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Old 08-21-2013, 02:39 PM
 
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BXguyanese the people you are seeing by E149 and Southern Blvd (Southern Bronx/Mott Haven) may be my tenants...I have 4 young, educated, single white girls (2 roommates in each apt): 1 is from Virginia, 1 is from Tennessee, 1 is from Boston, 1 is from California. And they all love it here (Longwood Historic District area).

There is also a few Hipster types that moved into the new 3 family buildings on Concord and E152nd street...they may be who you are seeing along Jackson Ave. Also my 3rd floor tenants are young white couple and they take the train there also....they are here and growing fairly quickly to my surprise.

On a side note, some Israelis from BK purchased a 2 family brownstone on my block and are gut renovating it into 2 large loft apartments. I met them today for the first time and they know nothing about the area, nothing about the Bronx, but it was the only place they could find a brownstone at this price. They said the cost to buy brownstones in BK is cost prohibited, so they are trying out the Bronx, along with others they know. They plan on selling for $450K when fully renovated..what a steal!
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Old 08-21-2013, 02:39 PM
 
23,265 posts, read 16,104,540 times
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Quote:
Originally Posted by colombianbeef View Post
Williamsburg, Fort Greene, Clinton Hill, Park Slope, Bed-Stuy, Crown Heights and Bushwick still have their Projects. Your example of Chelsea even has projects. LES, Alphabet City even the Projects by city hall are still standing. East NY only has projects near Linden Blvd which is the far south end of the neighborhood, Section 8 is no more (no new entries into the program) and once Landlords start seeing that they can get better quality tenants who will pay as much if no more than section 8 with less hassle then they will find ways to get out of the program. We have a huge development going on right now at the Gateway Shopping center, retailers like Target, Marshalls and bed bath and beyond have been there for a few years now but it's being expanded for retailers such as Gap, JcPenny and TJ MAxx: if that isn't catering to middle class families and bringing jobs at the same time I don't know what is. Here's the Crains article:

http://www.crainsnewyork.com/article...TATE/130219946

The city is almost done with building the national park part of the Gateway National recreational areas right across from the Gateway center as well, not to mention all the new housing being built behind the mall.

Concerning middle class buyers, a lot of the people looking to buy in Bed-Stuy and other parts are being priced out by Investors coming with all cash offers, so there is still people looking in the market for historic looking houses, eventually they'll have to lower expectations and compromise with a longer commute. One day they will justify tearing down the projects but until then people still want to move to this city and once they can market the South Bronx as cool then we will see a big jump in change. I have a house in ENY and my Father-in law has a house in the South BX, every few months guys come knocking making all cash offers they wouldn't be interested if something wasn't in the air.
Chelsea has its projects, true, but nowhere near as many as the South Bronx and it never had the same number of Section 8 residents as ENY. These ghetto areas had booms in investment right until the last real estate collapse in 2008. The nicer parts of town didn't suffer that much, but the poor parts of NY had a lot of defaults on their mortgages. The people making all cash offers could be making poor investments or could have poor timing. Remember that in investing someone's gain is someone's loss and someone's loss is someone's gain.
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Old 08-21-2013, 03:02 PM
 
Location: In the heights
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Originally Posted by anon1 View Post
Broadway Junction is still a very crappy area though... It's right smack in the middle of the worst parts of what are arguably still the four worst areas in Brooklyn... Not too far from there is the purple zone in Brownsville by Mother Gaston... I think the J line in Cypress Hills like Colombian Beef said has a much better chance of receiving spillover from other areas than the L or 3 lines...

Two reasons I don't see it ever having a dramatic shift but rather a spill over from other areas is due to the fact that the majority of the housing stock in Cypress Hills has more in common with the south queens areas (Woodhaven, Ozone Park, Jamaica, South Jamaica... than a Bed-stuy, Fort Greene, Clinton Hill, etc.) I'll agree with Colombian Beef on the Jamaica ave side of Highland Park having some potential but IMO that's really the nicest part of Cypress Hills and that's not saying much...

