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Old 08-01-2013, 07:59 AM
 
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Originally Posted by jad2k View Post
Ok now I'm the first one that's all pro Bed Stuy especially when it comes to gentrification but this one has got me floored

House of the Day: 583 Putnam Avenue | Brownstoner

Brownstone listing prices have now gone past the $2 million mark. Biggie is surely rolling in his grave. The question is how close they'll get to asking...
Yet a rowhouse in Ridgewood, which isn't all that far away and is a much nicer neighborhood, lists for only a quarter of that price. Makes no sense to me.

Fresh Pond Road and Gates Avenue - Trulia
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Old 08-01-2013, 09:25 AM
 
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Originally Posted by anon1 View Post
20 bucks says the actual price it's sold for doesn't get an article... Any takers?
Brownstoner is pretty good for following up on the actual sales prices. They'll do a check in usually 6 months later to see where the sale stands. They'll also make commentary & do follow ups if the price drops (or dare I say increases). They are very good for that.
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Old 08-01-2013, 10:53 AM
 
Location: Ridgewood, NY
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Quote:
Originally Posted by jad2k View Post
Brownstoner is pretty good for following up on the actual sales prices. They'll do a check in usually 6 months later to see where the sale stands. They'll also make commentary & do follow ups if the price drops (or dare I say increases). They are very good for that.
I'd be curious to know what that house actually sold for but I don't really follow that website. Could you post the link up when the house actually does come off the market?

@ G-dale I'm 100% with you on that one... It makes absolutely no sense... Solid working middle class areas in this city receive no buzz... It's unfortunate but it's the sad reality that we have to live with... Personally, as long as my neighborhood though doesn't become a stale monotonous one with absolutely no diversity whatsoever I can't really complain... Hopefully the area stays as is... Under the radar
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Old 08-01-2013, 11:52 AM
 
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Originally Posted by anon1 View Post
I'd be curious to know what that house actually sold for but I don't really follow that website. Could you post the link up when the house actually does come off the market?

@ G-dale I'm 100% with you on that one... It makes absolutely no sense... Solid working middle class areas in this city receive no buzz... It's unfortunate but it's the sad reality that we have to live with... Personally, as long as my neighborhood though doesn't become a stale monotonous one with absolutely no diversity whatsoever I can't really complain... Hopefully the area stays as is... Under the radar
And I don't think the properties in Ridgewood are cheap by any means. You don't even see that many of them hit the market compared to Bed-Stuy, Bushwick or Crown Heights, yet Ridgewood's prices are lower with no supply. Many just get passed down from generation to generation. Some speculators just go overboard.

I got a kick out of this NYT slideshow the other day:
http://www.nytimes.com/slideshow/201...lestate&_r=0#1
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Old 08-01-2013, 12:05 PM
 
Location: Ridgewood, NY
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Originally Posted by G-Dale View Post
And I don't think the properties in Ridgewood are cheap by any means. You don't even see that many of them hit the market compared to Bed-Stuy, Bushwick or Crown Heights, yet Ridgewood's prices are lower with no supply. Many just get passed down from generation to generation. Some speculators just go overboard.

I got a kick out of this NYT slideshow the other day:
http://www.nytimes.com/slideshow/201...lestate&_r=0#1
The last one, similar to the asking price in that Bushwick avenue building is ridiculous... As insanely expensive as the others are, based on the area, those are to be expected... I agree with the assessment about Ridgewood as well though... I think that what you see in Ridgewood is a combination of two things... One could definitely be what you mentioned; though I think it has more to do with the fact that seeing as how this area mainly consists of first and second generation immigrants, I don't even think those selling have any idea of what the standard market rate is... It's why when you see these houses in Ridgewood for sale, most of them don't even last 2-3 months before they're off the market. I've seen this especially around Fresh Pond Rd... There's been a number of new first generation Ecuadorian, Mexican, Caribbean (Jamaican/Haitian), and Asian families moving into that area now... On certain blocks once you pass Madison heading towards Catalpa, those streets and avenues are become increasingly diverse. And the great thing about it is that all of these families you see coming in are good hard working people. It's like the Polish and other Romanian families that had replaced some of the ghetto families that had moved into Forest ave. originally... All of these people living amongst eachother just seem to be decent hard working folk...
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Old 08-01-2013, 03:50 PM
 
