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I'm planning to buy a property in St. George and I was wondering what everyone's thoughts are with respect to appreciation in land value, gentrification of the area, and whether people from other boroughs would be willing to move into this part of the Island.
I'm interested in St. George because the Wheel and the Outlet are supposedly going to begin construction sometime this year. I'm placing my bets that St. George will be the next up and coming area in NYC since all the waterfronts near Manhattan have skyrocketed in price.
Not only will the rent be cheaper than other parts of the city, it also offers a free 30mins. ferry ride to downtown Manhattan, as well as the soon to come attractions.
I'm planning to buy a property in St. George and I was wondering what everyone's thoughts are with respect to appreciation in land value, gentrification of the area, and whether people from other boroughs would be willing to move into this part of the Island.
I'm interested in St. George because the Wheel and the Outlet are supposedly going to begin construction sometime this year. I'm placing my bets that St. George will be the next up and coming area in NYC since all the waterfronts near Manhattan have skyrocketed in price.
Not only will the rent be cheaper than other parts of the city, it also offers a free 30mins. ferry ride to downtown Manhattan, as well as the soon to come attractions.
What is everyone's thoughts?
I was just in st. george this afternoon running some errands. This part of SI has changed significantly. I strongly believe that the ferris wheel, outlet mall, and hotel that are being built next to the ferry terminal will bring positive changes to the north shore of SI.
In fact, when I was walking around st. george, I saw a handful of "hipsters" and "yuppies" that were in the area, which means that New Yorkers and out-of-state residents are slowly realizing that the waterfront in other boroughs are charging ridiculous prices for rent.
I was just in st. george this afternoon running some errands. This part of SI has changed significantly. I strongly believe that the ferris wheel, outlet mall, and hotel that are being built next to the ferry terminal will bring positive changes to the north shore of SI.
In fact, when I was walking around st. george, I saw a handful of "hipsters" and "yuppies" that were in the area, which means that New Yorkers and out-of-state residents are slowly realizing that the waterfront in other boroughs are charging ridiculous prices for rent.
I agree.I was wandering around over there a couple of months ago and sensed a huge potential.
In a word YES! Huge things are happening on Bay st. I'm looking to buy some property there myself.
Good for you! The issue that I've found about buying in st. george is that the houses are fairly old and runned down. But if you're able to buy cheap and have some money left over for renovations, I believe st. george is a great place on the island to invest in. Hopefully the ferris wheel, mall, hotels, condos, and renovations to existing properties in st. george will be enough to entice people to move into that area. Some say gentrification is a bad thing, but I view it as a good thing.
With respect to renovations, anyone here know a reliable contractor with reasonable pricing?
30 minutes to manhattan? Don't forget to double that during tourist season when you are herded on and off the barge like a bunch of cattle. Forget bringing a girl home. Imagine the look on her face in the taxi cab when you inform her that she is going to experience first hand the Love Boat, Staten Island style. Hope she isn't prone to sea sickness. Also, don't forget the projects on the top of that hill.
30 minutes to manhattan? Don't forget to double that during tourist season when you are herded on and off the barge like a bunch of cattle. Forget bringing a girl home. Imagine the look on her face in the taxi cab when you inform her that she is going to experience first hand the Love Boat, Staten Island style. Hope she isn't prone to sea sickness. Also, don't forget the projects on the top of that hill.
LOL! St. George is still a risk. However, I would strongly suggest doing your homework on this. One big detratctor, no supermarket anywhere near there! Maybe that will come with the development. Past projects like the stadium have returned so so results. The Lighthouse Museum never got off the ground. Also there is a very large housing project on Jersey Street to consider.
The neighborhood has a lot of potential. I do think that ferris wheel may turn into a boondoggle. I personally feel that thing belongs in Red Hook or Liberty State Park. You get better views of NY Harbor from those vantage points. Who wants to go up in that thing and have a great view of Bayonne NJ? Not me.
Investing as in how? Buying a home and living in StG? Starting a business? What does the OP mean by "investing"?
Saint George was once a vital commercial hub of SI with the courts, municipal government, education (Richmond later College of SI) and so forth. The decline began around the late 1980's or so as the focus of the Rock moved to the South Shore or at least the area of NS close to the Expressway.
Saint Marks Place went down hill once CofSI moved to the Willowbrook campus. Pavilion On Terrace closed an in general plenty of white middle class families packed up and moved.
That all being said persons have been talking about St.G becoming the next "hipster", gay, trendy or whatever neighborhood for decades now. While some parts of that did come true (know a few gay couples that purchased homes in the area as they love that those old Victorians), Saint George still is pretty much what it is, and don't see even that Wheel and or Mall changing much.
To be clear am speaking of Saint George as bounded by Victory Blvd to the south, Bay Street to the east, Richmond Terrance to the North and Jersey Street to the West.
There are pockets of beautiful homes up in those hilly streets especially around Daniel Low Terrace, Fort Place, and so forth. Problem is the elements that live on the same streets/blocks or surround.
Victory Blvd and the blocks lead to it are "ghetto" with pretty much all Latino/Mexican and or African American. Just don't see anyone moving those residents and or businesses anytime soon.
Jersey Street is what it is and has been that way for decades. While there is some new housing (town houses), unless you empty out and tear down the projects nothing will change down there.
Know of a few "hipsters" who purchased homes in Saint George thinking it was going to "gentrify" and or turn around that sold in <two years and moved. Again for all the beauty of those old homes things are what they are and that includes transportation (buses), and walking around.
Supermarket? IIRC something was supposed to open in the old Western Beef sight on Bay Street, don't know if that happened. People we know on that side of SI drive to other parts of the Island for their shopping anywhere from West Brighton to South Shore.
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