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While I cannot guarantee that NYC is a good investment, I believe owning rather than renting in most cases is more advantageous to building wealth.
I also believe the naysayers are exceedingly good at keeping everyone down, and prevent many people from making sound decisions by instilling fear. I recommend making sound decisions based on fact, your risk tolerance, and the reward, and not on fear, or those that are professional naysayers.
This neighborhood is no less safe than anyother neighborhood in the Bronx (in general). If you look for trouble, or associate with the wrong types, then no matter where you go trouble will always follow. The fact that you are looking in the Bronx market means you are willing to accept a certian level of the "element" in your life, whether it be higher crime, ghetto behavior, etc. Do not be dissuaded from investigating this complex, or anyother new development. The worse that happens is that you choose not to invest there and int he process learned about a new neighborhood.
The naysayers will always exist. They existed in 1990 when they were first building new 2 and 3 family homes in the South Bronx for $85,000. "Not worth it", "Who is gonna pay that", "What a scam" was all you heard back then. Now those that purchased for a measly $5,000 down are sitting on hundreds of thousands of dollars because they did not listen to the negativity. The naysayers did not buy or invest then, and they will not buy or invest now. They will continue to live in their housing projects, or subsidized housing, and be negative about everything, while you improve yourself, your financial health, and your community.
Disregard the naysers and negativity. Investigate, research, and invest in something, including somewhere in the Bronx.
It's good to have people back up what I've been saying all along!
Any reasonable person will agree with my statement. The only naysayer is Hustla, and he has his own agenda that keeps him focused on the negative. I have touched on my theory about Hustla on another Bronx post. He is knowledgeable about the obvious, crime and all that is foul with the Bronx, but contributes nothing of value. Come on Hustla...show us more.
Hustla's point of view is completely different from an average New Yorker's point of view. He sees more bad than good because he's a cop, and most of it isn't reported on the news. But the same can be said about SI, Brooklyn, Queens, Manhattan (ALL of the borough). While a cop will see more, the average New Yorker isn't affected by it because they don't know what happened.
Yep, no absolute guarantee about NYC/Bronx real estate, but as a lifelong NY'er I've seen it over and over...exactly as you said...cynical folks who can't imagine paying X amount of money for a "dumpy" neighborhood have been proven wrong again and again and again....
I agree. I believe his perspective is definitely skewed toward the negative because he has some involvement or connection to law enforcement. His perspective is also skewed because he is a person of color that was raised and surrounded by the negative and persistent problems that come with poverty in the inner cities. I think he needs a vacation!
Hey,Thanks Guywithacause I really needed to hear some positivity,I'm really looking into purchasing my first property.I hear people say,Why the Bronx?But the property I'm looking at is brand new,the first one to live in it and this is a big step for me.I do worry about crime,especially for my wife but I do believe in change as well.We have been thinking about leaving NYC but when I think about it I just cant,I love it hear.But I will keep doing my research before I purchace and I go appriciate everyone's comments.Thanks.
Just do your homework...and remember also that a home is an investment, but more importantly it is a home. Somewhere that you can be happy and enjoy the time you spend there, inside and out. I recommend all non-government subsidized people remain in the city and enjoy all it has to offer.
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