CH is 3rd Hottest NYC neighborhood to invest in as per Business Insider

whynot_31

So much press!

http://www.businessinsider.com/where-to-live-in-nyc-in-2017-2012-3#crown-heights-3

Will the newcomers be fleeced?

armchair_warrior

pure realtor hype.

whynot_31

I'd love to be a position that I could fleece a newbie, then move to a cheaper neighborhood that wasn't considered sexy.

armchair_warrior

housing prices are overpriced in CH, i was looking at CH but they already price in gentrification. Greenpoint is better deal right now.

whynot_31

It all depends who you want to make money off.

Between 2006 and 2009, CH was a great place to make money off of young, recent graduates with second rate degrees who were renting. They'd split 2 bedrooms among a few people to pay rent, and didn't care how the place looked.

This crowd has largely been priced out.

Now, the crowd has matured and consists of people who have enough $ to rent (or even buy) an apartment on their own or with their partner. The way to get them is to put in shiny appliances and finishes, but not do anything that costs real money: Lousy construction is ok. Original plumbing and wiring is ok.

It is all about giving the customer what they feel is important, regardless of whether it adds any real value.

As long as people think they are getting a deal, there will be lots of money be made in CH.

eastbloc

I think business insider is a little late to the game here with these revelations. Not just for CH but for the whole list. A bit of the old Monday morning quarterbacking going on. If they had written that in 2005 or even 2008, I'd give them a bit more credit.

whynot_31

I think Western CH's potential as a place to earn quick $ has diminished.

That doesn't mean I wouldn't buy here. It just means I would buy for the long tern.

The next big change will be felt when all the present newborns start to go to 1st grade in local public schools. Once the local schools change, the price of homes will go higher, and rentals will begin to converted into condos.

Of course, a change in the other direction is possible if Western CH begins to be effected by the larger economy, or has a few high profile street killings.