House of the Day: What Price PLG Perfection?

I don’t know if anyone is still reading this thread, but I’d like to add to what I wrote earlier this morning. IMO Ed’s premise is correct, but possibly too simple. If “there’s an inherently racist premise that property owned by (or even near) blacks IS, ipso facto, worth less” that doesn’t explain why an area like Ft. Greene (to give one example–I have no wish to pick on FG), with as large a black population as PLG, is SO much more expensive. FWIW, Ft Greene houses were priced about the same as houses in Lefferts Manor when I was looking for a brownstone in 1974 (although, since they generally needed much more work, the effective cost was higher–a main reason why I picked PLG). However, Ft. Greene prices have risen much faster than prices in PLG. I think one reason for this is that there was, in the 70s and 80s, a much larger DISPLACEABLE minority population in Ft. Greene (and many other brownstone neighborhoods) then in PLG. When I moved to PLG the highest income residents were, for the most part, black–doctors, lawyers, college presidents, and so on. Their incomes dwarfed those of most white newcomers like my wife and I. Since these people were NOT about to be displaced the neighborhood was relatively unattractive to those whites who found living near black people a problem. It might be acceptable to TEMPORARILY live near blacks who were about to be displaced, but, for many, but by no means all, white people, PLG was not a neighborhood worthy of consideration because the black residents were certainly staying. To be sure there were (and still are) many low income blacks in PLG, but these people live in housing such as small walkup apartment buildings over stores or somewhat rundown larger buildings that have not been attractive to “gentrifiers”. There have never been large numbers of deteriorated brownstones in PLG unlike most other brownstone areas–a MAJOR difference IMO.

The situation today is, of course rather different. Many old-timers like myself, black or white, could never afford the million dollar plus prices that houses go for now. Nevertheless white people buying houses here know (or should know) that they will always be a minority–a sizable minority–even during the worst “blockbusting” of the 50s and 60s many whites remained here–but a minority all the same. The reality also has changed in areas like Ft. Greene–middle class black homeowners there are no more likely to be displaced then their counterparts in PLG–but, I suspect, the expectations of many white home buyers are rooted in the past and PLG is frightening for some, not because of crime, but because there is little chance that white people will ever be a majority here. IMO present day white home buyers in PLG can’t be blamed for depressing prices here because they expect a “bargain”. Instead, the fact that many whites will still not consider this neighborhood lowers prices by reducing the pool of those seeking homes here. “Bargains” there may be but don’t blame those who actually buy houses in PLG.

Although I respect Bob’ pacifist manner, I’ll rely on my crass and outspoken ways.

There’s an inherently racist premise that property owned by (or even near) blacks IS, ipso facto, worth less.  And we all know this premise lurks somewhere in the psyches of the current crop of homebuyers looking for bargains in PLG (a comparatively undervalued neighborhood).  You simply cannot have a conversation about real estate value in PLG without mentioning this.

FWIW (IMO not much) the owners of the PLG houses we’ve discussed here recently are both black AND white. I know many of them, but have no intention of discussing who’s who because it simply doesn’t matter. Neither should one assume that the potential buyers are all white.

Brownstoner doesn’t seem to like me so much. My access seems to be restricted from every computer I touch.

Meanwhile, there appears to be a small band of (probably white) blog-active, PLG house hunters who feel that the last thing they could ever do is pay top dollar for a black person’s house in this lukewarm market. And these are people with money, who are not feeling the pinch of rising interest rates!

You need more than a trustworthy contractor and structural engineer. You need x-ray vision and a crystal ball!