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A single person making 120k a year after taxes is wealthy in my opinion, that's definitely in the upper percentile of incomes in NYC
And yeah I understand they want to be "different" however I don't think there's enough demand for it yet. Is that neighborhood even 1% white yet?
120K is very well (about 88th percentile in NYC) off but far from wealthy.
Housing in NYC is very much driven by supply and not by demand. The demand is always there because the supply is not.
If I told you 5 years ago that Bed Stuy would have brownstones selling for $2MM, you would laugh at me. If I said that 10 years ago, you'd say I was dumb. Do not underestimate the lack of housing supply in NYC and how that drives demand.
If the waterfront gets a redevelopment similar to Brooklyn Bridge Park, would that change your mind? What if I told you it'll happen (at least the beginnings) within 10 years? It's inevitable.
Last edited by wawaweewa; 10-09-2016 at 09:19 PM..
120K is very well (about 88th percentile in NYC) off but far from wealthy.
Housing in NYC is very much driven by supply and not by demand. The demand is always there because the supply is not.
If I told you 5 years ago that Bed Stuy would have brownstones selling for $2MM, you would laugh at me. If I said that 10 years ago, you'd say I was dumb.
Do not underestimate the lack of housing supply in NYC and how that drives demand.
I'm guessing you mean household income, right? 120k after tax for a single person has to be even higher percentile than that.
And no I wouldn't, ever since I've been interested in this stuff I knew how places that were once considered ghetto can have skyrocketing property values.
But Bed Stuy is close to Williamsburg, while Mott Haven isn't that close to Lower Manhattan and obviously not Brownstone Brooklyn. Plus there was already a sea of gentrification in Brooklyn 5 years ago, while there is not much gentrification in The Bronx presently.
I'm guessing you mean household income, right? 120k after tax for a single person has to be even higher percentile than that.
And no I wouldn't, ever since I've been interested in this stuff I knew how places that were once considered ghetto can have skyrocketing property values.
But Bed Stuy is close to Williamsburg, while Mott Haven isn't that close to Lower Manhattan and obviously not Brownstone Brooklyn. Plus there was already a sea of gentrification in Brooklyn 5 years ago, while there is not much gentrification in The Bronx presently.
A household is a household. If I as a single person live by myself, I am a household for all intents and purposes.
Why is Williamsburg held up as some sort of beacon on the hill of gentrification? Bed Stuy isn't gentrifying because people want to be close to Williamsburgh. It is gentrifying because for a certain subset of people there is no more ****ing room/certain housing stock in Williamsburgh or many other desirable neighborhoods for that matter.
As gentrification spreads northward in Manhattan (look at all the development in the low 110's on the west side), Harlem, and around the 145th A/D express, this will generate enough new social/cultural attractions that are extremely close to Mott Haven.
It's all about supply in NYC at the current moment. Those buying in Mott Haven aren't doing so because they want to live in Manhattan. They're buying there because they're getting a better bang for their buck.
While I do think Mott Haven will gentrify, I think some of you are exaggerating a little bit. The area is still far out of the comfort zone of most yuppie types. And it has a high concentration of NYCHA.
So does RedHook. If you look at Redhook, it has a water front as does Huntes PT. RedHook is prettier but not much.
A single person making 120k a year after taxes is wealthy in my opinion,
You can easily make that money as a cop, firefighter, teacher or union construction worker with some seniority and overtime. That's middle-class money in this city now.
A household is a household. If I as a single person live by myself, I am a household for all intents and purposes.
Why is Williamsburg held up as some sort of beacon on the hill of gentrification? Bed Stuy isn't gentrifying because people want to be close to Williamsburgh. It is gentrifying because for a certain subset of people there is no more ****ing room/certain housing stock in Williamsburgh or many other desirable neighborhoods for that matter.
As gentrification spreads northward in Manhattan (look at all the development in the low 110's on the west side), Harlem, and around the 145th A/D express, this will generate enough new social/cultural attractions that are extremely close to Mott Haven.
It's all about supply in NYC at the current moment. Those buying in Mott Haven aren't doing so because they want to live in Manhattan. They're buying there because they're getting a better bang for their buck.
Bed stuy is gentrifying because of other brownstone Brooklyn already gentrified. Park slope/Carroll gardens/Brooklyn heights are all gone and completely gentrified. Now you have downtown and Clinton hills almost there as well.
Bed stuy is literally Central Brooklyn, sharing lines with Clinton hills, crown heights and bushwick. That was a natural progression from those wanting to purchase from the beautiful housing stock in bed stuy that couldn't afford the inflated prices in prime brownstone Brooklyn.
Mott haven/south Bronx will the beginning of gentrification in the Bronx, but I guess you can say Washington heights/Harlem is an extension into Bronx gentrification
But Harlem and Washington heights still have a long way to go compared to being a park slope or Clinton hills that lead to bed stuy gentrification.
It will happen just not a vast pace and housing stock is severely limited in the Bronx compared to brownstone Brooklyn (meaning mostly apartments and not many attractive brownstones). It may not attract many families in that regard.
You can easily make that money as a cop, firefighter, teacher or union construction worker with some seniority and overtime. That's middle-class money in this city now.
Thats true. Yet, people need to save money to their retirments. How many are to afford luxury prices ?
Of course it's next. Not much room for poor ppl in NYC anymore. Don't forget the U.S.A. is a capitalistic society, it's in the Dna.
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