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
MJ’s death ruled a “Homicide” by LA County Coroner.
Dave,
I was just responding to Mopar who said that rents are still cheap in Bed-Stuy. Not for a working, median-income family.
And yes, I have seen families of this description move out of Bed-Stuy while more upscale singles and childless couples and couples with little babies move in, just as I saw it in Clinton Hill when I lived there from 1989 to 2007.
rf…I hear what you are saying. It’s not just Bed Stuy where the children are priced out but everywhere. The children of UES & UWS parents can’t afford that area. The children of BH & PS parents can’t afford that area either. That said, if a home gets passed from one generation to the next, which usually happens in one form or another, the children do benefit.
I don’t think we can single Bed Stuy out as the only place this is occurring. In fact, you might be able to say that Bed Stuy residents are benefitting to a greater degree (from a lower base) in the rising housing prices than other neighborhoods.
I think if people were getting forced out of their apartments by rent increases here in Bed Stuy we’d hear a lot more about it.
I never made any assumptions as to how much you do or do not make, AWIF. And how am I “an impediment to the rational prices in the housing market?”
I really enjoy listening to you, an attorney, put words in my mouth and misunderstand so much about what I thought were fairly simple and straightforward sentences.
If you think I am keeping you from finding something affordable in the market, as you implied above, then you really don’t understand real estate.
actuallyworksinfinance = sock puppet
shillstoner = sock puppet
If Bed Stuy gets more nice restaurants like Peaches, Bread Stuy, and Saraghina, and starts attracting young professional singles (of any color) who can afford high rents, Bed Stuy may go the way of Fort Greene. But for now, rents are low.
Posted by: mopar at August 24, 2009 5:30 PM
Remember last week’s Bed-Stuy rentals? When a family size apartment costs twice what a family-size median income family can pay for rent, families (the descendents of the old-timers who own brownstoners in Bed-Stuy) can’t afford the neighborhood. And that’s what happened in Ft. Greene and Clinton Hill.
AWIF you rarely comment or go back and forth with someone so don’t place your judgment of a person who you know nothing about. Just to clear a few thing, Dave actually never flashes anything that he acquired unless its directly dealing with the conversation and he states his experiences or advice, which I personally find very helpful (just speaking for myself). I don’t have one tenth of his net worth yet we had drinks at least 4 times on different occasions and he never flaunts anything he owns or acts better or superior to anyone else. Anyone who would meet him in person would agree. Maybe you shouldn’t judge people so much and actually come out to a brownstoner meetup one of these days and actually judge for yourself then listen to some sock puppets and made up internet personalities.
You don’t have attorneys at your fund? No outside counsel? No attorneys that used to be analysts/traders or vice-versa?
Granted the name was chosen back during the crash, and if I had the patience I would create a new name. It was chosen for a specific conversation, and I have not changed it.
Today’s Babs example was more pretext than anything. I am rarely on this site during the day, and only witness the cheer leading when I check it at night. I believe that the psychology of your cheer leading, that of someone who, though a great deal of circumstance, was at the right place and time in real estate, is an impediment to the rational prices in the housing market. And at times your “I make a lot of money and you don’t” (e.g., rattling off the antiques in your multiple homes) meme is sickening.
“I could have paid more to be elswhere[sic].” Really now? you grace us with your gilded presence. People like you make me uncomfortable with the amount of money I make.
Posted by: actually works in finance at August 24, 2009 5:24 PM
LOL…talk about snippy!!!
BTW, your profile says “attorney” so which is it???? attorney or actually work in finance???