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Old 02-09-2009, 06:08 PM
 
Location: Bronx, NY
17 posts, read 58,061 times
Reputation: 15

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After visiting my grandmother who lives in Harlem near 125th st, and riding a bus for almost the entirety of the area, I notice more & more condo's being built. My question is, does anyone on here live in these condos and why? I often scratch my head at why someone would purchase an apartment (starting at $125k & up) on some of the most run down streets in the city. One example, my grandmother lives in a project apartment on a narrow street. Directly across the street is a new 3 story building (used to be an empty lot) that is surrounded on all sides and across the street from nothing... just abandoned buildings. All the owners would have to look at are the projects. Also, a lot of these buildings are nestled in between project buildings.

Now why would anyone want to spend that kind of money to be in a rundown area? I was told by a few people it's because some are so desperate to have a Manhattan address. I hope someone can shed some light for me and share their experience.
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Old 02-10-2009, 06:03 AM
 
1,278 posts, read 3,737,599 times
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People buy apartments like that b/c they are more affordable, and it is a good investment. What do you think those apartments will be worth in 5 years, 10year, ect?? Apartments near projects still increase in value. If I was in the market to buy, I would absolutely consider buying in Harlem.
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Old 02-10-2009, 07:57 AM
 
1,111 posts, read 4,253,191 times
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Harlem is actually a up-and-coming neighborhood. The neighborhood isn't as bad as in the past and what people think, and the property being built is nice and more affordable than lower manhattan. I have a friend who bought a 2-bedroom condo on the upper west side and it's a great place, nice area, brand new, and about half the price of what he wouldv'e paid in midtown.
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Old 02-10-2009, 08:17 AM
 
Location: Bronx, NY
9,845 posts, read 22,256,268 times
Reputation: 3553
Quote:
Originally Posted by MsJ27 View Post
After visiting my grandmother who lives in Harlem near 125th st, and riding a bus for almost the entirety of the area, I notice more & more condo's being built. My question is, does anyone on here live in these condos and why? I often scratch my head at why someone would purchase an apartment (starting at $125k & up) on some of the most run down streets in the city. One example, my grandmother lives in a project apartment on a narrow street. Directly across the street is a new 3 story building (used to be an empty lot) that is surrounded on all sides and across the street from nothing... just abandoned buildings. All the owners would have to look at are the projects. Also, a lot of these buildings are nestled in between project buildings.

Now why would anyone want to spend that kind of money to be in a rundown area? I was told by a few people it's because some are so desperate to have a Manhattan address. I hope someone can shed some light for me and share their experience.
There is very little space to build in NYC, especially Manhattan forget about it. The project areas often have the most available space as they were originally designed to be a little isolated from surrounding areas.

The people that buy, buy because its as cheap as your going to get for NYC, and living in NYC is still attractive to a lot of people. They also consider it an investment as they feel the areas will get better.
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Old 02-10-2009, 08:44 AM
 
469 posts, read 1,308,597 times
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I seriously doubt that any "new" condo around 125th Street is $125K and up" -- more like $500K and up -- unless it is east of Lexington.

The reason people are looking in Harlem is simple. Harlem, particularly West Harlem, is near the park, has some fabulous old buildings, is cheaper than most of Manhattan, and has far better access to public transportation than most of the outer boroughs. Harlem was once a wealthy area that was lost to drugs, crime, overcrowding, etc. As the things that drove people away give way to "gentrification" (a word I truly despise), people naturally return. Whether Harlem or any of the other newly "gentrified" areas survive another sustained economic downturn that may or may not be accompanied by a renewed flight to cheaper, safer suburban sprawl remains to be seen.
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Old 02-10-2009, 08:53 AM
 
1,278 posts, read 3,737,599 times
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i am working on a project right now near Greenwich Village, on an apartment right across from a set of projects . All east windows in the house and on the roof terrace face the projects. The guy paid 8 mil for the apartment.
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Old 02-10-2009, 08:55 AM
 
11,151 posts, read 14,183,402 times
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Quote:
Originally Posted by MsJ27 View Post
Now why would anyone want to spend that kind of money to be in a rundown area? I was told by a few people it's because some are so desperate to have a Manhattan address. I hope someone can shed some light for me and share their experience.

For the same reason that people are buying and moving to the South Bronx. While it may not be the most desirable area now, the hope is that it will improve (a LOT) and it's better to get in when prices are low rather than wait until everyone else wants to move there.
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Old 02-10-2009, 09:06 AM
 
274 posts, read 1,021,081 times
Reputation: 119
Quote:
Originally Posted by MsJ27 View Post
After visiting my grandmother who lives in Harlem near 125th st, and riding a bus for almost the entirety of the area, I notice more & more condo's being built. My question is, does anyone on here live in these condos and why? I often scratch my head at why someone would purchase an apartment (starting at $125k & up) on some of the most run down streets in the city.

Now why would anyone want to spend that kind of money to be in a rundown area?
Because they drank the Kool-Aid offered by developers and realtors and believed that $550,000 for a 1 bedroom in a building surrounded by methadone clinics is a great deal. And because Harlem needs a little diversity.

BTW Corcoran recently closed their Harlem real estate office... "So long folks, and good luck paying your maintenance which is going to be astronomically raised because the developer has skipped out and over half of the building is still unsold."
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Old 02-10-2009, 09:11 AM
 
274 posts, read 1,021,081 times
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Quote:
Originally Posted by Rudbeckia View Post
i am working on a project right now near Greenwich Village, on an apartment right across from a set of projects . All east windows in the house and on the roof terrace face the projects. The guy paid 8 mil for the apartment.
Harlem ain't The Village.

All it takes is a couple of muggings in The Village for the NYPD to flood the neighborhood with cops. Good luck in Harlem though.
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Old 02-10-2009, 09:16 AM
 
1,278 posts, read 3,737,599 times
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Quote:
Originally Posted by Ace Rock View Post
Harlem ain't The Village.

All it takes is a couple of muggings in The Village for the NYPD to flood the neighborhood with cops. Good luck in Harlem though.

My point was that once the buildings start being renovated, some people do not care that they are near projects, and will buy them anyway.

And you are crazy if you think parts of Harlem are not good real-estate investments.
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