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Re: East Village Apartments Sit Empty Because Rent Is Too High, Report Says
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Home away from home
 
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Good News Woohoo! #gentrification Ground Zero... Brooklyn!
BUSHWICK ? Average rents for apartments in Bushwick have spiked 23 percent in the past year due to new luxury developments ? a jump second only to Crown Heights, according to a new Brooklyn rental report. The average monthly cost of a one-bedroom in Bushwick went from $2,160 last August to $2,647 this August, according to the report from real estate firm MNS, which focused on neighborhoods from Greenpoint to Prospect-Lefferts Gardens and Several factors can explain the increases, said Andrew Barrocas, CEO of MNS ? including the addition of new developments like Colony 1209 on Dekalb Avenue. New inventory often drives average prices up, and August tends to be a busier month for the young demographic that loves to rent in Bushwick, he said. Plus, the proliferation of new stores, bars and restaurants beyond the L train adds to the demand for a "really nice, well-done product," he said. "When you see new amenities coming, it?s just the beginning," Barrocas said. "More residential will come into the area." Meanwhile, average Williamsburg rents increased just 2 percent from last August to this August. One-bedroom prices went up 8 percent, from $3,015 in August last year to $3,255 this year. But don't be fooled by the low increase ? the rental market in Bushwick's northern neighbor is still "very strong" and not close to cooling, Barrocas said. Many new luxury buildings debuted last year with rental incentives like one month free to initially attract renters, he said. People who first lived in the buildings paid below retail price to live in the apartments. Taking the incentives into account, the actual increase in average rents in Williamsburg could be closer to 8 percent overall, he said. "Williamsburg as an area has matured quite a bit in the last couple years," Barrocas said. "People are building into this market and are able to achieve very good prices." The MNS Brooklyn rental market report includes data from rental listings under $10,000, with "ultra-luxury" properties taken out.Bay Ridge. http://www.dnainfo.com/new-york/20140 ... ue-new-development-report
Posted on: 2014/10/13 13:04
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Re: East Village Apartments Sit Empty Because Rent Is Too High, Report Says
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Home away from home
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I think what people don't understand is that JC, as a whole and especially DTJC, is tied to the success of NYC. If NYC does not succeed, there exists no world in which JC or even DTJC will succeed.
As a follow-up, if DTJC does not succeed, there definitely exists no world where other parts of JC will succeed.
Posted on: 2014/9/15 14:55
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Re: East Village Apartments Sit Empty Because Rent Is Too High, Report Says
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Home away from home
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It has 5 bedrooms!
Posted on: 2014/9/15 14:09
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Re: East Village Apartments Sit Empty Because Rent Is Too High, Report Says
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Home away from home
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Broad averages and general statements aren't very useful in real estate, especially in an area such as Metro NYC since markets tend to be quite localized - conditions can vary tremendously in the matter of a couple of blocks in some cases. Are you talking old vs. new? High rise vs. brownstone? Doorman vs. non? Views? Proximity to transportation? Safety?
For every (weak) sign you point to about how DTJC is overpriced, I'll point to something like this: http://www.zillow.com/homedetails/250 ... -NY-10013/120288977_zpid/ Or this: http://www.zillow.com/homedetails/54- ... NY-10013/2105256951_zpid/ Or this: http://www.zillow.com/homedetails/101 ... k-NY-10007/97496451_zpid/ Or this: http://www.zillow.com/homedetails/101 ... NY-10007/2136690168_zpid/ Or this: http://www.zillow.com/homedetails/50- ... NY-10007/2105343460_zpid/ Granted, DTJC is not Tribeca. Not by a long shot. But if it's trading at 20 to 30 cents on the dollar (compared to Tribeca), I'd say the sky isn't going to fall any time soon.
Posted on: 2014/9/15 13:56
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Re: East Village Apartments Sit Empty Because Rent Is Too High, Report Says
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Home away from home
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Typical vacancy rates for the entire US are typically around 9%. In the depths of the recession, it was closer to 11%.
NYC as a whole has had vacancy rates somewhere between 2% - 3% for years. Are we supposed to be worried about a 2% vacancy rate? Seriously?
Posted on: 2014/9/15 2:44
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Re: East Village Apartments Sit Empty Because Rent Is Too High, Report Says
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Home away from home
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Think of them as Micro units and it will become more clear.
