Hey all, I'm throwing around the idea of buying some real estate in New York, specifically Harlem. Currently, the area isn't so great; however, other poor NYC areas have been developed and now command very high prices. What does everyone think of Harlem for real estate speculation? Some people I have spoken with think the prices will go up in the future, whereas some believe that Harlem will remain very poor in terms of the population and surroundings. Any thoughts?
From what i believe the rents in Harlem "commercial" are up. I can ask a friend who develops about 30 sites yearly in NYC.
There are pockets in Harlem which are becomming very trendy. Well, maybe not _trendy_, but more and more middle-class 20-somethings who want to live in Manhattan but can't afford downtown prices are moving there. I know at least two friends who live up there (and chose it over Queens or Brooklyn), and at least one person who actually owns an apartment. So as long as you're paying attention to the specific neighborhood, it might be worth a shot. However, Harlem is (and has been) a haven for "when's it gonna get popular" thinking and it hasn't yet -- so it's very risky.
HEY LES I DONT KNOW ABOUT RESIDENTAL/APT BLDG PROPERTY IN HARLEM, BUT THE COMMERICAL END, ESPECIALLY ALONG MLK JR DRIVE (125TH) IS PRIME REAL ESTATE///RIGHT NEAR THE APOLLO,,,,,,,, YOU WILL FIND MOST OF THE COMMERICAL BLDGS OWNERS TO BE OF THE "HASEDIC-JEWISH TYPE, OR THE "BOYS" OWNING IT.... IT PAYS TO KNOW SOMEONE AT THE NYC VIOLATION AND FINANCE DEPT TO CHECK OUT ANY LIENS, PROPERTY HISTORY, ETC.... GOOD LUCK, BRUCE
I met a guy at The Carriage House, a year or so ago. We statred talking and he said he bought some smaller apt buildings in Harlem 3-4 years ago. He said they were about 180K when he bought and and now are over a mil each. As with any speculative investment the more risk the more possible reward.
I'd say go for it. All the neglected areas in NYC are getting developed over the years. I'd say that Harlem would be a great investment.
I 2ND HUBERTS POST LOOK AT THE BOWERY....20 YRS AGO...BUMS AND HOOKERS....... NOW IT MOSTLY YUPPIE WALL STREET PEOPLE, WHERE YOU CANT TOUCH A BLDG UNDER 2 MILLION... BROWNSTONES ALL OVER NYC...25-30 YRS AGO FOR A 3 STORY WALK-UP WAS 50-75 K FOR THE BLDG, NOW ITS MILLIONS........... ALSO BROOKLYN HTS...CARROLL GARDENS ETC....ITS BEAUTIFUL NOW.....25 YRS AGO...WORTHLESS CRAP... GOOD LUCK LES, BRUCE
