Bed-Stuy: 'Experiencing a Little Bit of a Depression'?
The New York Times took a look at Bedford-Stuyvesant this weekend as an area once considered one of the roughest in the city, but one with a rich cultural history where you can now smell gentrification in the air, mainly via the fragrance of higher-end retail. More interesting than the article’s notes on gentrification is…
The New York Times took a look at Bedford-Stuyvesant this weekend as an area once considered one of the roughest in the city, but one with a rich cultural history where you can now smell gentrification in the air, mainly via the fragrance of higher-end retail. More interesting than the article’s notes on gentrification is how it touches on current home values in Bed-Stuy: “‘We’re actually experiencing a little bit of a depression,’ said Tanya Blackwood, owner of Location Location Location, a real estate agency. ‘We’re back to where people are undervaluing houses—it’s just bananas.’ The neighborhood’s size makes it difficult to narrow down a price range for houses, but livable two-families generally start around $600,000, said Keith Mack of the Corcoran Group. A house in great shape, he said, might fetch $875,000. (Houses in the historic district still command a little more, but there are very few listed.) A perusal of Web sites like PropertyShark.com shows houses trading at or below $600,000. ‘I could’ve given you a general price point a year ago,’ said Lakeisha Edwards, a broker at Prudential Douglas Elliman. ‘But it’s now really property by property; in between those are so many short sales and foreclosures.'” Agree?
History, With Hipper Retailing in Bed-Suy [NY Times]
Photos by nvrlowdown
There’s been a little bit of unnecessary swearing back and forth today. Please, let’s keep the discussion civil. No?
I’m glad to hear that (possibly due to lower prices) houses are selling in Bed-Stuy. I just hope what is selling is not forclosed houses at a huge discount.
I think we should listen to Mon’Rose and David a little bit since they actually live in Bed-Stuy.
“There haven’t been any on the market since those two limestones on the 400 block of Stuyvesant sold…one to Babs Corcoran.”
Yeah, yeah. Keep talking your book DIBS. Maybe if you and Babs clap loud enough Tinkerbell will come back to life.
Posted by: actually works in finance at August 24, 2009 1:29 PM
WOW, What an Asshole. Did you even understand the sentence???
Yuppie Spaceship article:
http://www.nytimes.com/2008/07/27/nyregion/27gentrify.html?pagewanted=print
People said it didn’t represent Bed Stuy.
Here’s a recent one I hadn’t seen about a hat seller who says white people are moving into Bed Stuy:
http://www.nytimes.com/2009/05/09/nyregion/09metjournal.html?pagewanted=1
Those price quotes from the agents are inflated.
“livable two-families generally start around $600,000” – doesn’t sound so cheap or retreat too much in prices
(considering size of BedStuy and varied prices/quality of homes/blocks in such vast area).
Despite what has happened to the housing market, I feel Bed Stuy is doing well. Special houses priced right are selling fairly quickly.
It took me more then two years and heavy ass kissing to finally get the home I really wanted. I purchased this year and didnt get the deal of the century, and the house needs a gut reno. But I love the house, love the neighborhood, love my neighbors. What’s going on in Bed Stuy right now reminds me of Fort Greene in the early Nineties, but I was too young to even think about owning a home. Prices needed to come down to reality so residents that have a been a positive influence turning the neighborhood around can afford to stay.
Sounds like you got scared BO, not lucky.
We clearly don’t have the same idea about home. I bought mine to live in, not flip for profit.
yawn, did somebody say something?
11217 I sold it as soon as I made the 250,000 on it! Never had any regrets. I know I got lucky