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Interesting...I think any neighborhood that has good subway access with short commutes to major business areas of NYC will improve. ENY will surely get better but I think it will gentrify into more of a middle class (ethnic) neighborhood. However, I think that home price of $599K is way too high. It's not "affordable" because you can get houses in other, safer, parts of the city for comparable prices. It's not like the brownstone craze where you really aren't going to find them for cheaper elsewhere so you have to push to Bed Stuy, crown heights, Harlem.
I agree. I don't see gentrification happening anytime soon, unless Bed Stuy and CH ever complete the gentrification process, but it's not far fetch to imagine a lower middle class family investing in some houses. I don't know why some act like it's the craziest thing they ever heard knowing what's happened throughout this city within the last 10 to 15 years.
Interesting...I think any neighborhood that has good subway access with short commutes to major business areas of NYC will improve.
And I think ENY has an LIRR stop.
Quote:
Originally Posted by jad2k
I think that home price of $599K is way too high. It's not "affordable" because you can get houses in other, safer, parts of the city for comparable prices. It's not like the brownstone craze where you really aren't going to find them for cheaper elsewhere so you have to push to Bed Stuy, crown heights, Harlem.
Those iron bars on the front door and windows add a lot of "unique character" to that home.
Yes, that price is too high. That's not a hump on the home owner's back, that's an ass. That's how high he/she is reaching. I'm sure they are even hoping new comers will swarm in for a buy.
That's the property before renovation. You can see the PJ's of Brownsville in the background. It's situated near green space. Let's add, nothing of interest in the zone, only few bodegas and few other small shops. I'm sure at night it's dark and sketchy. You'd be walking out off your house looking over your shoulder. LOL
The article isn't really stating it's going to happen now,But if you look at one neighborhood over west of ENY what you are seeing in Bed-Stuy, Crown Heights and Bushwick are investors with all cash offers scooping up all the property that would normally be bought buy a family. I doubt those people that are being priced out of these neighborhoods are just going to give up on home ownership so why wouldn't it be in the realm off possibility that they go one neighborhood east and possibly buy in ENY. The example in the article is a horrible one (Horrible reno next to a lot next to the elevated train), first off it's in the south end of the neighborhood near Brownsville which even if newcomers were looking would be in the north end, Cypress Hills/City Line which borders Buswhick and Bedstuy and also has the A,C,J, and L lines for Transit near Broadway Junction. The price of that house is complete BS when you can find a house on a tree lined street in Cypress Hills were there are no projects.
Had they shown this house then it becomes more realistic: https://maps.google.com/maps?oe=utf-...ed=0CCwQxB0wAA
What's weird is that 727 Vermont St. a few doors down is also boarded up on Google Street View, but 727 sold for $550K in 2006! I guess whoever bought it never got around to fixing it up.
The article isn't really stating it's going to happen now,But if you look at one neighborhood over west of ENY what you are seeing in Bed-Stuy, Crown Heights and Bushwick are investors with all cash offers scooping up all the property that would normally be bought buy a family. I doubt those people that are being priced out of these neighborhoods are just going to give up on home ownership so why wouldn't it be in the realm off possibility that they go one neighborhood east and possibly buy in ENY. The example in the article is a horrible one (Horrible reno next to a lot next to the elevated train), first off it's in the south end of the neighborhood near Brownsville which even if newcomers were looking would be in the north end, Cypress Hills/City Line which borders Buswhick and Bedstuy and also has the A,C,J, and L lines for Transit near Broadway Junction. The price of that house is complete BS when you can find a house on a tree lined street in Cypress Hills were there are no projects.
Had they shown this house then it becomes more realistic: https://maps.google.com/maps?oe=utf-...ed=0CCwQxB0wAA
Cypress Hills - City Line are also safer than ENY proper and also better preserved. Both sub-areas are lumped together on Google Maps too. The Lincoln Ave property is in City Line and the Euclid Ave property is in Cypress Hills. Both areas share a lot in common. CH and CL don't contain projects unless one considers the areas south and west of the Conduit to be part of City Line (which a lot of maps don't). This is the area (south and west of the Conduit) where it begins to become sketchy and gloomier. CH/CL can use more investments, but ENY proper also has a lot of cleaning up to do.
That house is over priced. 2 families in Ridgewood are going for about that much.
But Ridgewood is not in Brooklyn, and that's all that matters for some people.
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