Posted on: 2014/9/14 20:38
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Re: East Village Apartments Sit Empty Because Rent Is Too High, Report Says
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Home away from home
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I am completely baffled by the 5.5 baths. suburban mcmansions don't have that many bathrooms.
Posted on: 2014/9/14 17:43
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Re: East Village Apartments Sit Empty Because Rent Is Too High, Report Says
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Home away from home
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The other exception to the free market is zoning. And historic preservation laws. And height limits. And floor area ratio limits. And tax policies to encourage specific construction. And exemptions granted for public good. And occasional use of eminent domain. But you know, other than that, FREE MARKET.
Posted on: 2014/9/13 22:12
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Re: East Village Apartments Sit Empty Because Rent Is Too High, Report Says
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Just can't stay away
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This article is utterly ridiculous. It is a free capitalist market (with the exception of rent stabilized/controlled apartments, but that's another story). Prices will rise as high as demand allows. Very simple Econ 101.
The idea that prices will be so high that the apartments will just sit empty is absurd. The longer an apartment sits empty, the more pressure the owner will have to reduce the price and get it filled.
Posted on: 2014/9/13 21:15
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Re: East Village Apartments Sit Empty Because Rent Is Too High, Report Says
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Home away from home
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My bad. I assumed you guys were talking about 240 2nd. Which was converted into a 6 bedroom 5.5 bath and rented out immediately for $7k a month. If that's the comparison, then I guess *only* getting 5 bedrooms for the same price seems like a bad deal. LOL
Also, pretty sure the bars one the garden units have been on most downtown properties for many decades. I lived in Harsimus Cove for 12.5 years and never heard about a single break in near me. The window bars often accommodate AC units for the garden unit.
Posted on: 2014/9/13 16:52
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Re: East Village Apartments Sit Empty Because Rent Is Too High, Report Says
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240 st. Was bought by the Australians, completely gutted/remodeled, and rented out in under two weeks of being posted. So clearly there was a market for it, even though I questioned the sanity of turning a 3 family into a 1 family and the corresponding $7k rent.
Posted on: 2014/9/13 16:40
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Home away from home
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Quote:
Hmmm feces or bullets, still a very easy choice for me.
Posted on: 2014/9/13 12:10
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Re: East Village Apartments Sit Empty Because Rent Is Too High, Report Says
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Home away from home
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Quote:
and you don't have to worry about swimming in feces! 
Posted on: 2014/9/13 11:11
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Re: East Village Apartments Sit Empty Because Rent Is Too High, Report Says
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Hmmm feces or bullets, still a very easy choice for me. The fact is and will always remain - dtjc will always be more sought after than gv by anyone who has any common sense and can read crime stats. In fact, the heights, journal square will always be more sought after than greenville. Comparing greenville to dtjc is like comparing apples and oranges, if the apple was dtjc and the orange was a year old, rotting, and spit on by someone with ebola.
Posted on: 2014/9/13 4:51
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Re: East Village Apartments Sit Empty Because Rent Is Too High, Report Says
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Home away from home
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Downtown Jersey City is kind of not that good of deal. I can bet you're one of those people who will high tale out of here once you have kids since schools are garbage everywhere in JC. For the type of money your paying, there are better places in NJ that are not that faraway of a commute from NYC and you don't have to worry about swimming in feces!
Posted on: 2014/9/12 23:46
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ಠ_ಠ
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Re: East Village Apartments Sit Empty Because Rent Is Too High, Report Says
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Home away from home
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Wow is that site Manhattan & Brooklyn centric, like the worst stereotype of snooty NYer. I don't feel so bad about Hudson County being utterly uncovered when they only include the Bronx & Staten I in the "NEWS BY NEIGHBORHOOD" list as afterthoughts. Interestingly, both LA & SF pages include areas nearby but outside the city limits. Apparently only in NY does the world end at the water.
Posted on: 2014/9/12 21:43
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Re: East Village Apartments Sit Empty Because Rent Is Too High, Report Says
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Home away from home
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Let me see...
