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I totally get that it's cheaper to buy now when there are less amenities and the crime rate is higher.
Not a hard concept to grasp.
But let's not act like the area is totally gentrified now.
That's what I have a problem with.
It's actually far from being totally gentrified.
I have a problem with people not being honest about this.
I don't think any of the posters on here who live in or have investments in Bed Stuy are claiming total gentrification. It's always been "it's rapidly gentrifying" or "vastly improved" and then points are made to show examples of those changes. Even saying the area has totally changed is not stretching the truth too much since anyone who lived there in 1988 will note a marked difference between BS of the 80s and BS of 2014. But saying its analogous to Park Slope of 2014 (in terms of crime, HHI, demographic, amenities, housing prices, etc) is not true. It has at least 15 more years before people stop debating it as a good or bad neighborhood. People on here are refuting claims of grotesque violence against new comers and how "you might get shot going to the store" which is totally overblown and complete fear mongering.
I visited the area under Pratt in Bed-Stuy about 2 months ago, and yes I agree that area it is indeed rapidly changing.
A co-worker who is White. Just move to Bed-Stuy close to Saratoga park with her husband and daughter. They bought a small house there that they are now renovating. Not sure how that area is though.
Who is claiming it's 100% gentrified? I've not met one person who lives there or seen one article that claims this. The people investing 2.25 million in brownstones are not claiming this.
So what's your issue man?
If the neighborhood was totally gentrified those brownstones would be selling for MUCH HIGHER. Granted, 2.25 million is a lot compared to what one would have gotten in Bedstuy 8 years ago, but compared to what things cost in fully gentrified neighborhoods this is a BARGAIN!
I've heard of brownstone type buildings in the East Village/Lower East Side area going for 30 million or so, to be converted into mansion's. So these Bedstuy prices are basically pocket change. As time goes by and neighborhood demographics change more, prices will continue on their skyrocket. Particularly once investors in new retail projects get involved.
Williamsburg was nearly completely gentrified with lots of new condos nearly completion before they bot new bank branches, more name brand drug stores, high end retail stores (clothes) and Whole Foods (under construction).
First page of this thread:
Quote:
Originally Posted by Above Average Bear
Yea, Bed Stuy is still hood, but I'm glad that I invested there on 04.
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
I don't think any of the posters on here who live in or have investments in Bed Stuy are claiming total gentrification. It's always been "it's rapidly gentrifying" or "vastly improved" and then points are made to show examples of those changes. Even saying the area has totally changed is not stretching the truth too much since anyone who lived there in 1988 will note a marked difference between BS of the 80s and BS of 2014. But saying its analogous to Park Slope of 2014 (in terms of crime, HHI, demographic, amenities, housing prices, etc) is not true. It has at least 15 more years before people stop debating it as a good or bad neighborhood. People on here are refuting claims of grotesque violence against new comers and how "you might get shot going to the store" which is totally overblown and complete fear mongering.
This response is the closest to the truth. You think Bed-Stuy is gentrifying rapidly? I would say more at a steady pace, due to the size of the neighborhood. My idea of rapid gentrification would be Williamsburg, which I think has gentrified the fastest out of any NYC neighborhood.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
My first post does not claim Bedstuy is totally gentrified. It has an building listed for 2.65 million dollars in Bedstuy, but that isn't a claim of total gentrification. It does say real estate investors are doing well there in terms of residential real estate (one building sold for 2.25 million was purchased at 708k in 2008).
Btw, a building that sells for over two million in Bedstuy would likely sell for 30 or more million in much of Manhattan south of 96th Street.
The rapidly escalating prices is how they gentrify Bedstuy, btw. Investors get rid of poor people when they purchase a property, fix it up, rent it out for awhile, and sell it. Little by little this is responsible for demographic change in the neighborhood as and the years go by, it becomes more and more gentrified.
My first post does not claim Bedstuy is totally gentrified. It has an building listed for 2.65 million dollars in Bedstuy, but that isn't a claim of total gentrification. It does say real estate investors are doing well there in terms of residential real estate (one building sold for 2.25 million was purchased at 708k in 2008).
Btw, a building that sells for over two million in Bedstuy would likely sell for 30 or more million in much of Manhattan south of 96th Street.
The rapidly escalating prices is how they gentrify Bedstuy, btw. Investors get rid of poor people when they purchase a property, fix it up, rent it out for awhile, and sell it. Little by little this is responsible for demographic change in the neighborhood as and the years go by, it becomes more and more gentrified.
I know how gentrification works...no need to explain it.
You missed where I quoted that Above Average Bear said, yeah Bed-Stuy is still the hood, but he's glad he purchased in 2004.
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
This response is the closest to the truth. You think Bed-Stuy is gentrifying rapidly? I would say more at a steady pace, due to the size of the neighborhood. My idea of rapid gentrification would be Williamsburg, which I think has gentrified the fastest out of any NYC neighborhood.
Williamsburg at this point is completely gentrified or pretty much so. Nearly all land empty land now has condos or expensive retail, or has such projects currently in construction.
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