Expensive homes in the Outer Boroughs: Who's buying them?

[alex ballard]

While some areas are seeing the outflow from Manhattan, many of the more suburban areas of the outer boroughs are having houses sold in the 1-2 million dollar range. Who can afford to buy these houses (and from what I'm told, they're being bought up in a snap)? Is this immigrant investment? New migration from the US? More Manhattanites? The reason I'm asking is becasue these areas don't seem to be "gentrefied", but yet are growing by leaps and bounds.

[Gulcrapek]

If an area's never really been blighted, it can't really be gentrified. Areas like Manhattan Beach and Mill Basin in Brooklyn are simply seeing the effects of the wider real estate boom. Both have had more expensive homes in the past and those prices are gradually increasing now with everything else.

[Kolbster]

^^Exactly.
It is not only the more suburban locations in the outer bouroughs, it is every neighborhood. Inflation is going out of the roof in some neighborhoods. Take for example Brooklyn Heights, in the last 3 months 3 houses have been sold for record amounts, 5 million, 7 million and 8.5 million dollars (two of these houses were on Columbia heights). Another house just went on the market asking for a price of 20 million dollars. In other neighborhoods such as williamsburg, rents and apartment cost have risen dramatically creating a stir from the local artist population. As for who is buying them, who can say? For the most part it is probably a mix between people moving naturally to other neighborhoods, and a new interest in developing neighborhoods.

[Eugenius]

Many of the neighborhoods in Brooklyn and Queens have large populations of Indian, Korean and Russian immigrants. After these families accumulate a nice nest egg, they frequently buy a more upscale home in a wealthier neighborhood nearby. This is the case, for example, with Bayside, which is the wealthy neighbor to Flushing.

[alex ballard]

So what we're seeing here is immigrants rising to the middle-upper middle class and settling in the city. Cool. Does this bode well for the city regaining a middle class base?


Are the Hispanics and African/Caribbean immigrants fairing as well in the city? Do you think that the improving conditions in India and China will eventually cause the flood to America to slow(that's a bad thing in my book)? If that does happen, who will rise in their place?

[Kolbster]

Some what, you're seeing the upper crest of the immigrant class stretching out, and the wanna be wealthy immigrant class move.

And are black, African or West Indian immigrants fairing as well? They are fairing well, but not AS well as the other Italians, Russian, Orthodox Jews and other immigrant classes. They are moving out of the more poverty stricken neighborhoods into a more middle class setting. That is what happened with three of my friends family, moving out from Bed-Stuy houses to an area right outside of Downtown (new condo developements).

[Annetik]

I'm so sorry .. I know it's post not for this theme .
But ..I'm from Ukraine(Odessa)
This year I'll go to NY from work ....
Can you give me advice about what the "not too expensive"
Hotels are in Brooklyn ?

Thank you ..

[ASchwarz]

Look for hotels in Bay Ridge or Sheepshead Bay, both in Southern Brooklyn.

Both areas have lots of Russians and Ukranians, and the hotels are affordable.

If you want to be closer to Manhattan, there are affordable hotels in the Park Slope area.

I can give you hotel names, if you want.

[Annetik]

Look for hotels in Bay Ridge or Sheepshead Bay, both in Southern Brooklyn.

Both areas have lots of Russians and Ukranians, and the hotels are affordable.

If you want to be closer to Manhattan, there are affordable hotels in the Park Slope area.

I can give you hotel names, if you want.


Oh , yes .. please =))))
i will grateful to you

[ASchwarz]

Annetik,

Hotels in Bay Ridge would be:

Hotel Prince Spafford 315 93RD St Brooklyn, NY 11209-6901 Phone: (718) 748-8995

Best Western Gregory Hotel 8315 4th Avenue, Brooklyn, New York, 11209-4412, US
Phone: 718/238-3737

Sleep Inn (actually not in Bay Ridge, but in nearby Sunset Park) 247 49th Street , Brooklyn, NY, US, 11220 | Phone: (718) 748-6400

Hotels in Sheepshead Bay would be:

Golden Gate Inn
3867 Shore Parkway, Brooklyn, NY 11235 718-743-4000
http://goldengateinnny.com/

Windjammer Motor Inn
3206 Emmons Ave
Brooklyn, NY 11235
(718) 891-6600‎

Best Western Brooklyn Bay Hotel
3003 Emmons Avenue, Brooklyn, New York, 11235-2212, US
Phone: 718-769-5000
http://www.bestwesternnewyork.com/hotels/best-western-brooklyn-bay/

Comfort Inn Sheepshead Bay
3218 Emmons Ave , Brooklyn, NY, US, 11235 | Phone: (718) 368-3334
http://www.comfortinn.com/hotel-brooklyn-new_york-NY275?promo=gglocal

[Annetik]

Thank you,thank you, Thank you ,Thank you so much =))))

have a nice day =)