of the neighborhood... day after day, walking the same routes, seeing what's going on or not. What I'm seeing says that maybe the Red Hook part of the bubble is leaking just a bit. There are a number of places, up and down Van Brunt, and deeper onto the side streets that have either had for sale or for rent signs for a suspiciously long time. At least one decent sized apartment building on Van Brunt has been renovated and empty for more than a three months now. Word is they were just asking too much. And one Red Hook listing on Craig's List has seen a couple of drops in the asking price.
· Red Hook's Leaky Bubble? [Redhooky]
· Bubblewatch?: April Showers Bring May Showers [Curbed]