Clinton Hill/Bed-Stuy Border
I am looking at properties on the Bed-Stuy Clinton hill border, Classon and Lexington to be exact. I already live in the area and know what it’s like in terms of safety, trains, amenities etc and am not looking for comments related to this. I am interested in what people think about the future development/growth…
I am looking at properties on the Bed-Stuy Clinton hill border, Classon and Lexington to be exact. I already live in the area and know what it’s like in terms of safety, trains, amenities etc and am not looking for comments related to this. I am interested in what people think about the future development/growth of this area. There are a lot of new condos on lex between classon and grand, most of them are empty or half built – wondering how people think these projects will influence the community and neighborhood, specifically from the perspective of a home owner in the area. do you think these will go rental and decrease the value of nearby condos? is it silly to buy in a building that is not even close to half way occupied – what would the impact be on the market value of the condo for those who buy in the building? How do people “value” the area in terms $/square foot. At what point do people think these condos will be easy to resell, and possibly considered ot be in a “good” location and desireable – 5, 10 years, ever? Here are some projects in the area I am thinking about.
95 Lexington
105 Lexington
65 Clifton
421 Classon
Thanks everyone
@bg2: did you ever move forward? I too am thinking of buying in the same area. In fact I just got a preview of the place on the corner of Gates and Bedford. Unlike you I don’t live in the area (I’m currently in the BX) but have several friends that do and spend the majority of my social time out in BK. In fact one of my friends lives not too far from the Y on Bedford. My intentions are to buy a place that I plan to live in for a few years and when/if I do decide to leave, it will have appreciated (hopefully significantly) in value. That’s the situation I have in the BX. If there ever was a part of NYC that has a notorious reputation it’s the Bronx for sure! The stigma of it being “the Bronx†is what kept the prices down when I bought a few years ago and since then it’s seen a nice appreciation. The way I figured it, the Bronx really had nowhere else to go but up, right? So my thinking is the same with some of the so called “dicy†areas of BK. I really see the potential of this area especially because of it’s proximity to the new Y and the new restaurants/bars popping up left and right.
I’m watching them, too. They’re kind of interesting, but I’d need my money back in ~5 years and it still feels like a major gamble. Especially at 105 which is basically empty. The prices need to come down a lot before they’re going to clear the table, and buying now means buying at a premium. Or … maybe I’m wrong.
I don’t really understand why 95 has done so much better. Two bathrooms per unit? Could that be it? The floors are more punk rock (I like them better), but the units get zero cross ventilation and the ceilings are low. Even in October they were stuffy during the day. That is kinda nice when it’s cold out but you could tell it was going to be a furnace in the summer. At 105, the kitchens are kind of cheesy, but the ceilings are so, so much higher.
65 Clifton I’d been thinking was closer to Nostrand, so I guess I don’t know that building.
My guess is that there’s a glut on the market now and a ton more coming onto the market on Greene any day now, and as long as it isn’t selling, everyone is waiting for the prices to come down a while lot more.
PS: they’re not renting for $2500 a month. They’re listed for $2500 a month. No one has rented them (or if they have, they don’t turn their lights on. Ever. Or have any curtains or furniture.)
Real estate prices will likely be flat or depressed for the next 5 plus years due to both the national and local economies. As time goes on though, there may be more amenities — restaurants, coffee bars, etc — in the Clinton Hill area since it will remain attractive. If you like the area, and you like what the developers are offering, and you’ve negotiated a decent price downward, go ahead and buy. If we’ve learned anything over the last year, you’re buying a home not an investment.
105 is looking like a decent deal for rentals at the moment, actually. They’re renting for $2500/month. Yes, you can do better in that neighborhood, but possibly not for the space and fixtures.
yes 95 has had more price cuts, but comparing 95 to 105 the price/square foot is less at 105. don’t know what gives here? i think the developer was eager to get the units sold and possibly offered sweetners, like lower monthly maintainance charges? i am worried about buying in one of these buildings (105 specifically) and then having the rest (or most) of building go rental.
thanks for the tip on comparing cashflow of current rent to buying.
unless you’re able to get a unit at firesale, don’t bank on material price appreciation. if it appreciates a ton, let that be a pleasant surprise and not a core basis for buying (there or anywhere else). Retail in Clinton Hill in general has been pretty slow relative to the price appreciation the last few yrs so don’t bank on too much retail too soon. Retail will come cause there’s a big void right now but dont bank on it coming too soon.
I suggest you compare cashflows of renting vs. buying. if it’s close enough and you like the area, go pull the trigger. if the diff is pretty big and the only way to rationalize the diff and the down paymt (financial safety net) is the expected massive price appreciation in the future, suggest you wait out the mkt for further drop in prices before pulling trigger
In my opinion the neighborhood is going to change in 5-10 years with more restaurants and stores. Just look at Franklin Avenue around Lexington, it was not like that one or two years ago. Check out the YMCA on Bedford Avenue on week-ends; it is very successful and always packed.
The Atlantic Yard project is supposed to be completed in 2013. I believe this will bring lots of job opportunities in the neighborhood.
I have noticed lots of people moving to the North East of Bedford-Stuyvesant from Prospect Heights because the rents are too high over there.
We are in tough times. Lots of inventory, difficult to get a mortgage, … Interest rates may go up in March, which should be an incentive to lower the asking price even more. It is definitely a buyers market.
I believe 95 Lexington has been more successful because of the drastic price cuts.
I am no expert, but I’m looking at those too and wondering the same thing. The prices all still seem high to me, but long-term, the location looks good and there is a ton of inventory. I actually looked at 95 Lexington yesterday — the building is more than half sold and there are people living there now. I don’t think it’s for me — I liked 105 a lot better — but I think for whatever reason, that project has a lot more unsold inventory.
Next step: figuring out why 95 Lexington is more successful than 105…