U.S. CitiesCity-Data Forum Index
Merry Christmas!
Go Back   City-Data Forum > U.S. Forums > New York > New York City
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
 
Old 01-14-2008, 07:47 PM
 
Location: Atlantic Highlands NJ/Ponte Vedra FL/NYC
2,689 posts, read 462,949 times
Reputation: 328

Advertisements

Quote:
Originally Posted by Mar1lyn27 View Post
For the OP......

The bronx was a great place to grow up and I've also thought that it would be a good investment for the future. I broached the topic of buying a co-op in one of the concourse apartment buildings, to my cousin, who has also left NY. It would be great to have a place to stay when we visit, or just rent out and watch it increase.
have you been there recently? wait until the weather warms up a bit and take a spin around the hood around 7-8 pm, then tell me it's a place that you'd really want to be
Quick reply to this message

 
Old 01-14-2008, 08:00 PM
 
Location: FL
214 posts, read 542,832 times
Reputation: 114
If you re-read the section of my posting that you quoted, it says "...it would be a good investment for the future"

I know exactly how the neighborhood is now. As a matter of fact, I passed through there several weeks ago on my way home from shopping on Arthur Avenue. And, yes, I wouldnt' mind having a place there if the area improved. The point was, no one knows what's going to happen to the area.
Quick reply to this message
 
Old 01-15-2008, 12:12 PM
 
1,332 posts, read 1,987,839 times
Reputation: 725
We bought in the Bronx, hoping that it has a bright future. It already has lots of great architecture, infrastructure and amenities. Itís definitely more of a gamble than buying in more stabile areas, however, itís probably the only place in the city that we could afford to buy a house.
Quick reply to this message
 
Old 01-15-2008, 12:34 PM
 
Location: Atlantic Highlands NJ/Ponte Vedra FL/NYC
2,689 posts, read 462,949 times
Reputation: 328
Quote:
Originally Posted by yodel View Post
itís probably the only place in the city that we could afford to buy a house.
that is why you bought there, I hope you dreams come true, in the interim, watch your back
Quick reply to this message
 
Old 01-15-2008, 12:54 PM
 
1,332 posts, read 1,987,839 times
Reputation: 725
We havenít had any problems, but I do watch my back, no matter where I am. All and all, I find this area to be a pretty nice place to live, but yes I would have bought on the Upper West Side were it possible.
Quick reply to this message
 
Old 01-15-2008, 02:32 PM
 
1,447 posts, read 3,536,788 times
Reputation: 1431
Quote:
Originally Posted by Mar1lyn27 View Post
But, really, it's a crapshoot. You're gambling on any of the areas you listed. Nobody knows for sure how long it might take to regentrify some of the areas. Nobody even knows if it will happen ever. Some of the nicer areas on that list might turn ugly. The city is like an endlessly evolving organism. God awful areas have become very trendy, very pricey places to live.

this is the best answer i've read so far. you can bet on this street or that neighborhood, but you never know for sure in nyc. the only certainty is that the city will change - it never quite stays the same, even in areas that look the same on the outside as 20 years ago. this is especially true of "transitional" neighborhoods like the one listed by the OP - there's a risk involved, but also a potential for great reward.

it's hard to choose a single neighborhood from the OP's list, but if i had to narrow it down to one, i'd say prospect-lefferts gardens. anything in brooklyn has "cache" value right now, not to mention that PLG is on the non-trendy eastern side of prospect park. not too far from manhattan and you'd be right next to the park. if i had the funds to purchase a place right now, i'd strongly consider that neighborhood.
Quick reply to this message
 
Old 01-15-2008, 02:39 PM
 
Location: Wrong side of the Hudson
508 posts, read 1,476,389 times
Reputation: 265
Everyone who states that it is tough to predict what path real estate will take in the next 20 years is dead on. The truth is some or all of the areas you mentioned may NEVER be the safe and vibrant city neighborhood you are hoping for. They may get worse, they may stay the same, they may be the new greenwich village (highly unlikely). $100,000 in NY is NOTHING. I mean you can barely get a studio apartment in the worst, most crime infested areas of the city for that right now and those areas may never change.

