Tuesday, January 8, 2008

Is Bed-Stuy A Good Investment?

Everytime a property like House of the Day: 78 Halsey Street, is featured on Brownstoner, the post gets well over 60 comments. The posters and trolls on Brownstoner write things like, 'This building looks like quite the lifetime challenge' and 'Are the tenants respectable or armed thugs? That makes a big difference too.'

Another poster wrote, 'This neighborhood is not known for having the best quality rent-stabilized tenants. I would be very careful when buying in Bed-Stuy. Because of the credit crunch, gentrification will come to a halt in Bed-Stuy. Anyone who buys here will be stuck in a low-class hood with (poor) low class people.'

By now we're all accustomed to the incendiary comments that are typical on Brownstoner when it comes to discussing 'fringe' neighborhoods. On many levels, it's disheartening how racist and classist many of these remarks are.

Bedford Stuyvesant has always been a thriving neigbhorhood with arguably the largest stock of brownstones in New York City. The houses in Bed-Stuy are varied, and while many of the great houses are gone, there are several gems left. If you come across a great deal there, it'll be worth your while. Bed-Stuy will continue to change, for good and worse, but I'm convinced that many people will continue to buy there regardless of the opinions of naysayers.


fisher6000 said...

AMEN! I don't get the Bed Stuy haters on Brownstner, especially because I came here from benzene-soaked Greenpoint--home of the 1.4million-dollar siding special!

Why not hate on a neighborhood that is home to all our poop, the largest toxic-waste spill in the continental US, and a really lame commute to Manhattan instead?

No sense! I know actual value when I see it.

Mr. Renovation said...

fisher6000, it doesn't make any sense why so many people hate on Bed-Stuy. They need to give the neighborhood a chance. Most of the residential and commercial strips are beautiful and well-planned.

Bed-Stuy just needs a little bit more love and investment. It's a great place to make money since it needs more diverse restaurants and stores

Nicole said...

I think a lot of people 'hate' on Bedstuy because of its residents.
The neigbhorhood hasn't totally gentrified, and I think that's great. Still, it doesn't mean you shouldn't pay competitive prices for these homes.

Ruben Carbajal said...

Bed Stuy as a lot of potential. I find the neighborhood to be a contradiction, full of both beauty and neglect. Patrolling police are a common sight, but crime is still a problem. There a lot of wonderful eclectic shops, but too few restaurants and basic conveniences. Part of the problem as I see it is Fulton Street-- which is a bleak and annoying repetition of 99 cent stores for several miles.

Nay said...

Thanks for this blog Mr. Renovation. Based on the age of the Bed Stuy brownstones, have any owners expressed concern about asbestos?

Mr. Renovation said...

Asbestos was used to fire-proof homes. It was also used to insulate pipes until about 20 years ago.

From what I understand, asbestos becomes a real problem when its disturbed. For example, if you knock down or replace walls, do a gut renovation, or try to remove asbestos from pipes, you're goiing to run into a serious problem.

My feeling is you'd have more problems with lead paint than asbestos.

But, if you do find asbestos, find a professional to remove it.