It's not just renters who are scavenging the Second Avenue Subway corridor looking for good deals created when sensitive types got scared off by the noise, dirt, rats, and general disruption stirred up by subway construction. Buyers are also getting in on the game, and they've got a particular strategy in mind—buy low when the muck houses are five stories tall and the neighborhood is a mess, and eventually profit when the T-trains are running smoothly well below street grade and the East Side has improved subway access. The median price of condos and co-ops along the subway construction zone dropped 8% since 2007, to $653,000, according to the Journal and StreetEasy. Elsewhere in the neighborhood, prices moved 8% in the opposite direction over the same period. The Journal quotes one 72-year-old woman, Louise Kohorn who just upgraded from a studio to a 1BR in her co-op building at 69th Street and Second Avenue. Kohorn is unfazed by the blasting and the banging trucks, and optimistic about the subway's timeline, and her own. "The Second Avenue subway line is going to be amazing. You have to be patient. It's not going to happen tomorrow."
· Subway Work Sinks Prices On East Side [WSJ]
· Rental Scavenging in Second Ave. Subway's Construction Zone [Curbed]