So we started looking for a house in Bed Stuy about a year ago. We had to compromise on having tons of restaurants and safety to be able to buy a multifamily that would be able to somehow help us with our mortgage. Now a year later we cant even afford a condo in this area. What happened? Did Bed Stuy all of the sudden became a safe paradise where everybody wants to move in? There are a bunch of investors that take people out of their houses and buy them for dirt cheap, renovate the places to make them look decent and sell them with at least 500% profit. And the problem is that they all do the same, price them the same, renovate them the same crabby way, so there is no chance for the average people who work day and night to buy a place in a decent price.
I am still wondering what happen, and who are these crazies who are gonna spend a million dollars to live on a street that had three crime incidents in one month and next to a vibrant project building??!! Cant afford New York anymore, time to get going.