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My point is the rents should NOT be similar in areas like Forest Hills compared to parts of Far Rockaway, and I'm not talking about Belle Harbor or Neponsit either. That's the problem. Forest Hills by comparison has far more amenities and better transportation to get to say Manhattan. LIRR, subway, express buses, etc. Then there is Austin Street and the other walkable areas... Good housing stock right over in Forest Hills Gardens and on the other side of Queens Blvd.
That said, areas like Riverdale and Forest Hills have always been established, so they don't need to gentrify, but look at how the prices are shooting up in areas being gentrified and it's crazy. Same thing in Brooklyn. The nice areas like Cobble Hill, Boerum Hill, etc. The prices are more expensive than Manhattan in some cases. If the transit was better and you could see something for what you were spending then it would make sense, but it's not as if the housing stock has improved considerably. Some of the new construction ("luxury rentals") is absolute garbage, and then there are the people paying $3k a month having to share a building with people on housing programs. No way would I ever put up with that. That's why buying is a must for me in the near future.
I’m still confused as to why homes in South East Queens, North Bronx and parts of east Brooklyn are pricey.
None of these areas have high demands and are extremely far from Midtown/Lower Manhattan. Virtually all minorities can not afford a 20% downpayment on a home in these areas and neither do the homeowners in these areas make incomes that justify these housing prices.
I’m still confused as to why homes in South East Queens, North Bronx and parts of east Brooklyn are pricey.
None of these areas have high demands and are extremely far from Midtown/Lower Manhattan. Virtually all minorities can not afford a 20% downpayment on a home in these areas and neither do the homeowners in these areas make incomes that justify these housing prices.
Inflation. Government is purposely pushing up prices to pay off its debt. If they raised taxes instead they know you wouldn't vote for them.
Inflation. Government is purposely pushing up prices to pay off its debt. If they raised taxes instead they know you wouldn't vote for them.
But don’t people have to be buying these homes to justify the price? If I list my home for 700K in Canarsie and have a hard time finding a buyer I would just keep dropping the price down to find buyers?
Born and raised in Brooklyn and have not any other group except Caribbean blacks talk about moving into these areas.
I’m still confused as to why homes in South East Queens, North Bronx and parts of east Brooklyn are pricey.
None of these areas have high demands and are extremely far from Midtown/Lower Manhattan. Virtually all minorities can not afford a 20% downpayment on a home in these areas and neither do the homeowners in these areas make incomes that justify these housing prices.
Some areas weren't years ago, but this is what happens when you have gentrification. It impacts other areas as well. As people are pushed further out, demand spikes and prices go up. Some areas of the Northeast Bronx like Williamsbridge... You couldn't pay me to live there, but the prices had to go up despite all of the quality of life issues.
Some areas weren't years ago, but this is what happens when you have gentrification. It impacts other areas as well. As people are pushed further out, demand spikes and prices go up. Some areas of the Northeast Bronx like Williamsbridge... You couldn't pay me to live there, but the prices had to go up despite all of the quality of life issues.
I can understand this from a rent point of view but the people being pushed into these areas still couldn’t afford a home then anyway.
With these high prices I would expect these areas to be diverse by now but the demographics are literally the same and I don’t know much black or Hispanic folks paying these down payments unless they apply for FHA.
One of my professors actually told me FHA is a rip off deal.
I know that my wife and I jumped on owning a home 17 years ago and we are close to owning outright soon. So now MY is affordable to us. We bought what we could afford, when we could afford it. It's in the Bronx and many discarded that prospect. But you know what, we will be mortgage. Rent free shortly.
The population is still over 8 million and rising. People move out, but young eager thirsty transplant move in at a higher rate. I'm more concern about the overcrowding.
I’m still confused as to why homes in South East Queens, North Bronx and parts of east Brooklyn are pricey.
None of these areas have high demands and are extremely far from Midtown/Lower Manhattan. Virtually all minorities can not afford a 20% downpayment on a home in these areas and neither do the homeowners in these areas make incomes that justify these housing prices.
These areas have different job centers, aka JFK.
These areas can be lighter toned or catered to boaters.
Not everyone wants or needs to get into the city,you know.
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