Did you think people were flocking to Bushwick to be cool? Think again: everywhere in the city is experiencing an influx of people, especially renters. Those who gloated about what would happen to those who bought properties in Bushwick in the last year or so “when the subprime market crash ruins the economy” — as if it were that one thing that moves the American economy — forget that when people stop buying, they start renting. Gloat on — your rent is about to go up. Bushwick, Sunnyside, Parkchester, Washington Heights, no matter; with ever more people and not even close to enough new places to put them, some will have to jump ship for less-crowded environs.
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Andrew September 13th, 2007 at 10:34 am
I think you’re spot on Jeremy. Definitely though prices of two and three families in the Bushwick market are starting to get hit because it’s harder for people to get mortgages and deals are falling through. I just negotiated a price discount on a three family that I would never have got six months ago. To get a loan today, you have to either put more money down, or pay a ridiculous interest rate, especially on investor (non owner-occupier) mortgages. Ironically, this is the best time to buy for people who can get the financing. Rents are probably going to go up for the reasons you mentioned, and if you can put enough money down you can still get a cheap loan (thanks to Fannie Mae and Freddie Mac products). If there’s a recession and people lose their jobs there’s a risk the luxury rental market in Manhattan takes a dive. However, I doubt even a recession would affect Bushwick rents much because we are still one of the cheapest housing options within 30 minutes commute to the city.
jay September 13th, 2007 at 6:37 pm
Welcome to Bushwick Andrew, although I think BedSty maybe closer and on better train lines.
You get more room in Bushwick, but less amenities.
Jeremy September 13th, 2007 at 6:39 pm
Bedstuy is closer to what? And better train lines? Like the G? LOL, please.
Andrew September 14th, 2007 at 10:03 am
Thanks Jay. I’ve actually been living here (at the Morgan L stop) and investing in Bushwick for three years already and the changes have been tremendous so far. Let’s hope the amenities continue to improve. As for the trains, I think the J is probably the most overlooked line out there. You can get anywhere in downtown Manhattan from the Myrtle Avenue stop in about 15 minutes!
Jaybushwick September 16th, 2007 at 9:03 am
No actually the A/C line not the G. The J line is a little questionable, you never know when it’s going to skip those stops. Jimmy Legs have you ever experienced that – it suddenly skips certain stops during rush hour, but not the same ones, it’s hit or miss most of the time.
Andrew- any where in manhattan from the myrtle J or myrtle wyckoff L/J?
I think the J lines chugs along, do you agree Jen Blossom or anyone else? Oh I think Jen takes the bus to avoid the J.
I just feel that the A/C line runs better and faster. I love how the L line tells you when the next train is coming. With the J line during nonrush hours you can be waiting 30-45 minutes for that train. And it doesn’t connect to too many good lines other than the F at Essex.
Morgan L stop and that area is major cool.