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 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.
herkimermaid
you are a master doofus
And why exactly would you sell your Manhattan apartment in 2006 when prices continued to skyrocket until 2008?
Talk about dumb.
“Many new businesses are opening up and it seems a lot of people are buying houses in the area — the volume of purchases is up compared to other neighborhoods, I think — so it seems to me the area is quite healthy and doing well and only getting better, not in a ‘depression.'”
I very much agree with mopar on this. In spite of foreclosures an economic downturn,Bed Stuy is experiencing positive growth. This is what we needed, more realistic pricing, enabling slow, positive growth across the spectrum, not the mega-million dollars houses artificially throwing the entire market upward where no one who wanted to live here could afford it, and few who could afford it wanted to live here.
Brickoven:
According to you the other day you are 32 years old now and you’re telling me that you SOLD your Manhattan apartment when you were 29? How long exactly did you own it for?
I call bullshit.
“the yuppie spaceship article”
The what???
Corner, did you even read the article?
11217 I owned a place in Manhattan and sold it in 2006, I rent now and I would not even think of buying something until 2011-2012. People like you have a long road ahead. What year did you buy in?
did we really need the nyt to validate that bed stuy (and other speculative “rough” areas) would get hammered the most? I think at this point 90% of even the ignoramus population knows this. Yeah, we have delusional morons like Dibs who argue otherwise, but we’ve only seen the beginning..