Are Stuyvesant Heights And Bedford Stuyvesant Really Gentrifying (New York, Monroe: real estate, rental)
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I was speaking with a real estate agent on the phone and he mentioned that even though Bed Stuy and Stuyvesant Hts had been troubled areas in the past, they were now some of the better areas for the money in New York. Whether buying or renting, he stated it was a good investment. Is this true?
Yes and No, they're some that have taken the risk and have already moved in but it's still in the intial stage of gentryfing. You would be a pioneer if you buy now for a reasonable price but it can be another decade before you see any change.
Landlordspeak:
Whatever area a client is looking into is described as either desirable or "up and coming" or "gentrifying."
If they called it a crappy slum there would be no commission for him.
It depends on what part of Bed Stuy you are inquiring.
I know they are getting ready to chang the name to either Beford Heights or Stuyvesant Heights so something is happening.
I live in Bed-Stuy and I notice certain parts are gentrifying.
Stuyvesant Heights is an old name, older than Bed-Stuy itself, and the area bounded approximately by Halsey, Fulton and Reid/Malcolm X has always been known as Stuyvesant Heights.
Anyway, Bed-Stuy is a lot safer than it used to be (just like most neighborhoods in NYC, although it's particularly extreme in Bed-Stuy). It is also more stable and less extremely impoverished, although there is still a lot of poverty there. On the western end, around Classon, Franklin and Bedford Aves near the border with Clinton Hill, gentrification has really begun--not so much further east, although the entire neighborhood is at least in the earliest nascent stages of gentrification.
I do agree with the broker that, in the long run, Bed-Stuy is a great investment opportunity as gentrification is only going to push further east. That said, most of Bed-Stuy is still quite run down, so it's only worth it as an investment if that's okay with you.
How far are you looking out ahead for this 'investment' to pay off. 5-6 years, 10 years, 10+ years?
Basically, if area is already fully or nearly gentrified then upside potential would be less than area that's partially gentrified or in process of gentrification. Speed of gentrification varies on lot of things but we can all pretty much agree on that economy is one of the biggest factors. If our economy rebounds and recovers at steady rate, then gentrification would probably be at similar rate. If economy does a sharp V recovery which most people doubt at this point, gentrification could speed up again.
Plus real estate is bit like stocks where longer you own your place, less volatility over the long period and likely to break or make some gains. What's the rule of thumb nowdays? Own for 5-6 years and you could break even or slight gain?
If all these bad/poor neighborhoods are gentrifying then where are the poor folks going?
It isn't getting any easier in NYC so I'd be less apt to believe that they are moving up the chain.
Are they leaving the state entirely? Moving to other neighborhoods?
Gentrification doesn't always mean people are moving out. For those who bought, this means their property values are going up and they can rent to new residents for more. I know a few people who have owned brownstones with rental units for years and they are able to charge more than ever now and are loving it. Others are cashing in and selling their properties for a nice profit and moving elsewhere. More power to them. For those who were renting really cheaply, they're either rent-stabilized and fine or are deciding to move elsewhere. That's how real estate works - everywhere around the world.
In the western area around Bedford and Franklin, much of the activity has to do with new construction, which isn't displacing people. Rather, it's bringing new money into the neighborhoods. That area has seen a ton of new restaurants and retail. The relatively new and clean YMCA on Bedford certainly helps a lot as well, and there's a new supermarket going up across from the Y at 111 Monroe. There's also a Home Depot right in the middle of things which is awesome if you're new to the area and improving your new home like I am.
It's a cool area if you're into urban change and new things. Really good new and old things (you can't beat the roti on Fulton and fried chicken at the Chinese shops around here). If you're looking for strollers and crudite platters, stay in the Slope. The area reminds me of where Fort Greene was at 8-10 years ago or where the East Village was 15 years ago. The people I've met have been incredibly friendly. People are fiercely proud of their neighborhoods and I've never seen more beautiful community gardens than I have here. It can be very charming and nice if you make yourself part of the community.
That said, beware of what brokers tell you over the phone. Go see it for yourself and see if you're into it. Only you will know, so filter what others (especially brokers and scare-mongers on message boards like this one) say. Go at different times of the day - if you live here you'll be coming home late at night and some areas, especially as you go east, can be a bit dicey if you don't watch your back.
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