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
Not to belabor a point but jscheff seems to make a point of being less than enthusiastic or knowledgeable about certain neighborhoods.
herkimer, where you been? Haven’t seen you in the OT, so I e-mailed you the other day, but I’m not sure if you got it.
For those of you who dont read the times this was not a very flattering article considering the drivel they usually put in this section of “if youre thinking of living in ………………”
Unless Asshats are going to come to buy and keep prices high, I don’t want them taking up seats at Peaches & Saraghina. 🙂
yeah that is a bit crazy thing to say when there are houses all over Brooklyn that are back to 2001 prices.
I had just finished reading the article and thought “oh that was interesting. Seemed like a positive PR piece for the neighborhood.” Then I come on to Brownstoner and the title you guys pulled out is “Bed – STuy Experiencing a little bit of a depression” ???????
How, WHy, WHAAAT
I don’t know if that “depression” is specific to Bed-Stuy… isn’t everybody’s property pretty much “under-valued” right now (esp compared to the frenzied prices of several years ago)?? I honestly don’t see much difference in the general area since I moved there 2 years ago; except that the building boom seems generally over which is something to be grateful for since most of the stuff they were building was pretty crappy.
bananas. now i have that terrible gwen stefani song stuck in my head. and i too dont understand what her point is. just because you think your house is worth a million dollars doesnt make it so. it’s like crazy stoop sale nutcases who think their beat up crappy copy of pac man for the atari 2600 is worth 50 bux or something.
*rob*
‘We’re back to where people are undervaluing houses—it’s just bananas.
Not sure what that means exactly!!!
Apparently the What didn’t see the sentence about “sanitizing.”