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A married couple that doesn't want kids? Why does everything have to center around the millennial transplants for?? This thread is so indicative of the linear thinking that people have nowadays, and its the same people that whine and complain about how hard it is to afford something. There's plenty of options if one looks hard enough.
nothing to do with transplants, born and raised NYer... but how many married people with no plans of having kids want to live in the BX longterm? just being real, it's a very limited market. Two married people that have decided they don't want kids usually are able to save to move to a better area.
that being said the apt in this thread is a good deal for someone who is no frills and just wants to live in NYC with cost controlled apartment. It's not a very risky investment either since prices in that area have not gone up as much as other areas. At the end of the day even if there is a bubble in the NYC market, the buyer of that apartment won't lose too much value in their investment. So this is a pretty safe investment, compared to say, someone paying $2m for a brownstone in Crown Heights.
nothing to do with transplants, born and raised NYer... but how many married people with no plans of having kids want to live in the BX longterm? just being real, it's a very limited market. Two married people that have decided they don't want kids usually are able to save to move to a better area.
But that's the whole point of this thread, to point out that there are still affordable areas.....makes no difference if one has a stigma about the Bronx or not. That's the only reason why this apartment is still on the market. The reason why people have stigmas, are the same reason why they're paying double....and usually that's not the behavior of the natives
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Let me give you an example. I went to an art gallery opening of a friend of mine in Bedstuy. The streets were pretty desolate. The sidewalks were cracked. The stores were mostly Bodegas with men hanging out in front of them. It's considered a pretty high crime area. The nearest train is the G train that doesn't even go into Manhattan. It also, is not even close to Manhattan since it's pretty deep into the borough. The purchase price for real estate is around $500K which is $300K more than my area. There is no rationality why that area is priced so much higher. It's all smoke and mirrors. It's the kewl factor of "i live in brooklyn, I'm so kewl." That area is an absolute dump and is far over valued.
Having lived and owned property in both Pelham Parkway and Bed Stuy, I can tell you that it's not a "kewl factor" that gives Bed Stuy a higher value. By the way, the median selling price for BS is actually now over $700K. It's the fact that in and around BS are major destinations for entertainment, dining and nightlife. You just said yourself you were in BS for a gallery opening. Multiply that by the fact that BS borders: Williamsburg, Bushwick, Crown Heights, Clinton Hill/Ft Greene (all areas, gritty or not, that have a lot to offer in terms of dining/entertainment/night life). Also, the fact that the G allows you to easily get to other areas in BK and Queens that themselves have a lot to offer in terms of dining/entertainment is a plus! On top of all of that, most of BS, even the father out areas of BS, is within the coveted 30 minute Manhattan commute window- yes even on the G which is what I use to commute to work midtown (with a 7/E/M transfer). That is why BS is valued that way.
All that said, that area of the BX is an excellent value and a very good neighborhood - I was there 7 years- but it's not necessarily a good fit for everyone depending on multiple factors. To the right person, I would absolutely recommend buying there though...
I kick myself in the butt non stop these days wishing I saved up for a downpayment over the last 15 plus years living in nyc. You wake up one day, you realize you're 40 years old and still living paycheck to paycheck and in a lot of debt and you're like ruh-roh! One can be book smart, street smart, a combination of both of those, but without financial smarts one can easily derail their lives. When I think about my future all at this point is renting a room in other peoples' apartments and houses and hopefully they are nice and normal people. There's lots of nice people out there willing to share their living spaces, but it's hard with a dog. Some of us have dogs cuz we have no other family. I wish I could cash out my meager 401K and use it as a downpayment on a cheap 100K apartment with an FHA loan. I'm sure there's some way to make that happen, but other issues come into play as well. I'd rather just hope and wait for an affordable apartment.
Aquarius,
With all of the threads on housing lottery, I'm surprised you haven't signed up for one yet. That's about your only bet. Housing costs need to come down but I don't see that happening drastically in the near future.
I remember being young and living in the city in a very tiny apt with other aspiring young people. I was told about applying for the artist housing on 42nd street. At that time, the wait list was years long due to so many starving artists but at the time I was thinking I don't need that because I plan to be rich by the time I'm 30, I don't want have to deal with those nosy people looking through my finances and paperwork, I don't want to have to wait that long for an apartment, blah blah blah. Fast forward 20 years, I wish I'd signed up. I had, not only would I have been living there for over a decade by this point but could sublet while I'm working out of state. The things we do when young and dumb...
There are still affordable units out there, if you know where to look.
It has a beautiful sunk in living room. The floors look like they are in good condition. It seems there are at last three power outlets in the living room. The entire apartment had arched doorways which is a nice touch. The entry seems to be wide enough for people with accessbility issues. It has an eat in kitchen. A large closet. A decorative nook, which is another nice detail. The kitchen is updated, perhaps with not the best update, but it's clean and manageable. I see there is also a dishwasher already hooked up. Both the living room and the bedroom are quite spacious.
The neigbhorhood around it has a low crime rate and is right next to the park so you can enjoy biking and outdoor activities.
The only draw back here, is the whole place could use a paint job and it's right off of Pelham Parkway.
No! I apply to every single building that goes up on Housing Connect that I qualify for. It really IS my last hope. I was only talking about units for sale that I never bothered with for financial reasons.
nothing to do with transplants, born and raised NYer... but how many married people with no plans of having kids want to live in the BX longterm? just being real, it's a very limited market. Two married people that have decided they don't want kids usually are able to save to move to a better area.
As you well know the Bronx is a big enough borough to have a wide variety of social and economic demographics.
This particular area falls into "East Bronx" which has some highly desirable middle class and above neighborhoods. Many of which are fine for working to middle class families to raise kids. Pelham Bay comes to mind.
There's a reason that these apartments are still "cheap' relative to other neighborhoods in NYC.
It's not a secret. It's not a bargain.
The Bronx (save for Staten Island but that's on purpose despite the high household incomes) is the least developed borough in NYC.
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