Ah, To Have Bought In 1996
For everyone who missed the chance to buy a house in Fort Greene or Clinton Hill ten years ago, Sunday’s profile of Gitta Robinson and Richard Grisaru’s Clinton Avenue Edwardian townhouse will be a little bittersweet. How much did the couple pay for the 4,000-square-foot house back in 1996? A whopping $270,000. Ouch! As the…
For everyone who missed the chance to buy a house in Fort Greene or Clinton Hill ten years ago, Sunday’s profile of Gitta Robinson and Richard Grisaru’s Clinton Avenue Edwardian townhouse will be a little bittersweet. How much did the couple pay for the 4,000-square-foot house back in 1996? A whopping $270,000. Ouch! As the article describes, despite having been an SRO for years, the house had retained much of its original detail: oak paneling, claw-foot tubs, handsome fireplaces, a stained-glass skylight and a wall of casement windows topped by leaded-glass transoms stretching the width of the house. Even at what seems like a bargain-basement price today, the purchase was a stretch for the couple, both of whom are architects. Their strategy was to quickly fix up the top duplex to start generating rental income while they camped out amidst the renovation of the lower half. The process informed their outlook on architecture.
“When we work with clients on their own renovation projects, we design every square inch to perfection,” Ms. Robinson said. “But I’ve discovered that I don’t need that level of perfection in my own life. It doesn’t bother me that this house shows its quirky age.”
Amen, sista.
From the Beginning, It Felt Like Home [NY Times]
GMAP P*Shark
Like Stuy Heights, the primo sections of Crown Heights already have their million dollar plus houses, for sale, and those that have sold for those amounts. Most of these were truly special pieces of architecture. As for the remainder of CH, I believe BrownBomber and faithful are correct: we are next.
I wish I had some investment money!!
I agree with BrownBomber. Crown Heights is definitely an area that will not be overlooked much longer.
as far as queens goes, jackson heights is an area to watch. prices for co ops have risen steaditly over the past few years. a studio went for $85 two years ago and would be $120 today. it is 2 express stops from manhattan, and very ethnically diverse…latino, indian, some elderly jewish, and now has a thriving gay community and many young families from manhattan and brooklyn looking for affordable housing. while it does not have the ‘brownstone’ appeal, it definately has its own ‘art deco’ appeal. buildings built in the 1920’s lots of gargoiles, sunken living rooms with fire places, marble and plaster lobbies, huge cortyard enterances and backyards ( which used to house tennis courts and recreation). some of these buildings were actually part of a ‘planned community’. so was forest hills gardens and parts of richmond hill. i am an ‘old queens girl myself’ and moved to brooklyn a few years ago. love it here but never knew queens had such rich history until i left! there is also an annual house tour in jackson heights every june and a small landmarked area.
With it’s historic district designation still pending, I would venture to say that Crown Heights presents the best investment opportunity going forward in Brownstone Brooklyn. Relatively undervalued because of crime and demographics but that’s exactly when you want to buy if you’re looking for huge gains on your investment: greater the risk, greater the reward. Once the historic district is approved by LPC, gentrification will certainly begin to take root in this beautiful community. In ten years, residents will be sitting on a lot of equity.
See LPC’s Crown Heights North Press Release.
http://www.nyc.gov/html/lpc/downloads/pdf/press/06_20_06.4.pdf
View the proposed Crown Heights North District Map.
http://www.nyc.gov/html/lpc/downloads/pdf/maps/ProposedCrown%20Heights.pdf
For Westchester, the best bet is Peekskill. Prices have doubled in the last few years as the art scene has blossomed, but you can still get a fixer-upper for under 300K. Artists and young families keep moving up, new stores open regularly, and prices have continued to rise. There’s a new luxury development along the river and another is under construction, as well as a new riverside park. There is also a big development downtown of live/work lofts and store fronts. The mayor has really embraced artists and the town is actively encouraging all things artistic. The new museum, the Performing Arts center, the “art house” movie theater, and the restaurants and galleries all draw people from all over the area. The town is also building two new schools. It has all the makings of great little city, and it is bound to keep improving.
“I invite you all to join me in Bay Ridge…”
a good suggestion for a small boost over the next 10 years.
As far down eastern parkway as you dare might be another interesting bet as the avenue is slated for capital improvement.
Coney island? I watched sydney wake up to the value of property with water views (or on the water) and I bet the same thing will happen in new york as the ugly industries blocking the views get swept away: which means the brooklyn waterfront, coney island, long island city etc..
Dave, don’t bother. Wait until people start to think of homes as homes again – not real estate investments that have to increase in value in 5-10 years time. Not everyone can be a real estate genius with an ability to predict the next hot place. You won’t have to buy in the next hot place then – you can buy in a nice area that you like and you will see your home appreciate at a normal rate.
Bay Ride is expensive!
So if you only had a little money to spend, and had to buy something, what cheap neighborhoods would you buy in Brooklyn, Queens, and Westchester?
We’re talking about buying cheap and it increasing in value in 5 or 10 years.