Brownstoner has word that the prices on the condos at the Novo on Fourth Avenue just behind the Old Stone House and JJ Byrne Park have taken a nose dive.

The Novo heralds itself as the new park slope (lowercase theirs). For fun, take a look at the video opener on their site. See a slide show of pix of Belleville, the Botanic Gardens, horseback riding in Prospect Park, Sweet Melissa’s and the Tea Lounge:

"Hello Brooklyn please allow us to introduce the New Brooklyn. The energy of 5th and 7th Avenues…"

The music is really annoying.

So why the nose dive? The Bear Stearns’ thing is pretty scary. The Feds jumping in makes everyone even more scared. There are lots of financial jitters out there. Everyone is in suspended animation to see what’s next and the condos are going down in price.

Brownstoner speaketh:

What’s the matter? Don’t buyers know they’re going to have a brand-spanking-new dog run in their backyard?