Brownstone Market: Trouble on the Fringes?
This month’s issue of The Real Deal has an article about the ramifications of a cooling real estate market in Brooklyn (despite the debatability of that assertion). TRD contends that the more “farflung” nabes are the most vulnerable, pointing not only to some price reductions in spots like Bed Stuy as well as signs of…
This month’s issue of The Real Deal has an article about the ramifications of a cooling real estate market in Brooklyn (despite the debatability of that assertion). TRD contends that the more “farflung” nabes are the most vulnerable, pointing not only to some price reductions in spots like Bed Stuy as well as signs of mortgage lenders becoming more stringent about appraisals and comps. One Brown Harris Stevens broker claims that houses in Bed Stuy that may have been selling for for around $800,000 a few months ago now have asking prices closer to $600,000. Maybe, but frankly we haven’t seen many examples of such a dramatic shift. Sure people are being more deliberate in the search and may be less likely to plunk down a million bucks for a wreck in a less proven area, but 25% decreases are the exception not the rule as far as we’re aware.
Doubts on Fringe of B’kln [The Real Deal]
as far as officers hanging out around bed stuy that will last around 2 more months they are new recruits just out of the academy and will be moved shortly. ohh yea tompking park is lovely this time of year with the great sound effects from the gun shots. good luck raising a family. unless they all wear bullet proof vests
“Bed Stuy” is ghetto. Yep…that is what my Carnarsie-dwelling father told me before I dropped a couple of big ones in 2003 for my little piece of the rock on the “fringe” of Stuy Heights (the sign is brown and white…does that count?)
The place has changed over the past three years and I have come to love it.
(I am originally from the Bronx and the only decent brownstones were around Motts Ave.)
Yeah…there are several things I would love to change, but my neighbors are great and the ease with which I get in and out of the city can’t be beat for the money.
Most people who expressed skepticism about my move (including my ultra-conservative mother)have nothing to say once they check out the spot (rather than relying on images from Spike Lee’s Do The Right Thing)
As for that Nostrand stop – yeah, it is a “pain”, but after a couple of quick turns I am safely ambulating down one of the tree-lined blocks on my way home.
The NYPD foot patrols have increased dramatically over the past couple of months. I see officers hanging out most nights.
As for Bed-Stuy being fringe….is the nabe still considered “fringe” when you can hail a cab in the city and go to the Stuy without any “backchat” from the driver?
I love the PLG area. Great housing stock and very close to Prospect Park, Brooklyn Museum, Botanical Gardens and the Library. I think it’s one of the last undiscovered areas in Brooklyn (along with Victorian Flatbush). Alas, it’s out of my price range.
Whoops–make that rental INCOME isn’t available….
I don’t know about Kush’s delivery, but overall you’re that much closer to Clinton Hill restos anyway, so I’ll give you that. I guess it’s like someone here said — it depends on what’s important to you.
I love coming up from the subway at Utica into Fulton Park — it’s beautiful and peaceful, as are the brownstone and limestone blocks surrounding it. The busy-ness of Nostrand and Fulton is sometimes just too much for me to take, and real or perceived, I feel safer in Stuyvesant Heights.
Now if something good would take over the Akwaaba Cafe/Lewis & Ruby’s spot there’d be no need to worry about who delivers. And I hope that whoever takes over Liquors keeps the sign!
Anon.5:29
I think the single family restrictions in Lefferts Manor have stabilized prices by both limiting increases in a rising RE market (because rental isn’t available) and limiting decreases in a falling market (because homeowners aren’t depending on that income). Not a bad tradeoff IMO
Babs, because…dare I say it…I’m an agent myself. Brokers will be absolutely welcome to show it, but it’s my baby.
We thought long and hard about the location of this house (1 block from Nostrand) before purchasing. We were under the impression that being so close to Fulton (and Nostrand) would be too busy. But now I know that convenience is very important to me. And it’s not noisy at all. And Kush delivers to us. Do they deliver ALL THE WAY OUT to the Utica stop? Huh? Huh? Ok, I’ll eat my words if they do.
Not just Yuppies. There are a great many African-American professionals and middle to upper middle class families who live in Bed-Stuy too. SOme grew up there, others just loved the neighborhood and the housing stock. We tend to forget that it was these families that stabilized Bed-Stuy and kept it going, as well as making it desirable. Not the yuppies. And the upswing in Bed-Stuy, if I remember correctly , actually began back in the late 60’s/early 70’s when IBM invested in the area with jobs. (If I don’t remember correctly I’m sure someone will).
And Yente, before going the Craiglist route, why not give your listings out to one or more brokers? It’ll save you the headaches of dealing with a bunch of qualified and not so qualified people, running credit reports and taking applications, even preparing leases — and it costs you nothing.