While existing homeowners have received most of the attention in the media’s coverage of the sub-prime mortgage fallout, there’s another effect that’s going to haunt neighborhoods like Bed Stuy and Bushwick for years: The spectacularly ugly and cheaply built spec homes that short-sighted developers slapped up on in-fill lots. Take this pair of three-family homes, one for $739,000 and one for $629,000. Who’s gonna buy this crap? No one. They’ll just sit there and atrophy, gradually attracting trash, loiterers and probably worse. Huge bummer.
$739000 Gordeous 3 Family Bldg in Bushwick [Craigslist]
$629000 Great New Construction 3 Family in Bed Stuy [Craigslist]