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Central Brooklyn is still more dangerous than Western Queens.
I agree, it a catch 22 in the sense that if it was not more dangerous I would never be able to afford to buy in that area. It just a matter of whether your willing to ride out the difficult times until the area becomes safer. You will still find someone willing to rent there. The neighborhood aesthetics and having prospect park near by can make it worth the wait.
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Originally Posted by NyWriterdude
public housing population
Some of the best value are in areas near public housing, because most people have such a negative perception about them it limits your competition and bidding wars. I am a big believer in that the only danger is the public housing which are isolated, the one that are integrated into the community around them are not as dangerous. For the most part the people living in Western Queens public housing are working class people who are just trying to survive NY. I noticed a lot of developers are buying around public housing in queens and turning it into luxury apartments.
I agree, it a catch 22 in the sense that if it was not more dangerous I would never be able to afford to buy in that area. It just a matter of whether your willing to ride out the difficult times until the area becomes safer. You will still find someone willing to rent there. The neighborhood aesthetics and having prospect park near by can make it worth the wait.
This is true - just pointing out that for some, it can be a deal-breaker.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
What about West Central Queens such as Forest Hills and Ridgewood?
Forest Hills: I don't think there anything special about the place. People who pick Forest Hills are not picking it for investment purposes. A lot of what made Forest Hills a place for people to live will go away as more people in search of cheap rent move there (low population density and good schools).
Ridgewood: A lot of speculation on the area benefiting from being near Bushwick, but the lack of easy public transportation to Manhattan is a concern. The potential person your renting to are hipsters with low paying jobs (for example: waiter in Bushwick who is looking for cheap rent in Ridgewood). Also people are willing to pay a premium to have a Brooklyn address, it has yet to be established if that will happen in Queens.
My main point with Western Queens and Central Brooklyn is they are places which are affordable right now, but in 1-2 years will be priced out of. Forest Hill and Ridgewood, are years away before anyone need to worry about being priced out. I would probably seek the South Bronx for value before I consider Forest Hills and Ridgewood.
The above quote pretty much outlines my strategy and view on the investment. I hope to live there a few years while I am still young and turn it into a rental property.
1. Population Density: Woodside, Jackson Heights, and Flushing areas I would be interested in buying due to easy public transportation already very over crowded which makes the place very unpleasant to live.
2. Purchasing Price: There is not a significant pricing difference between Astoria and Woodside. If you make a diligent search you can find more spaces per room in Woodside, but you compromise location. I prefer location over more space as I hope to turn it into a rental.
3. Gentrifying: I am not sure how you define this, but in my opinion Astoria and LIC are gentrifying while Woodside and Jackson Heights are speculations (not enough of them to support it being a established trend). When I went in person to scout the area, I can tell people who live in Astoria have more wealth through the luxury name brand clothes they wear and the amount of them at any given time on the train (supported this being a established trend). Even going by Queensbridge Housing at 9pm, I see old hipster and European tourist walking through the area to catch the F train. I have never seen any of that in Woodside and Jackson heights.
Thanks everyone for their feedback.
I am in Central Queens once a week. Compared to even 3 years ago, the white population in Jackson Heights has grown rapidly. As LIC continues to develop as a major job center, this helps boost the attractiveness of all Western and Central Queens to live in. Investors make more money if they are get in at the beginning of a trend instead of waiting until things are established.
The public transportation in Central Queens is not as crowded as the Lexington Avenue line during rush hours. The M and R locals are not particularly crowded (more people get on the E and F express trains).
Some of the best value are in areas near public housing, because most people have such a negative perception about them it limits your competition and bidding wars. I am a big believer in that the only danger is the public housing which are isolated, the one that are integrated into the community around them are not as dangerous. For the most part the people living in Western Queens public housing are working class people who are just trying to survive NY. I noticed a lot of developers are buying around public housing in queens and turning it into luxury apartments.
I am in Central Queens once a week. Compared to even 3 years ago, the white population in Jackson Heights has grown rapidly.
Check out this place that should be opening in a few months or so The Queensboro - a neighborhood American bistro in Jackson Heights which will be located on 80th and Northern in the former carpet store (very large space). Their goal is: "a place that will offer great beers, excellent wines, killer cocktails and delicious food. We've been fortunate to line up a highly regarded chef to helm our kitchen and are excited for the opportunity to bring their food to Jackson Heights."
Unfortunately IMHO Jackson Heights has been really behind in attracting new eateries like this one. It's odd because there are a huge number of coops in the JH historic district that are being sold to newcomers from Brooklyn and Manhattan who have reasonably large incomes (enough to afford $250K to $650K or so for an apartment or $1 million for a house) yet the neighborhood has lagged behind in offering amenities to this group.
You should see more once the commercial leases are up.
But TBH, JH should be fine even without those new "hip" eateries. The restaurants and cafes along 37th Ave. are good enough and there is a weekly farmers market at Travers Park. Who would object to a hearty meal at La Roja, succulent meats at Chivito or sweet pastries at Uruguayana? Plus lower Astoria is only a Q66 bus ride away for the bistro and bareburger fare.
NYWriter is correct in his observation about higher numbers of caucasian families. You will see a lot of them & their kids in the various playgrounds around JH. To me, what's more surprising is that more and more of them are moving north of Northern Blvd - ie outside the historic district!
You should see more once the commercial leases are up.
But TBH, JH should be fine even without those new "hip" eateries. The restaurants and cafes along 37th Ave. are good enough and there is a weekly farmers market at Travers Park. Who would object to a hearty meal at La Roja, succulent meats at Chivito or sweet pastries at Uruguayana? Plus lower Astoria is only a Q66 bus ride away for the bistro and bareburger fare.
NYWriter is correct in his observation about higher numbers of caucasian families. You will see a lot of them & their kids in the various playgrounds around JH. To me, what's more surprising is that more and more of them are moving north of Northern Blvd - ie outside the historic district!
Well, I generally don't complain about where I live, but I have always wanted one hip place to eat and drink My favorite restaurant for food is Ayada Thai in Elmhurst. I heard good things about Kitchen 79 (new place off 37th) as well.
I think it's because I live here, but I have always seen a lot of white people. My building is probably 60-70% white --just a guess. I do see an increase in white people (and also non-white people who look like they have money to burn) especially at the new organic market. They do take food stamps, but for a while they didn't, and it's hard to afford that place if you don't have a decent income.
It's odd because there are a huge number of coops in the JH historic district that are being sold to newcomers from Brooklyn and Manhattan who have reasonably large incomes (enough to afford $250K to $650K or so for an apartment or $1 million for a house) yet the neighborhood has lagged behind in offering amenities to this group.
I agree, you can find similar prices in property value in Astoria to Jackson Heights. At least with Astoria I can tell myself it is near to being waterfront property, I can walk 5-10 blocks to Rainey, Socrates Sculpture, or Astoria Park catch a nice view of Manhattan skyline while doing recreational activities (you feel so close to Manhattan that you might be able to swim there).
Even though I don't disagree with people views of what Jackson Heights might become. I just don't see it as desirable place to live (all the open spaces are filled by cemeteries). If you want to go to Park, you will have to travel to flushing meadows (which is far).
If your goal is for investment purposes and you find a place of equal value between Central Brooklyn and Central Queens, you should take Central Brooklyn. So that why I thought to compare Western Queens instead.
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My favorite restaurant for food is Ayada Thai in Elmhurst. I heard good things about Kitchen 79 (new place off 37th) as well.
