It may be part of New York’s oft-overlooked “foreclosure belt,” but per this new report from the Daily News, East New York—which, lest we forget, is Bushwick- and L train-adjacent—could be the borough’s next “home buying frontier.” Or, to hit you over the head with it a little harder, “affordable properties could put some home buyers in an East New York state of mind.”
The article mainly focuses on one particular Georgia Ave. property (it was also recently profiled on Brownstoner), which, after having sold last August for $360,000, was renovated by owner Rigoberto Diffoot (!!), and is now on the market for $599,000. “It comes down to affordability,” said one Fillmore Real Estate agent. “Rates are very low and rents here are going through the roof. It’s a great house because if you bought it, your rental income would cover most of your mortgage.”
The clear elephant in the room here is crime—violent crime was down in the neighborhood in 2013, but grand larceny and “general assault” were up—but nonetheless, residents are taking steps to make sure they’re not forced out when newcomers almost inevitably start snapping up properties. “We’re asking developers to realize the median area income is $30,000, and we’re asking for tax breaks so the people who live here can stay,” said Councilwoman Inez Barron, adding that “We’re getting a grip on crime. Crime is going down.”
So, do with this information what you will. At least nobody’s calling it “the new Williamsburg.” Not yet, anyway.
Follow Virginia K. Smith on Twitter @vksmith.