The housing development roundup is a simple tried-and-true method of real estate coverage, but in this one?which exists to point out some Harlem properties that each carry trace quantities of affordability?the Daily News' Jason Sheftell dives deep into the psyche of the neighborhood and manages to sum up the entire real estate cycle in three paragraphs. Our heads are spinning:
Three years ago, skyrocketing home prices positioned Harlem as the next great, overpriced, overhyped New York real estate market. Costs for new condominiums increased to $1,000 per square foot as far north as 145th St., threatening to radically change uptown culture and population. Long-time residents feared gentrification and not being able to afford to live where their family had lived for generations. Then came the real estate crash of 2009. Construction stopped, and shells of buildings stayed untouched for more than a year. New buyers finally became more concerned with current price than resale value or making a quick buck on a flip. What's left now is a slowly changing uptown with roots in the old neighborhood. Inexperienced builders with eyes for profit are gone, paving the way for developers with close ties to the community and experience dealing with affordable housing. The calm after the storm has left a neighborhood that can embrace real estate change rather than fear it.
Agree with this take on Harlem's decade under the influence? No? Let's turn this into the Wikipedia entry for "21st-century Harlem real estate trends" and let crowd-sourcing decide!
· Uptown beat: A return to value and fair prices make Harlem livable again [NYDN]
· Harlem Takes Another Step Toward Becoming Park Slope [Curbed]
· New Supermarket Not Upscale Enough for Some Harlem Buyers [Curbed]