2% vacancy rate and a 98% occupancy rate is not a good thing for user but living in a neighborhood which is 64% more dangerous than other neighborhoods in JC is a good thing? Sorry, I mean Greenville is safer than 36% of other neighborhoods in JC http://www.areavibes.com/jersey+city-nj/greenville/crime/ Btw, I rather live in a prison in the upper east side than a floating mansion in greenville with technology that is 100 years beyond our time - most people would. The simple answer is safety. Someone who lives in greenville saying that other neighborhoods are not "worth it" is like a 900 pound person saying kate upton is fat. Just fyi - that is how silly you sound.
Posted on: 2014/9/12 21:40
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Posted on: 2014/9/12 20:17
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That's a nice looking place. I doubt that the owners are going to allow a bunch of students to turn it into Animal House. And $7,000 seems kind of high, but you get what you pay for.
Posted on: 2014/9/12 20:02
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Re: East Village Apartments Sit Empty Because Rent Is Too High, Report Says
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Home away from home
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Do what you need to do, once I have to be put bars on my windows, I will move.
Posted on: 2014/9/12 19:26
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Re: East Village Apartments Sit Empty Because Rent Is Too High, Report Says
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What alternatives to bars is there to secure ground floor windows if you don't want to get robbed? There's plenty of Manhattan homes with bars too. I'm contemplating them for my building between the reservoir and Palisade, not a terrible hood but the ground unit was just robbed through a back window for the 2nd time in 2 years.
Posted on: 2014/9/12 19:07
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Re: East Village Apartments Sit Empty Because Rent Is Too High, Report Says
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Home away from home
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The one problem I see with rents like this dtjc every apt or townhouse becomes a boarding/party house or a dorm with 5-7 tenants sharing the space and rent. When I first lived dtjc back in the day apts had 1 or 2 people in them unless you were a family. Not a bunch of students on a visa, etc.
My friend just rented out here apt off Ocean ave for $2,100.00 and it a apt design for a family but its now being rented out by 4 NJCU students who party all night long. Lets face it, if you can afford 7 grand on your own why would you choose JC with bars on your windows?
Posted on: 2014/9/12 18:37
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Re: East Village Apartments Sit Empty Because Rent Is Too High, Report Says
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I agree, I want to add that downward pressure on DTJC rents and RE values will have a similar effect on other areas of JC outside of DTJC.
Posted on: 2014/9/12 18:35
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Re: East Village Apartments Sit Empty Because Rent Is Too High, Report Says
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I generally agree with you that rents are nearing the point where DTJC will stop seeming like a great alternative to the high rents in the Manhattan and Brooklyn but 7k for a full five bedroom rowhouse which looks to have been very nicely renovated doesn't seem totally outlandish. I mean 2 bedrooms routinely go for half that or more. Our fates in JC depend on the NYC market. If apartments in Manhattan and Brooklyn start dropping, we'll see ours drop. As long as those markets stay strong, and 2% vacancy isn't alarming yet, then we'll continue to be a cheaper alternative.
Posted on: 2014/9/12 18:20
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Re: East Village Apartments Sit Empty Because Rent Is Too High, Report Says
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Home away from home
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There is place down there that is almost 7k with bars on the window. LOL Sorry but smart folks wont think its worth it.
Posted on: 2014/9/12 18:11
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Re: East Village Apartments Sit Empty Because Rent Is Too High, Report Says
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This is just more RE porn from the city landlords. You can look at the 2.08% vacancy rate from another perspective which is 98% of the apts are filled. I don't see this happening in DTJC unless we go though another depression like the recent one, eventually rents and prices rebounded. Rents and housing prices probably fell in G/B/L but prob have not rebounded as they have in DTJC.
Posted on: 2014/9/12 17:52
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East Village Apartments Sit Empty Because Rent Is Too High, Report Says
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Home away from home
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I see this happening DTJC in 5,4,3,2....
By Lisha Arino on September 11, 2014 EAST VILLAGE ? Rising rents are driving residents out of the East and West Villages, leaving the previously hot neighborhoods with the highest apartment vacancy rates in Manhattan, according to a report released Thursday. The East Village had a vacancy rate of 2.08 percent in August, and the West Village followed closely behind with a 1.58 vacancy rate, real estate firm Citi Habitats found. ?The reality is these prices are getting to the point where tenants are like, ?You know what? It?s not worth it,?? said Gary Malin, the company?s president. Although the East Village does not have the most expensive apartments in the city, tenants may feel they are paying too much and can find better value in other neighborhoods, Malin said. More
Posted on: 2014/9/12 17:29
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