The Q at Parkside
News and Nonsense from the Brooklyn neighborhood of Lefferts and environs, or more specifically a neighborhood once known as Melrose Park. Sometimes called Lefferts Gardens. Or Prospect-Lefferts Gardens. Or PLG. Or North Flatbush. Or Caledonia (west of Ocean). Or West Pigtown. Across From Park Slope. Under Crown Heights. Near Drummer's Grove. The Side of the Park With the McDonalds. Jackie Robinson Town. Home of Lefferts Manor. West Wingate. Near Kings County Hospital. Or if you're coming from the airport in taxi, maybe just Flatbush is best.
Thursday, December 4, 2014
Those Feddersy buildings that went up on Hawthorne, near Nostrand, for more than $1.5 million? The Q wrote about them less than a month ago.
They're all in contract. That's right. Sold.
They couldn't sell those Fedders townhouses on Parkside at Bedford for $550K just five years ago. Now this? If this doesn't embolden developers to tear down every wood-frame house in the nabe, my name ain't Clarkson FlatBed.
When will the madness end? For those who think "zoning" is the battle for the soul of the neighborhood, I give you Exhibit A-Z. We have entered the Twilight Zone, and from here, there is no map. Not even on the Google.
I don't know the actual facts, ma'am. But all over Brooklyn foreign investors are buying up townhomes. Why? Simple. It's considered an excellent place to park money, as it's hard to find decent returns in other markets (well, other than insane stock markets like ours). So, buy a bunch of houses in a hot market like Brooklyn, then rent them out at the sky high rents that people are getting. You'll pay the crazy low property taxes in a couple months, and the rest is pure cash flow. Use that to buy more stuff. If you paid cash, then you can get out at anytime by selling, hopefully at a significant profit. See where this is going?
If a scare happens...and there are many scenarios that qualify...everyone tries to get out at once. The rest, as they say, is history. Or rather, historical.
Then again, it's always possible that there is a seemingly endless supply of families able to pay upwards of $2 million dollars for a home, and are willing to live in less-that-snazzy neighborhoods. My considerable gut says otherwise.