anniewiensen, Home Buyer in Brooklyn, NY

why would someone want to pay more than a million dollars to live in one of the most dangerous areas in New York? I actually call it insanity!

Asked by anniewiensen, Brooklyn, NY Wed Mar 19, 2014

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8
Good morning! Bedford-Stuyvesant area is really becoming very popular for home buyers and investors. It has marvelous brownstones with a lot of original details in it. That what buyers love about this area. And of`course prices go only up. With a time, Bed-Stuy will be the greatest and very safe area.
2 votes Thank Flag Link Sat Apr 12, 2014
Isn't it irresponsible and dangerous to say the price will ONLY go up? Do you not remember the real estate crash in 2007-2008?
Flag Sun Apr 20, 2014
The fact is people choose to live where they want. Everybody does not share your opinions. To each his own. You may call it insanity, others may call it freedom of choice.
2 votes Thank Flag Link Tue Apr 1, 2014
On some level... I think everyone here is kind of right. $1M is a lot of money ... especially for some of the compromises we make in NY / Brooklyn. *But*, these neighborhoods are dynamic - they change. (Bushwick is a very appropriate example.) The somewhat tough reality is that you are paying premium for the future potential of a neighborhood. And people pay it because the probability is good that you'll be whole on your investment in some years. Nothing assured, but many folk (myself up until recently) have watched values continue to get away from them - thinking "gee, surely this is overvalued"... only to watch prices go higher while sitting on the sidelines.

On the other side, everyone's a little reluctant when markets soften. There really is no easy answer here. Assess the risk for yourself; try and understand probabilities as objectively as possible, and make a determination for yourself.

Multifamilies are an accessible entry point for many due to the income producing units that mitigate the financial responsibility... But you have to have a good attitude about being a responsive landlord.
1 vote Thank Flag Link Tue May 27, 2014
Yes, Yuppies tend to be insane!!!
1 vote Thank Flag Link Tue May 6, 2014
folks dont live where they want to live they live where they can afford to live.

yes it is insanity.
here's who is paying a million to buy in bed sty.

http://www.dailymail.co.uk/news/article-2381684/Foreign-inve…
1 vote Thank Flag Link Sun Apr 27, 2014
If they have the ability to purchase at that price point they might not be so 'insane."

Perhaps they know something you don't know.
Perhaps they have solutions you have not considered.
Perhaps you are using faulty information.

As Joseph stated, "Folks live where they wan to live."
1 vote Thank Flag Link Sat Apr 12, 2014
I'm from New York. If someone is paying that much, chances are they are going to have some form of security to make sure that nothing happens to their home. The gentlemen above is correct. There are a lot of police and security to make sure that people are safe.
0 votes Thank Flag Link Tue Apr 1, 2014
I never had a problem or felt in danger.
Also, police is everywhere.
This is the last place where to buy well in Brooklyn.
0 votes Thank Flag Link Mon Mar 31, 2014
I like when other brokers are confused. Some buyers spend $20 million dollars + to live in 15 Central Park West & Time Warner Center in Manhattan. Those that don't have it like that often wonder what is wrong with those people spending all that money for an apartment. Harlem, Fort Greene, and Bed-Stuy brownstones are dicy to some...gems to others.
Flag Mon Apr 7, 2014
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