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It's hard to believe and hard to imagine but some of us predicted this years ago. Not only ENY (subject of the topic, although not in many peoples radar yet) but other areas in NYC away from DTBK or Manhattan will be sought after.
ENY proper is not that beautiful. The areas directly south of Cypress Hills which is south of the Atlantic, and the areas west of City Line which west of the Conduit is semi industrial and has some infill, pretty much Atlantic Ave to Sutter Ave. More south than that it gets pretty darn hood and has projects throughout the zone, Sutter Ave to Flatlands Ave. However in ENY proper (which excludes Cypress Hills, City Line and Starett City - Spring Creek) there are some classic remains which were not destroyed. I'll tour you quickly then I have to go to the gym. LOL..
I'm with you Shadowmassa. If you are young and intend on staying in NYC for at least 10 years ENY is a good investment. If you feel uncomfortable about living there rent it out until gentrification takes hold. I stood by and watched as I got priced out of Red Hook, Williamsburg, and Fort Greene, before I invested in Bed Stuy. I have a duplex apt with a basement and garden that my tenants are paying for. It has allowed me to purchase real estate in Asheville NC and Florida.
Investment can mean so many things. What about the person who doesn't want to deal with tenants? And just wants to put down roots elsewhere. I'll tell you my opinion - ENY is at least 30-35 years away from gentrification on the level of Bed Stuy, and other neighborhoods further west. When you see developers coming in and knocking down old buildings and putting up new ones then you'll see gentrification really take off. Because a lot of the housing stock (yes, before somebody says, what about Cypress Hills) in ENY is not in the best condition, or severely outdated. So people that are buying in will need some serious cash to renovate. I just don't think ENY is in a position to attract people with that much coin - and won't be for a few decades. Anybody check out prices in ENY. Average 3 bedroom house (in decent condition) will run you about $400K. Is it worth almost half a mil to wait 30 years?? Might not be for everybody.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
I'm with you Shadowmassa. If you are young and intend on staying in NYC for at least 10 years ENY is a good investment. If you feel uncomfortable about living there rent it out until gentrification takes hold. I stood by and watched as I got priced out of Red Hook, Williamsburg, and Fort Greene, before I invested in Bed Stuy. I have a duplex apt with a basement and garden that my tenants are paying for. It has allowed me to purchase real estate in Asheville NC and Florida.
Indeed, real estate is good investment and especially if it's located in an urban area. Due to the fact urbanized areas are changing or a particular zone in an urban area will eventually change. It was an intelligent move on your behalf. You can either sell the property for more what you originally paid for or rent it out.
I've been saying this for a while too. ENY has a lot of room for redevelopment also due to the fact there are many lots, green space and cheap infills developers may not care about.
Investment can mean so many things. What about the person who doesn't want to deal with tenants? And just wants to put down roots elsewhere. I'll tell you my opinion - ENY is at least 30-35 years away from gentrification on the level of Bed Stuy, and other neighborhoods further west. When you see developers coming in and knocking down old buildings and putting up new ones then you'll see gentrification really take off. Because a lot of the housing stock (yes, before somebody says, what about Cypress Hills) in ENY is not in the best condition, or severely outdated. So people that are buying in will need some serious cash to renovate. I just don't think ENY is in a position to attract people with that much coin - and won't be for a few decades. Anybody check out prices in ENY. Average 3 bedroom house (in decent condition) will run you about $400K. Is it worth almost half a mil to wait 30 years?? Might not be for everybody.
You know seventh, I see a lot of people complain about the cost of rent in NYC on this forum. I have learned that if you want something, like perhaps living economically NYC and you don't have a million dollars you have to compromise. People do it all the time here like living dorm style in small apartments. The cost of entry into a 400K house is $80K or 20% down plus closing costs. At today's rates that's $1500 mortgage and carrying costs. Most of those costs can be covered by putting a few renters into the space. Will ENY go the way of Bed Stuy I don't know, but I am a betting man and like I put my money into Bed Stuy 10 years ago I'd bet on ENY if I had to do it today.
Most of those costs can be covered by putting a few renters into the space.
I'm talking specifically about if one wanted to buy a 1 family house in ENY. Not everybody wants to deal with the responsibilities that comes with being a landlord.
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Investment can mean so many things. What about the person who doesn't want to deal with tenants? And just wants to put down roots elsewhere. I'll tell you my opinion - ENY is at least 30-35 years away from gentrification on the level of Bed Stuy, and other neighborhoods further west. When you see developers coming in and knocking down old buildings and putting up new ones then you'll see gentrification really take off. Because a lot of the housing stock (yes, before somebody says, what about Cypress Hills) in ENY is not in the best condition, or severely outdated. So people that are buying in will need some serious cash to renovate. I just don't think ENY is in a position to attract people with that much coin - and won't be for a few decades. Anybody check out prices in ENY. Average 3 bedroom house (in decent condition) will run you about $400K. Is it worth almost half a mil to wait 30 years?? Might not be for everybody.
There's not a ton of 3 bedroom single family homes in ENY, most of the townhouses were converted to Multi Family in the 30's and 40's. So you would be limiting yourself and should probably look into south queens for a single family house. 30 years is an exaggeration, Bushwick which has a lot of ugly housing stock took less then 10 years to get to it's current prices and sure you can say it has location (East williamsburg mostly) but houses at the east end of the neighborhood are already selling at $900k +, which borders ENY. Try buying in even the Eastern part of Bed-Stuy (less then 10 yrs) for under $900K, not happening, and again it's the area bordering ENY. Why wouldn't the trend continue into ENY. We already see the city is going to rezone huge swaths of ENY to allow for developers to build bigger. Sunset Park is already expensive and most people thought the trend wouldn't go South of the cemetery.
This is just a comparison of the same housing stock you would find in the "Hipster "neighborhoods to ENY, not just Cypress Hills :
Check those prices again, the average is now $500k+ with many already $600k + it's jumped up a lot in just a year, Especially Cypress Hills. Had you bought when it was in the 400's you would be at a nice profit already and prices are only increasing.
Even this piece of junk is $450k and it's listed by Corcoran, if real estate companies like Corcoran and Douglas Elliman are testing out the ENY waters then theres something in the air.
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