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While existing homeowners have received most of the attention in the media’s coverage of the sub-prime mortgage fallout, there’s another effect that’s going to haunt neighborhoods like Bed Stuy and Bushwick for years: The spectacularly ugly and cheaply built spec homes that short-sighted developers slapped up on in-fill lots. Take this pair of three-family homes, one for $739,000 and one for $629,000. Who’s gonna buy this crap? No one. They’ll just sit there and atrophy, gradually attracting trash, loiterers and probably worse. Huge bummer.
$739000 Gordeous 3 Family Bldg in Bushwick [Craigslist]
$629000 Great New Construction 3 Family in Bed Stuy [Craigslist]


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  1. And what will also happen, like it did when i was younger in queens, is people will buy these houses, and then divide them up. And what is now a two family house will be a four family house with shared baths. there are always people who will need homes–and whatever cost.

  2. No argument about the aesthetics of these buildings, or the likely build quality inside and out. But the idea that no one will buy them, at any price, is silly. As soon as the purchase price to rent-roll ratio is favorable, they will be snapped up. Aesthetics is not the only consideration for real-estate investing.

  3. I live in Stuyvesant Heights and love it because of the beautiful architecture. When I go a few blocks over and pass this new construction I see RED. I rather have a trashy empty lot any day over this stuff. LANDMARKING is so important, places like prospect heights, and south-west bedford stuyvesant needs to landmarked.

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