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This one deserved a WOW just based on the prices and income requirements: 4 townhomes priced at approximately $600,000 AFTER the subsidy, and 2 townhomes priced at OVER $800,000!! Income requirments are $106,000-$147,000! Change is in the air
Last edited by Viralmd; 03-04-2009 at 02:08 PM..
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Congratulations! I have been reading and following your post over the years, you have been tireless in your efforts to improve, and revitalize the Mott Haven/Melrose/Woodstock areas of the Bronx. This is another personal victory for you and your neighbors and all of your efforts.
I am also personally happy that this one benefits the working/middle class, and is only a few train stops to Manhattan.
I dunno if this is necessarily a victory, it is just an example of the profound changes that are happening n the community. As you know housing prices do not = success, however the change in pricing in this community, and the increase in demand from a swath of NYers and newbies is the real victory here. The community is getting a working/middle class housing stock, amenities, and transportation to meet the needs of the working/middle class that are coming to the area in search of quality, affordable housing. I am happy to see it and welcome all the new residents, and those that are choosing to stay and help make things better.
Finally! Melrose won't just be a low-income/poor neighborhood. There's finally going to be a middle class in the Southwestern Bronx. There's no need to move north or east anymore.
Finally! Melrose won't just be a low-income/poor neighborhood. There's finally going to be a middle class in the Southwestern Bronx. There's no need to move north or east anymore.
You mean there's going to be a middle class in the southwestern Bronx again. There used to be, once upon a time. As the expression has it, what goes around, comes around.
If New York City's median household income is about $50,000, it's pretty weird to define people who make two to three times that as the "middle" or "working" class.
It will be interesting to see if the neighborhood can support that price point, since there have been issues in recent months with some slated condo projects being shelved in favor of more rental units, since investors did not believe they would be sold. Other units at market rate are sitting on the market, though the lottery units have sold. And, small scale investors and speculators are losing interest on prices that are predicated on the hope that rezoning comes through in the area.
And, it's interesting to note that some redevelopment on the Lower Concourse might not hold the promise people think because the existing buildings have been depreciated commercial assets and selling would open the owners up to huge capital gains taxes on the proceeeds, and the raw space may not command prices high enough to make it worthwhile. That's going to be a longer-term project to get off the ground, if and when the zoning changes come into play.
However, for commerical properties, the Melrose area might not be a bad investment since there are new rental units under construction and some to be built under affordable home programs. And, rental units are not bad, but they do not offer the same stability as an ownership interest in a unit. It's certainly progress, but the vision appears to be changing a bit with some projects right now.
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