Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Perhaps you forgot about the OP? Buying property in Bed Stuy for investment purposes is exactly what he wants to do. He wants to hold it and live there in 10 years. My initial investment was 90K in 2004 and now I'm sitting on 1.7M worth of brownstone, 11 years later. Will he do the same? I don't know. But chances are Bed Stuy will look a lot more like Park Slope or Williamsburg in 10 years when he wants to live there. And you continually put down Bed Stuy, you can't deny that you have a bias against it. Parts of it are definitely still hood, but that doesn't mean you can't make money through investing there.
Would you live there now? Where OP is looking to buy?
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Perhaps you forgot about the OP? Buying property in Bed Stuy for investment purposes is exactly what he wants to do. He wants to hold it and live there in 10 years. My initial investment was 90K in 2004 and now I'm sitting on 1.7M worth of brownstone, 11 years later. Will he do the same? I don't know. But chances are Bed Stuy will look a lot more like Park Slope or Williamsburg in 10 years when he wants to live there. And you continually put down Bed Stuy, you can't deny that you have a bias against it. Parts of it are definitely still hood, but that doesn't mean you can't make money through investing there.
I hope you are as right for the next ten years as you were for the past ten. I would love to see it as a Park Slope or Williamsburg. I'm only a couple miles down the road, I would be able to take advantage of all the new dining and shopping options that would become available.
Perhaps you forgot about the OP? Buying property in Bed Stuy for investment purposes is exactly what he wants to do. He wants to hold it and live there in 10 years. My initial investment was 90K in 2004 and now I'm sitting on 1.7M worth of brownstone, 11 years later. Will he do the same? I don't know. But chances are Bed Stuy will look a lot more like Park Slope or Williamsburg in 10 years when he wants to live there. And you continually put down Bed Stuy, you can't deny that you have a bias against it. Parts of it are definitely still hood, but that doesn't mean you can't make money through investing there.
There is fundamental difference between when you bought and when OP plans to buy. Most people in this thread just cation that the biggest difference is OP is gambling rather than sounds investing. But as stated, if OP must have a brownstone than Bed-Stuy is a pretty good place to find one that is still affordable due to the high crime rate (which can possibly decrease over time).
There is fundamental difference between when you bought and when OP plans to buy. Most people in this thread just cation that the biggest difference is OP is gambling rather than sounds investing. But as stated, if OP must have a brownstone than Bed-Stuy is a pretty good place to find one that is still affordable due to the high crime rate (which can possibly decrease over time).
What is the difference between when I bought and now? Also the OP said he is investing and every investment is a gamble. I would say that my investment was more of a gamble in 2004 than the OP's is today.
I hope you are as right for the next ten years as you were for the past ten. I would love to see it as a Park Slope or Williamsburg. I'm only a couple miles down the road, I would be able to take advantage of all the new dining and shopping options that would become available.
Now that you have people willing to pay close to 2M for a brownstone in Bed Stuy new dining and shopping options are inevitable.
1989-1996 was a downturn in NYC real estate prices (brooklyn was down by 26%) and not a record boom as it is now.
Quote:
Originally Posted by Above Average Bear
Also the OP said he is investing and every investment is a gamble.
I would say sound investing is when rental income (cash flow) is higher than the current listing price of the property (undervalued). Currently, need to assume appreciation and rent increase to justify the purchase.
Quote:
Originally Posted by Above Average Bear
What is the difference now?
1. Rental: Middle class jobs are leaving the city. Finance sector which is one of the biggest employers is going to continue to shrink.
2. Brooklyn is already as expense as Manhattan.
Quote:
In Q4, Brooklyn's median rent was a mere $350 less than Manhattan's, with the difference in rents between the two boroughs remaining super tight between $200 and $500 throughout 2014. Let that sink in. Not doing it? Here's this: In 2008, the spread between the boroughs was about $1,100. Brooklyn remains the only borough to see housing prices exceed its pre-financial meltdown peak.
1989-1996 was a downturn in NYC real estate prices (brooklyn was down by 26%) and not a record boom as it is now.
I would say sound investing is when rental income (cash flow) is higher than the current listing price of the property (undervalued). Currently, need to assume appreciation and rent increase to justify the purchase.
1. Rental: Middle class jobs are leaving the city. Finance sector which is one of the biggest employers is going to continue to shrink.
2. Brooklyn is already as expense as Manhattan.
The OP is buying for investment and for the opportunity to live in NYC rent free. I think it's safe to say that in 10 to 15 years the OP will be glad that he bought NYC real estate in 2015.
The OP is buying for investment and for the opportunity to live in NYC rent free. I think it's safe to say that in 10 to 15 years the OP will be glad that he bought NYC real estate in 2015.
Grab a map and look to the North and West of Bed Stuy.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
