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It means I can buy the house (which basically would be like two rowhomes or a walk-up), all 6 untis, for 600k. I can then sell or rent out the remaining units, which turns me a nice profit. That's why Bushwick will gentrify rapidly.
oh alright because I was going to say 1 unit for 600K is the biggest rip off especially in Bushwick. 600K is too much for the whole thing.
Please tell me who will gentrify Bushwick, becuase it ain't the yuppies. It ain't the middle class either. And guess what, the rich won't tolerate that ****hole. I wonder who it could be?
That area is the ghetto and will be the ghetto when all of us posting on this forum die. City housing isn't the only low income housing in that area. That is one of the neighborhoods lined up to be a permenant poverty pocket in the future. There is all kinds of low income housing in that area.
Yuppies in Bushwick? Let me give you a historical perspective on this hood. My family owned a horse boarding stable here in the 1800's which was converted to a car garage and we remained in the area until 1977. We lived on Knickerbocker and Linden during the 1970's. The housing stock is tremendous and was built by the German Immigrants that dominated the area at the turn of the 20th century. It is sort of a shame that some of the best built housing stock outside of Europe would be completely driven into the deepest of Ghettos. These homes are built like fortresses with the best stone.
In the time span of 15 years the neigborhood went from a European imigrant working class community to a poverty filled welfare drenched ghetto. During the 1977 blackout the welfare hordes burned much of the neighborhood to the ground. This was the end of the Bushwick of old. The neighborhood turned to a complete slum after 1977. The majority of residents made a living collecting welfare or bolstered their income with drug sales. The streets became an absolute jungle after dark.
During the late 1990's but the area was crawling with crime. It was literally on every sultry corner. It was one of the strongest drug selling neighborhoods in the city. The only reason for an outsider to go down there would be to buy drugs, pick up whores or chop a hot car.
On a summer night the streets would be teeming with all sorts of action and everyone is outside on the corner. Every open store is a drug spot and drugs and prostitution sales are conducted openly. This is not a safe place even for a grown man to work through.
An outsider walking around there would be a target. It would only be a matter of time for a trust fund type to become a target. Too many bored, broke, stick up kids to let a Yuppie herb pass by without getting taxed. It is unthinkable that this area could change to allow Yuppies and hipsters to dwell here in safety. This area will maintain its hardcore edge for the foreseeable future.
Yeah but they are building and people are buying. The prices for a condo are 270K-$480K in that area. So, who is buying at those prices? Certainly not the locals. They are marketing with the L-train in mind, so people from Manhattan, Williamsburg, etc. are moving there. Things do seem to be changing.
Yeah but they are building and people are buying. The prices for a condo are 270K-$480K in that area. So, who is buying at those prices? Certainly not the locals. They are marketing with the L-train in mind, so people from Manhattan, Williamsburg, etc. are moving there. Things do seem to be changing.
Are you talking about those prefabricated rowhouses. Your right, the locals don't buy them. Other people do then rent them out to locals.
Not the prefabriated houses but the brownstone-rowhouses and also new construction buildings.
Most of the new construction buildings in Bushwick are under low income housing only programs. The Brownstones are probably the only thing market rate in the area and most of them are occupied by Puerto Ricans and Mexicans.
Which would you choose...
Condo in Bushwick around the corner from L-train stop; 1bed/bath, 650 sqft $320K facing train and gas station or $270K, 550sqft facing back lot and common area.
Which would you choose and why (even if neither)? What about resale value.
What do you think about these condos that are springing up in Bushwick, would you make the "investment"?
thanks
You have to be out of your mind, but of course you probably are relying too much on the NY Times & NY Magazine which is considered the bible in NYC in terms of Real Estate and fashion. 650 Square feet is a closet in the real world, not 'huge & loft like' like the real estate agencies (who already collect 15% of annual rent) & 6%-10% commissions on every sale want you to believe. And $320,000 for a tiny apartment in Bushwich is laughable.
And no it will not gentrify rapidly since the credit bubble which is the only way that these 26 year old transplant hipsters can afford these places is rapidly deflating. Mommy & daddy won't be able to give them the 20% down that is required to buy these apartments or the $3,000 a month to rent one of those "artists lofts" right by the J train.
Please tell me who will gentrify Bushwick, becuase it ain't the yuppies. It ain't the middle class either. And guess what, the rich won't tolerate that ****hole. I wonder who it could be?
That area is the ghetto and will be the ghetto when all of us posting on this forum die. City housing isn't the only low income housing in that area. That is one of the neighborhoods lined up to be a permenant poverty pocket in the future. There is all kinds of low income housing in that area.
As I said before the Credit bubble since 2001 is what created this whole real estate boom. How else can these 'too cool for school' just out of college hipsters afford rents & the asking prices of these condos going up all over Brooklyn?? The parents probably refinance their homes out in the midwest in order to give them the 20% down or pay their rent which likely runs $30,000 or more a year. When this liquidity is turned off, NYC real estate will drop.
The prices & rents are laughable. Real estate agents are really cleaning up these days with the huge commissions (6% - 10% on every apartment sale) as well as 15% of the annual rent for every apartment they find a tenant for.
Think about it, Nowhere in the 5 boros can someone making the supposed, reported mean or median income (which is only $50,000 in Brooklyn or Queens) qualify to buy or even to rent an apartment at todays prices & rents.
No, Hustla is absolutely right.Moderator cut: personal - off topic
And the thing is that someone making $80,000 a year for a single person (which is considered lower middle class in NYC) can't qualify for these 80/20 buildings going up because their income exceeds the maximum which is pitifully low and is hardly enough to afford the monthly PITI payment.
Last edited by Marka; 06-10-2007 at 01:08 PM..
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