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  • July 28, 2014 at 11:14 AM #21202
    scaredyclassic
    Participant

    I am in Brooklyn visiting my mom in her apt. in the neighborhood i grew up in. Since I left, it has become largely Hasidic. Hard to put a percentage on it, but it’s definitely more than half. The neighborhood looks basically the same, but they’ve obviously put money into renovating the housing stock. Property values are through the roof. The reason why is Hasids cannot drive on the sabbath, so they need to be within walking distance of the temple (there are dozens of them, everywhere, little ones in homes…) and therefore they cluster and drive up values….

    so the junky houses down the street from my mom are in the 1-3 million range, in the gritty absolutely 100% unhip neighborhood of midwood. it is difficult for me to fathom these types of prices for where i grew up…it was very blue collar in the 70s….

    July 28, 2014 at 11:57 AM #777094
    FlyerInHi
    Guest

    Prices are through the roof everywhere in Brooklyn.
    I wish I had invested in urban decay in the early 1990s. I was too you before then but 1970s and 1980s would have been ideal.

    Remember Times Square full of adult entertainment? Now you can’t afford it.

    I just read that 1 in 25 newyorker is a millionaire.

    July 28, 2014 at 11:59 AM #777095
    FlyerInHi
    Guest

    In la jolla there is a rich Jewish guy building a multi million dollar house so he can walk to the synagogue.

    July 28, 2014 at 12:24 PM #777096
    spdrun
    Participant

    FlyerInHI – The funny thing is that you can buy fixer-uppers in areas that aren’t yet hip for well under that. In the not-yet-hipsterized part of Bed-Stuy, you can find things for well under a half mil. One can also buy a 3 or 4 bedroom apartment in parts of central Harlem for quite a bit under $300k.

    f.e. 11233. http://www.realtor.com/realestateandhomes-detail/1971-Pacific-St_Brooklyn_NY_11233_M41310-97544?row=19

    And GOOD NEWS! Pending home sales are dropping again. Hope it becomes a trend this fall…

    As far as Hasidic areas, I suspect that a lot of sales are never on the market and are sold privately between Hasidim. The things you see on the market are overprices suckers’ deals.

    BTW – the statistic of 1/25 people being millionaires also applies to the US. Apparently 4% of Americans had a net worth above $1MM.

    July 28, 2014 at 7:22 PM #777097
    UCGal
    Participant

    [quote=spdrun]

    BTW – the statistic of 1/25 people being millionaires also applies to the US. Apparently 4% of Americans had a net worth above $1MM.[/quote]

    I’m curious – is that households, or persons.

    There was a big discussion of net worth over on early-retirement.org… and folks who’d claimed high net worth suddenly got quiet when you made it per person.

    I know I have to split it all with DH… but do my kids get a share of my net worth bragging rights? Do I need to count the dog since he’s an integral part of the household?

    July 28, 2014 at 9:49 PM #777098
    FlyerInHi
    Guest

    Here’s the article on millionaires.
    Many millionaires are incidental millionaires having inherited generations of real estate wealth in expensive cities.

    One of my friends in NYC has a superb condo on the Upper West Site of NY, a couple blocks from Central Park. Nice local supermarket and stores nearby. Her parents bought her that condo decades ago for her to attend college. The place is paid off and worth millions. The condo is missing an outdoor terrace, otherwise it’d and ideal Manhattan condo.

    http://www.cnbc.com/id/101856833#.

    July 29, 2014 at 12:47 AM #777100
    flyer
    Participant

    [quote=UCGal][quote=spdrun]

    BTW – the statistic of 1/25 people being millionaires also applies to the US. Apparently 4% of Americans had a net worth above $1MM.[/quote]

    I’m curious – is that households, or persons.

    There was a big discussion of net worth over on early-retirement.org… and folks who’d claimed high net worth suddenly got quiet when you made it per person.

    I know I have to split it all with DH… but do my kids get a share of my net worth bragging rights? Do I need to count the dog since he’s an integral part of the household?[/quote]

    I’ve always understood it to be household–excluding primary residence–per the following article. Still amazes me the percentage is so low.

    http://money.cnn.com/2014/03/14/news/economy/us-millionaires-households/

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