Open House Picks: Townhouses
Brooklyn Heights 12 Willow Place Brooklyn Bridge Realty Sunday 12:30-3:30 $3,800,000 GMAP P*Shark Park Slope 328 5th Street Corcoran Sunday 1-3 $1,550,000 GMAP P*Shark Prospect Heights 602 Bergen Street Brooklyn Properties Saturday 1-3 $999,000 GMAP P*Shark Bedford Stuyvesant 615 Hancock Street Abode Properties Sunday 12-2 $699,000 GMAP P*Shark Tune in tomorrow for Open House Picks:…
Brooklyn Heights
12 Willow Place
Brooklyn Bridge Realty
Sunday 12:30-3:30
$3,800,000
GMAP P*Shark
Park Slope
328 5th Street
Corcoran
Sunday 1-3
$1,550,000
GMAP P*Shark
Prospect Heights
602 Bergen Street
Brooklyn Properties
Saturday 1-3
$999,000
GMAP P*Shark
Bedford Stuyvesant
615 Hancock Street
Abode Properties
Sunday 12-2
$699,000
GMAP P*Shark
Tune in tomorrow for Open House Picks: Apartments
gentrifyordie.com
this site has officially jumped the shark
Well PLG is a different animal. Change there has been slow because the sheer lack of middle income renters. The neighborhood’s single family home zoning restriction separates the neighborhood into essentially two camps: (1) higher income single family homeowners and (2) lower income renters in large surrounding buildings. The low income people far outnumber the middle to high income people in the area and this ratio is going to be very difficult to change going forward. In other neighborhoods without such zoning restrictions, gentrification is born out of 3-4 family townhouse owners attracting higher income tenants to the area. It is the attraction and growth of the higher income homeowner and tenant segment which propels a neighborhood forward.
PLG needs the displacement of lower income people to become truly gentrified. Yes, new and wealthier families are moving into the neighborhood but they are simply replacing other middle to high income residents of single family homes. So there really isn’t any up tick in the demand in the neighborhood for better quality goods and serves; conversely, there isn’t a downtick in some of the negative aspects of the neighborhood as well.
No. I never said all. Just some. “Turnover” is good for an up and coming neighborhood; otherwise it would never change. Was it not “turnover” that revived and elevated former depressed and neglected neighborhoods like Prospect Heights, Carroll Gardens, Fort Greene, and Clinton Hill to new heights? That’s precisely my point. Demographic shifts are important to a neighborhood’s continued growth and development. Posters on this blog often make a clear distinction between “established” and “un-established” or “fringe” neighborhoods and the distinction is often based on the extent to which a neighborhood has been gentrified. The more gentrified the neighborhood, the more desirable it will be to higher income people. Further, are we not talking about the predicted effects of gentrification which is defined as “the buying and renovation of houses and stores in deteriorated urban neighborhoods by upper- or middle-income families or individuals, thus improving property values but often displacing low-income families and small businesses.”? Like it or not, “turnover” is an essential part of the equation. For better or worse? Who knows? Only time will tell.
Oh this again. The truth of course lies somewhere in the middle. Some areas have changed dramatically in the past 10 years and some haven’t. We bought in PLG 7 years ago and have been quite happy. Has the area changed in those 7 years? Not really, no. It is a great place, as it was then, but our assumption that stores and restaurants would come, and that drug dealers and loiterers would leave, have not been fullfiled. We are thrilled to have a new coffee house and soon a restaurant, but honestly when we bought we expected to have a lot more here by now. And the things that really bother us haven’t changed at all. My point is that you should like the area you are moving to as it is. It may change over time, but it may take a lot longer than you expect.
“I’m also comforted by the fact that Bedford Stuyvesant is primed for massive turnover.”
At all weirded out by the fact that you’re buying in the hope that all your neighbors will move?
Anyone buying property in the mid to late eighties in NYC, not just Fort Greene, got killed. The co-op I bought on Clinton Hill in 97 for 85k had sold for the same amount twelve years earlier. When I sold three years later, well, let’s say I did a bit better, But I suspect the house I bought on Putnam won’t do as well for quite awhile. I thought the gentrification pressures would drive out the drug dealers and prostitutes faster. But I like the house, the location in terms of being able to walk anywhere is good, and I am not planning to go anywhere soon. The stories about needing sanitatopn workers to watvh over you or having to creep around at midnight to illegally dump a tenant’s furniture seem really bizarre, and not my experience. Being a juror on one murder trial wouldn’t seem to make one an expert on crime in a particular neighborhood. I wish prices were low enough so that people could buy houses nearby for the reason I did, to make it a home. Instead we have developers producing crap while the very wealthy wonder if it will be like Brooklyn Heights. Can we get some nesters back around here?
My parents bought three houses in clinton hill in the 80s as investments. To put it mildly, we got killed, and the guy in the bodega next to two of them actually _did_ get killed.
In years where NYC’s pop expands faster than construction in the core NYC/bklyn nbhds, bed-stuy/CH experience incredible upswings. In years when the economy isn’t doing so well and all the hipsters go back to the midwest, rents and prices crash.
I still remember hunting for dumpsters at midnight in the pouring rain in december with our ex-tenant’s moldy furniture balanced on the roof of our car (not tied down) so we could chuck it without getting shotgunned.
i have to smile at the constant bed stuy dissing. can’t tell you how many people were saying the same thing about my wife and i buying a one bedroom in fort greene only five years ago…”should i bring my bazooka?”, they would ask when they planned a visit. well, now they can’t afford to live there (“oh, really, fort greene is the coolest,” they say now, “i heard it has the best block in NYC!”) and i’m selling it for four times what we paid for it to pay down our mortgage on the brownstone we were then able to buy on beautiful macon street.
believe the hype…the nabe around the blue line will be gold in just a few years. good luck to ye who disparage that which ye is fraid (ignorant of…
bet you thought google was a bad idea too, i bet….