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How do you explain values in Brooklyn or Queens neighborhoods that are "far" from the subway and have appreciated in value far more than Bronx locations close to the subway?
Obviously there are neighborhoods that are valued more by certain ethnicity over proximity to Manhattan and subway access.
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Originally Posted by wawaweewa
Also, why would the Bronx get "hot" when there are still far too many upper Manhattan areas yet to be developed?
Upper Manhattan is already priced like it been developed due to speculators. People are not waiting until Columbia expansion and SAS subway line is completed.
Obviously there are neighborhoods that are valued more by certain ethnicity over proximity to Manhattan and subway access.
This was exactly my point. Proximity to the subway is not everything.
Quote:
Originally Posted by NYer23
Upper Manhattan is already priced like it been developed due to speculators. People are not waiting until Columbia expansion and SAS subway line is completed.
Really? Look at rents in upper Manhattan and compare to tier 2 neighborhoods in Brooklyn? Upper Manhattan still has a lot of room to grow.
Really? Look at rents in upper Manhattan and compare to tier 2 neighborhoods in Brooklyn? Upper Manhattan still has a lot of room to grow.
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A report released by the nonprofit Community Service Society says that rents in Central Harlem have risen 90 percent in the last 12 years, from a median rent of $821 to 2014's $1,560. Central Harlem is the neighborhood that's most acutely felt the rise in rents since 2002, with Bed-Stuy following with a median rent increase of 63 percent from $921 to $1,500.
Just four new condominium projects were accepted by the New York State Attorney General from 2012-2015, with a total of 123 new residential units approved for sale. By contrast, 45 new projects comprising 1,258 units were approved between 2005-2008 in the Bronx, according to an analysis by The Real Deal of condo filings with the Attorney General’s office.
The reason? The economics of rentals in the borough are just too good right now, said appraiser Jonathan Miller, principal at Miller Samuel.
“The focus on rental is the Bronx being influenced by its neighbors,” he said. With rental prices at record heights in neighboring boroughs, the Bronx’s much lower land prices – about $50 per foot as of late last year, compared to $233 per foot in Brooklyn, according to Ariel Property Advisors – have made it a hub of relative affordability, Miller said.
How do you explain values in Brooklyn or Queens neighborhoods that are "far" from the subway and have appreciated in value far more than Bronx locations close to the subway?
Also, why would the Bronx get "hot" when there are still far too many upper Manhattan areas yet to be developed?
Bronx riverfront development is looking more like speculation nowadays. Especially when the boom is cooling off in NYC.
harlem is already gentrified, places are selling for $1000/sq ft. in 10 years, it'll be completely corporatized. buying and investing in harlem is too late, you missed the boat. the chinese scooped up alot past 10 years, and now comes the corporates and brand name shops.
this is politically incorrect, but Northwest Brooklyn and Queens gentrified first because of original demographics. european, hispanic, asian immigrant native population.. it always gentrifies faster in those neighborhoods.
bronx was burning in the late 70's, and predominately a black ghetto neighborhood. people had that fresh in their minds up until the past 10 years. it is now mostly hispanic, which opens up for gentrification. yankee stadium will never move.
Zero to one is a larger percent change than 100 to 150 even though in absolute terms 150 is greater than 1.
The percent moves will be very high in Upper Manhattan but on an absolute basis they still have room to grow.
Go on an apartment site. For example, a 1BD on the UWS runs about $2500 while in Harlem you can get a 2 or even 3 bedroom for that price. Even accounting for the state of the buildings, the disparity should not be that large.
You're starting to see UWS prices up through 110th. This will most likely move all the way up to 145th at the very least. Until it does, there's no reason for the Bronx to gentrify.
You're starting to see UWS prices up through 110th. This will most likely move all the way up to 145th at the very least. Until it does, there's no reason for the Bronx to gentrify.
South Bronx is one of the poorest districts in the country. I consider just having the place filled with people who make the median household income across NYC to be gentrifying the area. From a holistic standpoint prices have been increasing rapidly in tier 2 neighborhoods across NYC and the average 2 bedroom goes for $2k+ which by the 40x rule would require an income of more than $80k+ per household (close to double the median household income in NYC).
I know people who live by 186th st in upper Manhattan and 2 bedroom goes for $2k+. Only 25% of NYC housing stock is free market rentals so any increase in rent will spread quickly.
and you obviously haven't gone up to south bronx recently.
I was there last year. It is one of the few places you can buy an entire apartment building with a commercial property on the first floor for under $1mm.
it is not a ghetto anymore, was at the yankees game this past weekend. mott haven needs more commerce, but that will come alongside the RE development to fill up empty lots. the area has cleaned up significantly past 5-10 years. above mott haven on the grand concourse is already nice.
mott haven reminds me of the lower east side of manhattan circa 1997 when things changed there. all of today's hot neighborhoods were once ghettos. ktown was ghetto central 2 blocks from hell's kitchen. LES was a SH*thole, as was williamsburg. 42nd street up to the 1990's was porn central filled with hoodies and misfits. Soho in the 70's-80's were warehouses for drug addicts, now it's a corporate mall.
Last edited by ControlJohnsons; 04-18-2016 at 11:29 AM..
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