The brownstones are now priced in the near replacement cost range which means there is not much premium for location. The TIF probably neutralized the infrastructure premium cost. The development is purposely designed to accommodate slow growth and it is also designed to be a community.

At the size and price of the brownstones there is already a limited potential buyer universe in the first place.

If someone wants the location and quality of the brownstones there is not much competition.

As for price competition, both now and future, these units are not opposed to suburban markets. The risk it seems to me is more towards whether or not the downtown city will continue to develop. If one believes so then there is not much risk and probably a significant upside in appreciation.

On the other hand if one believes the city core development will stall or even end then neither the brownstones nor any other core properties are attractive investments.