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There is reverse gentrification happening as Chinese and Central American immigrants move there while the older Slavic immigrants have been moving out. Eventually everything up to Yellowstone Blvd will be Hispanic for the most part. There are some business owning higher income South Asians but they are very small in number (i.e. - Thai, Malaysian, Filipino, Nepalese)
There is reverse gentrification happening as Chinese and Central American immigrants move there while the older Slavic immigrants have been moving out. Eventually everything up to Yellowstone Blvd will be Hispanic for the most part. There are some business owning higher income South Asians but they are very small in number (i.e. - Thai, Malaysian, Filipino, Nepalese)
The houses there are getting very expensive. I would not call that "reverse gentrification" but more like Chinese gentrification.
The houses there are getting very expensive. I would not call that "reverse gentrification" but more like Chinese gentrification.
As a life long Qns resident, knowing just about every block, I'd agree that most "gentrification" occurring in Queens is Chinese (foreign money). It's really sad actually, in the sense that many 1st and 2nd gen Chinese Americans can't even afford to live in their native boro anymore while their Aunts/Uncles/Cousins who stayed back in China are now rich and moving here...lol. Go figure.
And, no, Elmhurst isn't up and coming. If you're selling, maybe. If you want to raise kids, send them to good schools and have a nice quality of life...hell no.
Question: Providing Washer Machine Hookup. Is area worth to make the investment for the convenience for tenant to be able to install their own washing machine.
Area in question: Elmhurst Queens. Specifically between Roosevelt Ave and Broadway On Elmhurst Ave.
I currently looking to purchase a 3 family and fixing it up and thinking whether to go through the investment of getting permits and construction cost to provide this convenience. It quite expensive and so is the water cost involved as I would have to foot the water cost for tenants since there only 1 water meter.
I thought dishwasher would be worth but not sure of washing machines.
What are your thoughts also is Elmhurst an upcoming area as I see lot people are going outside of Manhattan.
Thanks
If you are going to go through with the expense and effort of putting in the plumbing/electrical hookups then you should go full monty and put in the washer/dryer in the unit. A renter isn't going to shell out hundreds of dollars on purchasing a washer/dryer for a place they don't own and have no idea wither they'll be staying in long term.
no one can tell you its a good investment or not. When I purchased my first apartments I wondered the same thing, and they've since doubled. But here's the thing, everyone basically thinks anywhere in NYC or ANY big city now is a great investment because prices have gone up and up. But nothing lasts forever, and when everyone is in agreement in thinking everything is a great investment, it's usually a bad sign. You could also be buying at the height of a market in an area that is not all too desirable.
Everything is cyclical. Suburbia used to be hot, now its shifted to City life. But I for one think NYC RE will see a downturn within the next 5-10 years. Prices are just too high. and the advantages of city living are dwindling. More and more people can work remotely, stores are closing everywhere so retail isn't the big draw for NYC like it used to be. Amazon and online shopping means you don't need to be close to retail stores anymore. And the transit system is just becoming more and more outdated, crowded and unreliable and in need of massive repairs. The roads aren't any better with record levels of traffic, driving is a nightmare. There's only so much people will take at these prices.
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