The second reason is that since the rents there are still very cheap by NYC standards and the area is still largely unnoticed by the transient folk, the hispanics, indo carribbeans and caribbean people are the main ones moving into that area now. It's why the neighborhood improved so much. The former 3rd or 4th generation section 8/welfare crowd left and in came the first generation hard working immigrant folk to replace them... Is it crime free? No; but it definitely is way better than it used to be...
Broadway Junction on parts just west of it are going to get gentrified the fastest. To the southeast, not so much.
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Old 08-21-2013, 03:05 PM
 
286 posts, read 258,299 times
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[quote=anon1;31065465]
Two reasons I don't see it ever having a dramatic shift but rather a spill over from other areas is due to the fact that the majority of the housing stock in Cypress Hills has more in common with the south queens areas (Woodhaven, Ozone Park, Jamaica, South Jamaica... than a Bed-stuy, Fort Greene, Clinton Hill, etc.) I'll agree with Colombian Beef on the Jamaica ave side of Highland Park having some potential but IMO that's really the nicest part of Cypress Hills and that's not saying much...


Brownsville has no appeal housing wise and way too many PJ's. Ditmas Park and Midwood are two neighborhoods seeing spill over from Propect Lefferts Garden and Windsor Terrace and have houses similar to what you find in Cypress hills, granted it's under a lot of awful Vinyl siding. You also find tons of old woodframe and Brick row houses like Bed Stuy and Crown heights, I'm not dumb enough to think it's at the sam caliber/condition as the other neighborhoods but theres potential throughout ENY, heres a few examples:

https://maps.google.com/maps?q=217+A...,30.17,,0,-4.3

https://maps.google.com/maps?q=82+Cr...ork+11208&z=17

https://maps.google.com/maps?q=87+Sc...ME4fChWmMOgXwQ

https://maps.google.com/maps?q=357+B...17.22,,0,14.02

https://maps.google.com/maps?q=304+B...09.43,,0,19.92

https://maps.google.com/maps?q=2883+...Wp8WXnURmOTGFA

Bushwick has horrible housing stock but it's being gobbled up none the less, yes for it's proximity. If you check out the website:
The Wooden House Project you'll see there's a movement to restore a lot of these houses to original, don't sleep on Woodhaven either some people like having a garage and a yard that fits more than 10 people but still live near the city, so you may see families moving there once the hipster crowd gets older and pop out more kids.
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Old 08-21-2013, 03:40 PM
 
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Cypress Hills has some similar architecture as Ridgewood for half the price. They are really not very well kept though. I see the potential in Woodhaven as well. You have Forest Park, the J/Z and the A not too far away and possible SBS bus service in the future.
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Old 08-21-2013, 03:58 PM
 
286 posts, read 258,299 times
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Quote:
Originally Posted by NyWriterdude View Post
Chelsea has its projects, true, but nowhere near as many as the South Bronx and it never had the same number of Section 8 residents as ENY. These ghetto areas had booms in investment right until the last real estate collapse in 2008. The nicer parts of town didn't suffer that much, but the poor parts of NY had a lot of defaults on their mortgages. The people making all cash offers could be making poor investments or could have poor timing. Remember that in investing someone's gain is someone's loss and someone's loss is someone's gain.
Chelsea had and still has many rent controlled apartments but you're right it never got to the extent the other neighborhoods did. ENY was one of the hardest hit in foreclosures, the good thing is the houses didn't fall into dilapidation and the banks turned them many into rental properties. I have been looking for some time for cheap houses in the area but everything seems to be priced at almost pre-2008 prices for whats available, ENY doesn't seem to be flooded with houses as you would think. Check out the real estate blog Brownstoner | Brooklyn Real Estate Blog and Listings and you'll see some of these ridiculous closing prices made by investment firms and foreign investors.

They've featured houses in the neighborhood before:
Cypress Hills | Brownstoner
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Old 08-21-2013, 10:51 PM
 
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And those firms who purchased in neighborhoods like ENY in the early 2000s lost big in the 2008 crash. Just because you pay a crazy amount for real estate does not mean you'll get a return on your investment.
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