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Old 01-15-2014, 11:49 AM
 
Location: USA
8,011 posts, read 11,376,161 times
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Quote:
Originally Posted by bbf726 View Post
^^^What does that mean?

That house is over priced. 2 families in Ridgewood are going for about that much.

nothing; never mind.
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Old 01-15-2014, 03:55 PM
 
8,743 posts, read 18,343,139 times
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I am no expert about ENY, but I know that is a significant distance from Manhattan..and to live in these kinds of neighborhoods, you have to be much closer to the city to make it worth your while for the average person. However, I find that lower/working class people of color who want to remain in the city are running out of options and are now considering these types of areas (for better or worse). This of course, would constitute "gentrification" as they would be higher income people moving in..so technically it makes sense.

This particular property was clearly a flip by an aggressive investor who believes that simply because it is in Brooklyn, it is viewed as a 'bargain' but he will lower the price quicklyto $350K if he actually wants it sold, or will just rent it all out and wait for a decade until he gets his price. I would not be surprised if the suitcases of cash flooding this city and buying up buildings make their way to ENY....they are already in the Southern Bronx (and it's annoying me because I can't compete!).

On a side note: A friend is moving to Mott Haven (Southern Bronx) and is seeking a 1 bedroom for $1,700-$1,900! I wish I had a place available!!! That should scare us all.
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Old 01-15-2014, 04:05 PM
 
Location: Bronx, New York
4,437 posts, read 7,655,926 times
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You guys were well advised.........!

Brownsville/East New York, Brooklyn........
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Old 01-15-2014, 05:00 PM
 
Location: Gods country
8,093 posts, read 6,717,343 times
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Quote:
Originally Posted by scatman View Post
You guys were well advised.........!

Brownsville/East New York, Brooklyn........
Good call scatman! I did the same in Bed Stuy in 2004 and now am sitting pretty.
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Old 01-15-2014, 06:10 PM
 
33,866 posts, read 47,070,732 times
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Originally Posted by Above Average Bear View Post
Good call scatman! I did the same in Bed Stuy in 2004 and now am sitting pretty.
All we have to do is wait until ENY gets it's first Thai food restaurant.
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Old 01-15-2014, 06:28 PM
 
Location: Between the Bays
10,786 posts, read 11,277,550 times
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Quote:
Originally Posted by SobroGuy View Post
I am no expert about ENY, but I know that is a significant distance from Manhattan..and to live in these kinds of neighborhoods, you have to be much closer to the city to make it worth your while for the average person. However, I find that lower/working class people of color who want to remain in the city are running out of options and are now considering these types of areas (for better or worse). This of course, would constitute "gentrification" as they would be higher income people moving in..so technically it makes sense.
ENY is not that far from the main business districts of manhattan. Probably as close if not closer than the southern Bronx.

And it's not just working class people of color that are running out of options. No more than working class white people are.
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Old 01-15-2014, 08:24 PM
 
Location: Bronx, New York
4,437 posts, read 7,655,926 times
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And as far as buying what are called "fixed uppers", a couple of things.......

1. One can look into organizations that teach how to paint, do carpentry, etc! I remember NHS having free classes some time ago! Of course, leave the plumbing and electric to the experts!!!!!!!!

2. See if there are tax abatements for those fixed uppers! They may offset the cost of renovations! Shoot, taking those hands-on classes may offset the costs, too! Doesn't hurt to look into it!
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Old 01-15-2014, 08:26 PM
 
Location: Bronx, New York
4,437 posts, read 7,655,926 times
Reputation: 2054
Quote:
Originally Posted by G-Dale View Post
ENY is not that far from the main business districts of manhattan. Probably as close if not closer than the southern Bronx.

And it's not just working class people of color that are running out of options. No more than working class white people are.
Correct, especially Broadway Junction! Man, as a major transit hub, there is so much potential there, it's scary!
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Old 01-15-2014, 08:34 PM
 
Location: Gods country
8,093 posts, read 6,717,343 times
Reputation: 10413
Quote:
Originally Posted by scatman View Post
And as far as buying what are called "fixed uppers", a couple of things.......

1. One can look into organizations that teach how to paint, do carpentry, etc! I remember NHS having free classes some time ago! Of course, leave the plumbing and electric to the experts!!!!!!!!

2. See if there are tax abatements for those fixed uppers! They may offset the cost of renovations! Shoot, taking those hands-on classes may offset the costs, too! Doesn't hurt to look into it!
One could also apply for a 203K loan

Check this out scatman;

The FHA 203(k) Loan: A Home Repair Loan And Mortgage All In One - Forbes
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Old 01-15-2014, 09:26 PM
 
8,743 posts, read 18,343,139 times
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G-Dale/Scatman: you can be at Grand Central in 15 minutes from Mott Haven on the 4/5 express...are you saying ENY is that close?
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