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
RF, also want to say those rentals listed last week were way overpriced and not typical. You can rent a very fine 1.5 bedroom apt, perfect for a small family, in great condition, for $1200 to $1300. You can rent a three-bedroom for $1400 to $1600. In New York City, that is a steal.
Sure, you could get a two-bedroom for $800 — in Carrboro, N.C.
Congratulation people on a job well done. We’ve kept this thread going for 12 hours with nothing substantive being added since rf did at 9:21.
It always strengthens your position when What throws you Skittles, AWIF.
Hi What. Taking a break from watching the Asian markets?? Or are you just in between lines???
I’ll be fine What. Even if I had to bail and sell I’d still be fine. See, unlike what you think everyone in the world has done, I have not leveraged myself.
But that may change…there are some very cheap properties over in Hoboken that have realistic yields well > 10%.
You should think about your future and make some investments so you don’t have to work the restof your life!!!!
You don’t see me going after people on the UESblog.com because I can’t afford a $40MM east side townhouse.
Actually works in finance that it from me…
Get yourself a nice six pack, a comfortable lawn chair and some Ray-Ban’s. The mushroom cloud is going to be pretty. Jackasses like Dave is going to get smashed..
The What (Dave and the Sock puppets suck my Balls!)
Someday this war is gonna end…
I didn’t “flip a condo” moron. I lived in it for 10 years. I also don’t think my brownstone is worth what I paid. It amazes me how you make shit up to suit your version of what you think reality is.
You can’t afford a brownstone it seems so you take it out on others. It’s just the market it’s not the fault of any individual or group of “cheerleaders.” Get a grip.
The way you behave I suspect not many areas are cool for you in a suit.
Bernanke said to be nominated by Obama for second term
It was a ridiculous discussion, and corner bodega is unhinged. However, your condescending tone rung clear as a bell.
You’re not keeping me from anything. The psychology of cheer leading of home prices past traditional income related measures is, and has been, highly destructive. You flipped a condo and got a brownstone. Now you think the illusion is real, and your brownstone is worth what you paid. Truth is, the liquidity sloshing around the housing market pushed up your appraised value, not anything tangible.
In re Bed Stuy: great architecture in areas. Not much transit. Still not cool at night for a lawyer in a suit.