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Originally Posted by anon1 View Post
The last one, similar to the asking price in that Bushwick avenue building is ridiculous... As insanely expensive as the others are, based on the area, those are to be expected... I agree with the assessment about Ridgewood as well though... I think that what you see in Ridgewood is a combination of two things... One could definitely be what you mentioned; though I think it has more to do with the fact that seeing as how this area mainly consists of first and second generation immigrants, I don't even think those selling have any idea of what the standard market rate is... It's why when you see these houses in Ridgewood for sale, most of them don't even last 2-3 months before they're off the market. I've seen this especially around Fresh Pond Rd... There's been a number of new first generation Ecuadorian, Mexican, Caribbean (Jamaican/Haitian), and Asian families moving into that area now... On certain blocks once you pass Madison heading towards Catalpa, those streets and avenues are become increasingly diverse. And the great thing about it is that all of these families you see coming in are good hard working people. It's like the Polish and other Romanian families that had replaced some of the ghetto families that had moved into Forest ave. originally... All of these people living amongst eachother just seem to be decent hard working folk...
I don't think that Bushwick ave house was listed for that, I think that's what it actually closed for.

I live over by the Catalpa section of Ridgewood that you describe above and I can't think of another place where I'd rather be. I hope and would like to be able to consider myself to be a part of one of those hardworking families that you speak of. There are some good people out on the block always looking to give a hand. There was a fire around here not too long ago and neighbors took them in right away. These type of things you can't put a price tag on, worth way more than $2.4m.
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Old 08-02-2013, 09:25 AM
 
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Originally Posted by anon1 View Post
I'd be curious to know what that house actually sold for but I don't really follow that website. Could you post the link up when the house actually does come off the market?
Yep I'm very interested to see how this ends up and ultimately what it means for prices in what is still largely a neighborhood in transition.

Real estate prices are influenced by a lot of factors. If a neighborhood is considerd "hot" or "trendy" or "cool" prices are going to be more regardless of perceived safety. You can show comparable sized homes but people who want to own a brownstone or row house in Brooklyn, aren't going to be interested in Queens. On the other hand, someone who doesn't have "Brooklyn brownstone fever" would be open to those other properties. In he same sense, you could argue why someone would pay a million for an apartment in Manhattan or Brooklyn. You can take that money and buy a house with land in NJ or Westchester. You'd get more space for your money and with better schools.

I stopped trying to make sense of real estate. People like what they like and when they have the money, they'll pay for it.
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Old 08-02-2013, 09:43 AM
 
Location: Bronx
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81st precinct in Bedstuy host bbq to cut down crime. Letes see if that helpa!
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Old 08-02-2013, 09:53 AM
 
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Originally Posted by jad2k View Post
Yep I'm very interested to see how this ends up and ultimately what it means for prices in what is still largely a neighborhood in transition.

Real estate prices are influenced by a lot of factors. If a neighborhood is considerd "hot" or "trendy" or "cool" prices are going to be more regardless of perceived safety. You can show comparable sized homes but people who want to own a brownstone or row house in Brooklyn, aren't going to be interested in Queens. On the other hand, someone who doesn't have "Brooklyn brownstone fever" would be open to those other properties. In he same sense, you could argue why someone would pay a million for an apartment in Manhattan or Brooklyn. You can take that money and buy a house with land in NJ or Westchester. You'd get more space for your money and with better schools.

I stopped trying to make sense of real estate. People like what they like and when they have the money, they'll pay for it.
Then thank goodness Ridgewood is not in Brooklyn. If it was I wouldn't (want to) afford it. That imaginary boro line is its best line of defense. I really hope that every neighborhood in brownstone Brooklyn doesn't turn into Park Slope, which has completed the gentrification process and everyone looks the same.
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Old 08-02-2013, 10:22 AM
 
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Not sure what makes them think they are not completely part of the process. Sounds like they are really just protecting themselves from themselves.

"It's hard to know what will result, since gentrification usually displaces the artists who breathe life into gritty neighborhoods."

"It's about seeing the rate at which the neighborhood is changing and somehow setting up a place here before we all get kicked out."

A Group of Bushwick Artists Is Trying to Rewrite Gentrification's Usual Story - WSJ.com
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