Living in East Harlem (Madison, Washington Heights: real estate, rent, condos)
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I'm looking to buy a condo in NYC and am considering East Harlem, the area below east 119st. There are a lot of new condos and coops being built. The area seems to be changing for the better. I have a friend that lives in the area and loves it. But, I want to get more than one person prescriptive or experience living in this neighborhood.
E Harlem has one of the highest crime rates in the city and there can be lot of quality of life issues as well.The real estate prices in E Harlem are also among the most over inflated in the city.
I think it could be ok to live in parts of E Harlem provided you do a lot of homework on the exact building and block and have a high tolerance for quality of life issues but I wouldn't advise buying anything there because it is too in vogue with people who don't know what they are doing and in such a situation everyone pays too much.
You should really rent in a neighborhood like that first and experience it yourself during the summer, when all the quality of life issues will be more evident.
I agree with Bluedog. Don't buy but rent first in the area. In the summertime, Harlem and Washington Heights become really rowdy. If you have the $ to buy a condo, you should buy it in a well-established safe area. Harlem is in the process of gentrification but sadly, there are a lot of shady areas in Harlem.
I tend to agree with that also. East Harlem has sky high prices but a Southern Bronx quality of life...doesn't make sense. There is alot of upside in the neighborhood however, as you can see all the developments shooting up to 125th. Rent first, even if it's just a temporary/6 month rental, just to get a feel for the neighborhood.
If you are a longer-term buyer, as in 10 years, I think buying in East Harlem is excellent (assuming you are ok with a transitional neighborhood). If you are a short-term buyer, as in 5 years or less...it may not pay-off for the sacrifices you make in QOL.
I am bullish on the neighborhood, but it is a long term investment...I feel the same way about the Southern Bronx as well..both long-term investments which will pay off handsomely IMO.
The best part of East Harlem is north of E96th, south of Mt. Sinai Hospital, between 5th and Madison ave. Clean quiet street, prewar buildings, no sign of any ghetto-ness. That is the non "el barrio" part of East Harlem. It is also the most expensive part.
The best part of East Harlem is north of E96th, south of Mt. Sinai Hospital, between 5th and Madison ave. Clean quiet street, prewar buildings, no sign of any ghetto-ness. That is the non "el barrio" part of East Harlem. It is also the most expensive part.
that is one little block right here, how about the "ghetto-ness" of lexington & 102nd st between the carver and the washington houses??
I'm looking to buy a condo in NYC and am considering East Harlem, the area below east 119st. There are a lot of new condos and coops being built. The area seems to be changing for the better. I have a friend that lives in the area and loves it. But, I want to get more than one person prescriptive or experience living in this neighborhood.
East Harlem has a loooong way to go before it even becomes a somewhat decent area.
I tend to agree with that also. East Harlem has sky high prices but a Southern Bronx quality of life...doesn't make sense. There is alot of upside in the neighborhood however, as you can see all the developments shooting up to 125th. Rent first, even if it's just a temporary/6 month rental, just to get a feel for the neighborhood.
If you are a longer-term buyer, as in 10 years, I think buying in East Harlem is excellent (assuming you are ok with a transitional neighborhood). If you are a short-term buyer, as in 5 years or less...it may not pay-off for the sacrifices you make in QOL.
I am bullish on the neighborhood, but it is a long term investment...I feel the same way about the Southern Bronx as well..both long-term investments which will pay off handsomely IMO.
How much do you think property will go up in 10 years? There are lots of nice condos in Harlem now for $500k. You think it will double to 1 million or more, or less?
How much do you think property will go up in 10 years? There are lots of nice condos in Harlem now for $500k. You think it will double to 1 million or more, or less?
Anyone who thinks there is even a remote possibility of real estate values ever again doubling in a 10 year period needs their head examined.In 10 years, the Harlem condos now selling for $500,000 will be selling for $500,000......if they are lucky.
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Anyone who thinks there is even a remote possibility of real estate values ever again doubling in a 10 year period needs their head examined.In 10 years, the Harlem condos now selling for $500,000 will be selling for $500,000......if they are lucky.