Something else to consider is the current instability in the housing markets that the subprime mess has caused. It has yet to spread to NYC in any real capacity but in the case of a market downturn, another terrorist attack (god forbid), or any other outside factors prices may come back down to the point where people can afford a decent borough neighborhood instead of East New York or Brownsville. Obviously this would not bode well for your investment.

Now out of your list to answer the question as straightforward as possible:
If I really wanted to sink 100k into a bad NYC hood right now with hopes of improvement I would go with the South Bronx. Gentrification usually starts in blighted semi-industrial areas with large amounts of warehouse space that is a blank slate for artists, entrepeneurs, and "urban pioneers" rather than well established neighborhoods. I would bet that Mott Haven is in for some change over the next decade for it's proximity to Manhattan at the very least.

What you should really do is put your 100k into mutual funds or other market investments and let it quadruple over the next two decades. Use that $400k and your presumable higher income 20 years from now for a down payment on a place in a nice neighborhood.
Quick reply to this message
 
Old 01-15-2008, 02:53 PM
 
Location: Bronx, NY
5,113 posts, read 11,987,025 times
Reputation: 1680
Quote:
Originally Posted by UpPastThree View Post
This is what's listed on Realtor.com now. Which ONE area would YOU buy into (if you were using my money!):

Jamaica, NY
Barker Ave, Bronx
Mariners Harbor, SI (are these trailers? I can't tell from the pics)
Lefferts Garden, Brooklyn
Olinville Ave, Bronx
Fordham Hill Oval, Bronx
Decatur Ave, Bronx
Grand Concourse, Bronx
Kew Garden Hills (where is this?)
Shoreview Coop, Far Rockaway
Midland Beach, SI
Thieriot Ave, Bronx
Fordham Hill Oval if I were you. The neighborhood isn't all that great but those co-ops have security and are gated.
Quick reply to this message
 
Old 01-15-2008, 02:59 PM
 
Location: FL
214 posts, read 542,832 times
Reputation: 114
Good for you Yodel! It was great growing up there, something my LI neighbors can't wrap their brains around. They hear that I'm from "da Bronx", and say, "really????".

mse
Quick reply to this message
 
Old 01-15-2008, 03:08 PM
 
Location: FL
214 posts, read 542,832 times
Reputation: 114
I took a course in college, also in the Bronx, about evolving urban areas. It's true what you said. As a matter of fact my parents, german immigrants in 1930s, lived in an area that changed dramatically. Then the move to the Concourse. After that they moved to Riverdale and stayed there until they retired and moved to Florida.

The city is an ever evolving entity. Neighborhoods change all the time. Look what happened to the meatpacking district, DUMBO, Flushing, Little Neck, etc.

Sorry, I dont know much about brooklyn. Without a car, it seemed to be hours on the subway to get there. I never had friends from brooklyn, too far. In high school I dated a guy from brooklyn once. We were 'set up' so to speak. At the end of the date he told me he liked me but he wouldn't be seeing me again; the travel to my bronx 'hood was too long!!!

Quote:
Originally Posted by pbergen View Post
this is the best answer i've read so far. you can bet on this street or that neighborhood, but you never know for sure in nyc. the only certainty is that the city will change - it never quite stays the same, even in areas that look the same on the outside as 20 years ago. this is especially true of "transitional" neighborhoods like the one listed by the OP - there's a risk involved, but also a potential for great reward.

it's hard to choose a single neighborhood from the OP's list, but if i had to narrow it down to one, i'd say prospect-lefferts gardens. anything in brooklyn has "cache" value right now, not to mention that PLG is on the non-trendy eastern side of prospect park. not too far from manhattan and you'd be right next to the park. if i had the funds to purchase a place right now, i'd strongly consider that neighborhood.
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $89,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > New York City
Similar Threads

All times are GMT -6.

© 2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top