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Yeah but maybe not everybody's into buying into a neighborhood that is still "in transition," or worried about how much the value of their home is going to increase. Maybe some people are just looking for the opportunity to own, and grow old in their houses. Yes Bed-Stuy is changing, but why pay so much money when you can still get caught in a shooting coming home from work or from hanging out. For all that money, save it and buy in East New York and still get to Lower Manhattan in 20 minutes if that's the case (if you really want to be a pioneer).
PS: I got a friend that bought in the Stuy, but he grew up in the Stuy. He prolly knows who's doing the shooting half the time lol. For somebody that worked hard and wanted to stay in his hood (like I did), it's completely fine for us. I can't see little Ethan walking down Ralph Avenue to get ice cream.....at least not today.
People are paying that kind of money because they want to own and not rent for the rest of their lives. And right now Bed Stuy is a bargain compared to the surrounding area. Bed Stuy will change faster than you think.
Yeah but maybe not everybody's into buying into a neighborhood that is still "in transition," or worried about how much the value of their home is going to increase. Maybe some people are just looking for the opportunity to own, and grow old in their houses. Yes Bed-Stuy is changing, but why pay so much money when you can still get caught in a shooting coming home from work or from hanging out. For all that money, save it and buy in East New York and still get to Lower Manhattan in 20 minutes if that's the case (if you really want to be a pioneer).
PS: I got a friend that bought in the Stuy, but he grew up in the Stuy. He prolly knows who's doing the shooting half the time lol. For somebody that worked hard and wanted to stay in his hood (like I did), it's completely fine for us. I can't see little Ethan walking down Ralph Avenue to get ice cream.....at least not today.
But a considerable number of people are looking for [i]brownstone[/] homes and looking for brownstone neighborhoods. The people that don't want that move to Queens! People will start to gentrify ENY when BS becomes gentrified and ENY will start changing around the parts that are close to direct manhattan transit and the parts that are close to popular BS dining, shopping, and drinking- just like people started gentrifying BS around the edges close to transit and CH/FG or Williamsburg dining, shopping, and drinking. And stop exaggerating about a new comer getting caught in a shoot out in BS. Thats not the type of crime that a gentrifier will face (iPhone stollen, is most likely).
Do the anti-naysayers realize that Bed-Stuy is more than just a few blocks?
I've mentioned this several times. It's about 4 square miles and takes, what, 4 or 5 subway stops to go from one end to the other. I've also mentioned that if one is in a more gentrified section they usually stay within their 5-10 block radius, like many NYers, unless they have a specific reason to venture elsewhere.
Quote:
Originally Posted by G-Dale
Where is the popular Bed-Stuy shopping, restaurant and pub strip? They have something like Williamsburg yet? Or even like Bushwick?
There are several developing along aves such as Bedford, Franklin, Myrtle , Nostrand, Lewis, etc. Then of course there is Fulton which is mostly low end stores but has seen a few new bars pop up in the past year. Not sure which way the Fulton strip will go but but most of the new business are taking up in abandoned store fronts along the aforementioned aves or at the base of new buildings- which makes sense. You can use Yelp to do a location search and see what shows up and where.
I havent been posting here long, but one thing I don't understand is why some people care so much what others do with their money.
If someone wants to pay $2.65m for a house in Bed STuy then by all means go ahead. I wouldn't pay 2.65m for a house anywhere, but I'm not going to knock someone who does.
Is there an element of jealousy or anti gentrify on these boards? Just seems strange.
Will give you that but the history of Brooklyn real estate in particular the brownstone/townhouse areas is that of "iffa, wouldda, shoulda". If persons wait until the area is scrubbed up and so froth then they are going to buy when prices are high to reflect that change. Again many, many, many persons one knows gay and straight are still kicking themselves for not getting into Fort Greene or Clinton Hill when they "could". Some ended up in the Bronx, others remained in Manhattan. Still more purchased in Park Slope or the other up and coming area of Brooklyn in the 1990's Park Slope "south" and Prospect Heights.
The ones in Manhattan still have brownstone fever and aside from some parts of Harlem there isn't a supply of "cheap" ones to be had outside of Bed-Stuy. So Caleb and Noah, or Ethan and Ashley will buy in BS and do what they have to do.
That's 100% understandable.
I totally get that it's cheaper to buy now when there are less amenities and the crime rate is higher.
Not a hard concept to grasp.
But let's not act like the area is totally gentrified now.
That's what I have a problem with.
It's actually far from being totally gentrified.
I have a problem with people not being honest about this.
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The main issue here is that the investors are way too early. The properties are not worth that much yet, they won't find renters to pay $2000 for an apartment when you can get something safer for a little more in places like greenpoint
Don't get me wrong, I hope they clean up all of Brooklyn and raise the quality of life for everyone but the ghetto thugs in the projects aren't going anywhere for a very long time
The main issue here is that the investors are way too early. The properties are not worth that much yet, they won't find renters to pay $2000 for an apartment when you can get something safer for a little more in places like greenpoint
Don't get me wrong, I hope they clean up all of Brooklyn and raise the quality of life for everyone but the ghetto thugs in the projects aren't going anywhere for a very long time
The whole purpose of investing is putting in your money early in order to get the returns later on. If you wait until the neighborhood is 100% cleaned up you've waited far too late to make any returns from your investment.
Also the investors are having a big effect on renters. When they purchase properties they get rid of Section 8 tenants and replace them with working tenants. Buildings that were basically SROs get converted to market rating housing. Any increasing in the working population of the area leads to more investment in the form of retail.
I totally get that it's cheaper to buy now when there are less amenities and the crime rate is higher.
Not a hard concept to grasp.
But let's not act like the area is totally gentrified now.
That's what I have a problem with.
It's actually far from being totally gentrified.
I have a problem with people not being honest about this.
Who is claiming it's 100% gentrified? I've not met one person who lives there or seen one article that claims this. The people investing 2.25 million in brownstones are not claiming this.
So what's your issue man?
If the neighborhood was totally gentrified those brownstones would be selling for MUCH HIGHER. Granted, 2.25 million is a lot compared to what one would have gotten in Bedstuy 8 years ago, but compared to what things cost in fully gentrified neighborhoods this is a BARGAIN!
I've heard of brownstone type buildings in the East Village/Lower East Side area going for 30 million or so, to be converted into mansion's. So these Bedstuy prices are basically pocket change. As time goes by and neighborhood demographics change more, prices will continue on their skyrocket. Particularly once investors in new retail projects get involved.
Williamsburg was nearly completely gentrified with lots of new condos nearly completion before they bot new bank branches, more name brand drug stores, high end retail stores (clothes) and Whole Foods (under construction).
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