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Very true about the Chinese in Brooklyn. My grandfather owned a two family house on 10th Avenue between 70 and 71 streets. He passed away in 1987. The house was sold for 310k which was at the height of the market during that time. One day a couple of years ago I was driving down that street and noticed that there was Chinese writing over the address marker and a sign in the front yard advertising a day care (in English and Chinese). I googled the address and found that the property was sold in 2011 for 895K!
That whole area around Ft. Hamilton Pkwy, 10th Ave, 11th Ave and 13th Ave is almost all Chinese now. There are a couple of "holdout" blocks but the Italian population has definitely decreased. But isnt this is the way its supposed to go? The old folks die and the new immigrants buy and revitalize an old neighborhood. As for my grandfathers old house, the new owners seem to be keeping the place in great shape which is a credit to them!
Very true about the Chinese in Brooklyn. My grandfather owned a two family house on 10th Avenue between 70 and 71 streets. He passed away in 1987. The house was sold for 310k which was at the height of the market during that time. One day a couple of years ago I was driving down that street and noticed that there was Chinese writing over the address marker and a sign in the front yard advertising a day care (in English and Chinese). I googled the address and found that the property was sold in 2011 for 895K!
That whole area around Ft. Hamilton Pkwy, 10th Ave, 11th Ave and 13th Ave is almost all Chinese now. There are a couple of "holdout" blocks but the Italian population has definitely decreased. But isnt this is the way its supposed to go? The old folks die and the new immigrants buy and revitalize an old neighborhood. As for my grandfathers old house, the new owners seem to be keeping the place in great shape which is a credit to them!
It's crazy how much they are paying for those houses. That house will probably get bids in the 7 figure range by now if it's on the market since some recent sales of similar houses have sold for over a million. The two/three family buildings in Sunset Park with store fronts on 8th ave from 50th to 60th street there are going for a couple of million now and get snapped up as soon as any are on the market with millions in cash. They were still under a million 15 years ago. Regardless of what your broker says, my advice is to hold on to the property as long as you can if the East Asians are coming en masse and don't take any unreasonably low offers. I have seen houses sold in Northeast Queens after the first open house with the owner accepting a 5% reduction and I had no idea why they took the offer. The last to sell usually wins.
Last edited by bumblebyz; 09-08-2013 at 07:32 PM..
Not to get off-topic but I wonder why it's so easy to push whites out of an area. No other group gets pushed out as quickly and thoroughly as a white population.
On my block the whites moving out are mainly people who are moving because they are old, had a death of the homeowner, or had some other personal situation that instigated the move. As I previously mentioned the real estate agencies do not even bring any whites to look at the houses. I do think there is some steering of Indians to the area by the agents, who are overwhelmingly Indian themselves. It might be that demand is very high from the Indian community.
The McMansion building by the new homeowners is a major problem. These are narrow residential streets and each new McMansion brings up to two years of heavy construction equipment like backhoes, dump trucks, dumpsters, concrete mixers.
I have a co-worker of Portuguese descent who grew up in LI as did his wife, started a family and bought a house in New Hyde Park (Garden City schools). He was also looking at Westchester and NJ but wanted his family to be near both his and his wife's parents in Mineola so they could help with childcare. Same could be true for LI/BQ-Italians.
As for the so-called steering - like I mentioned, sellers and their agents want large down payments if not all-cash buyers. The typical 20% down just won't pass in this sellers' market.
I have a co-worker of Portuguese descent who grew up in LI as did his wife, started a family and bought a house in New Hyde Park (Garden City schools). He was also looking at Westchester and NJ but wanted his family to be near both his and his wife's parents in Mineola so they could help with childcare. Same could be true for LI/BQ-Italians.
As for the so-called steering - like I mentioned, sellers and their agents want large down payments if not all-cash buyers. The typical 20% down just won't pass in this sellers' market.
Ding ding ding! Very hard to pass up a large bag of cash when the asian family knocks on your door. Remember extended families all pooling their cash together. Public education is a very very big deal. Bellerose, New Hyde Park, and Bayside are in highly regarded District 26. Williston Park in Nassau is attracting a lot of asians only in one part of town. The area in Hericks school district.
Ding ding ding! Very hard to pass up a large bag of cash when the asian family knocks on your door. Remember extended families all pooling their cash together. Public education is a very very big deal. Bellerose, New Hyde Park, and Bayside are in highly regarded District 26. Williston Park in Nassau is attracting a lot of asians only in one part of town. The area in Hericks school district.
