Thinking about purchasing a home in Harlem 147th btw Amsterdam and Convent. Advice needed! (Hamilton: real estate, renter)

[NewHarlemResident]

Hi,

I'm a Home buyer that's looking to either purchase a property for myself or use it to rent it out. I was wondering how the area of 147th street between Amsterdam and Convent is for young working class individuals and if it's a place that can be rented out easily. I know city college and Columbia university is close, plus it's close to all the train stations with a police station being in close proximity.
I'd like to know if it's safe if you're aware of your surroundings and what the rental prices usually go for a 2 bedroom newly furnished. Thanks.

-New Home Buyer

[DAS]

Originally Posted by NewHarlemResident

Hi,

I'm a Home buyer that's looking to either purchase a property for myself or use it to rent it out. I was wondering how the area of 147th street between Amsterdam and Convent is for young working class individuals and if it's a place that can be rented out easily. I know city college and Columbia university is close, plus it's close to all the train stations with a police station being in close proximity.
I'd like to know if it's safe if you're aware of your surroundings and what the rental prices usually go for a 2 bedroom newly furnished. Thanks.

-New Home Buyer

You can easily check on real estate sites concerning rental prices. The things to check are how much you would actually have to charge to keep up the property, and make a profit. Would this be more than what a renter would pay to live in this area? How does this compare to what is actually the going rate for the area. Someone that bought their property some years back can charge a lesser amount, and this may reflect in the current rentals listed now.

[tattle]

I live in the area...though closer to Riverside...and walk through to the A and D train day and night and never felt unsafe.

[vitalove]

This area is one of the best areas of Hamilton Heights. Very safe, relatively quiet, though on the corner of 147th and Amsterdam, there are some people hanging around. Still, Convent is very quiet and you are close to shopping and transportation. You may not feel unsafe, but you should always be aware of your surroundings anywhere in the city.

The advice from Das regarding the cost and upkeep of the home is most important when considering the purchase. Rental prices have gone down in general all over Manhattan so what one used to charge last year or before may not be relevant. Please consider this when making a purchase. I would look online in the area to compare rental prices. Check Corcoran and Prudential. Focus on what listings have already been rented out and at what price.

[SuperMario]

Amsterdam is rough!

[DAS]

Originally Posted by SuperMario

Amsterdam is rough!

Yes I have to agree. That particular in between block 147th is nice. Amsterdam is really loud and full of activity from the early afternoon all through the night, especially when the weather is nice. If you are inside in the 147th St block, you won't really see what is going on, on Amsterdam or hear it.

If I were showing the apt I would only show it before noon on weekends, and before 2PM on a weekday. That way the person could see how Amsterdam Ave won't impact their lives while in the apt. Because when they go back to check out the area in the evenings and weekends, now that the weather is nice they may get a different impression. But if they are used to a really urban environment they may be alright with it.

[keiya]

Are you guys serious? I live on 147th between Amsterdam and Broadway and it is LOUD. It is only quiet during the winter. On warmer days, literally the whole neighborhood comes outside. I can't wait until my lease ends.

[Harlem Mayor]

my opinion may be biased due to i am very in tuned with real estate nationwide. for starters i give you the outlook on that. nyc has just BEGUN to feel the brunt of the downward slopes of prices, that will continue in the city until about 2013. don't be surprise if prices DROP 35% from now until then. in 2000 an house on that block in pristine condition cost $465,000. now you can't even shell under 1.5 million.

that block is part of hamilton heights/sugar hill proper, these are the houses w.e.b. du bois, thurgood marshall, and paul robeson, lived, not in those funky walk-up tenemants. average rent for 2 bedrooms if it is a floor thru run about $1800 and up. safe is relative of your race. if a neighborhood in nyc has black people or latinos it is considered unsafe regardless of education, class of residents, and crime statistics. you run the risk of downtown manhattan becoming cheaper and all the non black and latinos moving down there where they wanted to live in the beginning, but just couldn't afford it on their paltry non-profit salary.

to sum it up, it would be a great risk right now, forget all that up and coming talk, this country is in a downfall. first housing next retail, so you will be seeing all these little subway stores, duane reade, and other retails stores that infiltrated neighborhoods like this disappear within the next 2 years, so you won't even be able to proper the anmeities of the neighborhood.

i would advise against it in the long run, more from a financial aspect than safety.

[DAS]

Originally Posted by keiya

Are you guys serious? I live on 147th between Amsterdam and Broadway and it is LOUD. It is only quiet during the winter. On warmer days, literally the whole neighborhood comes outside. I can't wait until my lease ends.

Yes Bway, Amsterdam, and most blocks in between Bway and Amsterdam are loud. But most in between blocks between Amsterdam and Convent are quieter. You have to deal with the noise and crowd when you go to Bway to shop or take the train. Some people may be willing to rent there however.

That is why I also gave the advice to check out rents in the area. Real estate people will tell you that you can get XYZ for rent, because it is close to transportation. But you have to consider other factors, like noise, and the services not being too good. Sometimes the rents that an owner of a private house has to charge, to meet expenses are too high, for the area, a person could rent something cheaper in a quieter, safer, area.

[NewHarlemResident]

thx a lot guys was a lot of help.