The Times had something good to say about Harlem today in a feature that focuses on the rebound in the Harlem Brownstone market. Families and you adults are discovering that one can buy a house at the price of what a 5-bedroom condo would cost in other parts of Manhattan and have noticed the continuing positive changes in the neighborhood. Price are not as high as the were when the market crashed in 2008 but inventory is now much lower and therefore some properties have seen increases made. Read more about the turnaround in the New York Times:
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Great article. My personal view is that the foreclosure spate will not affect renovated properties that much - fact is people don't want to deal with the hassle of renovating, and with no construction financing available, not everybody has the liquidity.
ReplyDeleteI know most of you all will disagree with me. But if you buy in Harlem any place other than the soulless (to my mind) strip of lower 8th Ave. you better be buying because you want to live in Harlem and not for some calculated economic reason.
ReplyDeleteYou can't just be in it, you have to be of it, to use the cliche. Only then is it truly home.
But GG. Renovation is the key. That's what makes it YOUR home.
ReplyDeleteI agree SM. Might be the old (or not so old :) romantic in me, but Harlem in my mind is a place for people to call home and build a long term community. I think there are great deals to be had if you want to have a long term home, raise a family, or whatever else it is you want to do.
ReplyDeleteInteresting article. Certainly an exciting time be part of Harlem. I live in the soulless lower 8th ave strip, so I guess it's OK that I live there simply for my calculated economic reasons. I guess in the meantime I'll try to make the most of it and enjoy the great amenities the neighborhood has to offer!
ReplyDeleteSM, I think a lot of people who buy here are a little in the middle - they want more space (calcuted economic reasons or not, a lot of people get tired of one bathroom for a family of 4 and start looking here so they can afford not to do this). But they pick Harlem over other neighborhoods with similar prices because they like it and can see themselves living here. Many fall in love with it over time even if wasn't love at first sight. Whatever works ...
ReplyDeleteSM - agree about renovating ... I loved it. But many people hate it! People thought I was crazy.
ReplyDeleteI moved here for the space but fell in love with my neighborhood. My kitchen is larger than most peoples apartment and I have 2 more bathrooms than the average New Yorker. I see the same thing in my tenants. They see the the price and square footage and then against there better judgement they come to Harlem. After a year they either cant take the neighborhood or they couldn't imagine living anywhere else. When people find out where I live they always ask about crime and then they come into my apartment and are blown away.
ReplyDeleteAll I can say is that the Chair of CB9, whose installation speech's platform was "fighting gentrification," surely can't be pleased about this.
ReplyDeleteWho is the chair? They are against investment in the community? loving restorations of buildings that deteriorated for decades?
DeleteSurely
Did anyone else notice that the boundaries they use to describe Central Harlem are actually South Harlem?
ReplyDeleteThe Harlem real estate prices, like the rest of the city certainly took a nap since the economic downturn of 2008, but the improvements in the neighborhood never slept with new cafes bars restaurants opening despite the great recession. Even with the steady improvements of the last decade, Harlem still has a huge upside remaining for the next decade.
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