I spoken to some of the recent new home owners in Bayside. Many of them are buying their second or third homes before coming here. The Eastern European family already has another home somewhere else in Queens near Middle Village or something like that, and they're probably renting it out now. The Chinese family has another two houses in Flushing which he rents out, another Chinese family has another house in Fresh Meadows. Most of them put down about two hundred something thousand for down payment whether they're Asian or White. One Chinese family put down only about a hundred and something thousand, but from more snooping online I saw that they put down two hundred and something thousand on their first home 10 years ago. For their new home they torn the house apart and it only has it's bricks on the first floor still there. Most likely they're adding another floor to the cape which probably costs anywhere from 100k to 200k depending on the materials used.
I think the extended family pooling cash is a multi-family house thing at least for East Asians, where they clearly don't have enough money, but want to buy the multi-family house to all live in their separate apartments rather than pay rent, this happens a lot in Brooklyn. But there are those that buy homes just to make money and they'll sub divide their houses and rent them out piece by piece illegally, again very common in Brooklyn and Central to Western Queens and isn't just Asians doing this.
From most people I spoken to who are buying real single family detached homes with R2A zoning, it looks like they're using their old homes as leverage. Also since they have other homes they probably feel more comfortable buying something more expensive for their second or third house. It isn't clear that they need the extra house for grandma to live in. Somehow people tend to think that it's that expensive to buy a house in Bayside and it requires pooling money. All you need is 5-8 years of savings and a moderate six figure income to support the mortgage and expenses. Even if you're short 100k that's just another 500 a month on the mortgage and isn't an issue if you can afford it. I use oil heat, and when I was buying my home the old owners told me that many potential buyers had sticker shock when they heard that on average it's 5 to 6 hundred a month and peaks at over 700 a month when it's really cold, for the heating bill alone so that alone filtered out a lot of people who can't afford it. And yes there are people out there that do save money in this country albeit they tend to be immigrants or White people making high income.
Last edited by bumblebyz; 09-09-2013 at 11:41 AM..
I spoken to some of the recent new home owners in Bayside. Many of them are buying their second or third homes before coming here. The Eastern European family already has another home somewhere else in Queens near Middle Village or something like that, and they're probably renting it out now. The Chinese family has another two houses in Flushing which he rents out, another Chinese family has another house in Fresh Meadows. Most of them put down about two hundred something thousand for down payment whether they're Asian or White. One Chinese family put down only about a hundred and something thousand, but from more snooping online I saw that they put down two hundred and something thousand on their first home 10 years ago. For their new home they torn the house apart and it only has it's bricks on the first floor still there. Most likely they're adding another floor to the cape which probably costs anywhere from 100k to 200k depending on the materials used.
I think the extended family pooling cash is a multi-family house thing at least for East Asians, where they clearly don't have enough money, but want to buy the multi-family house to all live in their separate apartments rather than pay rent, this happens a lot in Brooklyn. But there are those that buy homes just to make money and they'll sub divide their houses and rent them out piece by piece illegally, again very common in Brooklyn and Central to Western Queens and isn't just Asians doing this.
From most people I spoken to who are buying real single family detached homes with R2A zoning, it looks like they're using their old homes as leverage. Also since they have other homes they probably feel more comfortable buying something more expensive for their second or third house. It isn't clear that they need the extra house for grandma to live in. Somehow people tend to think that it's that expensive to buy a house in Bayside and it requires pooling money. All you need is 5-8 years of savings and a moderate six figure income to support the mortgage and expenses. Even if you're short 100k that's just another 500 a month on the mortgage and isn't an issue if you can afford it. I use oil heat, and when I was buying my home the old owners told me that many potential buyers had sticker shock when they heard that on average it's 5 to 6 hundred a month and peaks at over 700 a month when it's really cold, for the heating bill alone so that alone filtered out a lot of people who can't afford it. And yes there are people out there that do save money in this country albeit they tend to be immigrants or White people making high income.
Multi family? No look who buys the capes then razes them. They leave 1 wall up so it's not considered "New Construction". Then a large extended family moves in.
Multi family? No look who buys the capes then razes them. They leave 1 wall up so it's not considered "New Construction". Then a large extended family moves in.
It's R2A zoning where I'm at in Bayside, the multi families example I was using was in Brooklyn. The cape still has four walls and the chimney up. But I only see some wood beams left against the brick in the interior not sure if they're gonna remove them too. Building a totally new house with tear down would cost 400k to build something half way decent. They already spent about about 650k buying the run down cape. From the looks of it they're just turning it into a colonial which would be half the cost of building a crappy new house.
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