Whenever I listen to talk about what is called "gentrification", I have t laugh.. Things ALWAYS change.
The old "gashouse" district of New York City was transformed by Stuyvesant Town and Peter Cooper Village. The "trendy east side " of the 60's and 70's was born when they tore down the 3rd avenue elevated -- property values soared. The west side became middle class not that long after The New York Times called W83rd St. "the worst block in N.Y."
As housing ages, and folks get old, changes occur. Look at the Bronx. Values fall. Then "urban pioneers" find inexpensive housing -- and that area blooms while formerly "popular", "solid", "firmly middle class", areas fall out of favor -- only to be "gentrified" ten, twenty, or so years later. It's ongoing change that all living cities go through.
Turn them into museums and they die.
New Home Sales Decrease Sharply to 610,000 Annual Rate in October
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Today, in the Calculated Risk Real Estate Newsletter: New Home Sales
Decrease Sharply to 610,000 Annual Rate in October
Brief excerpt:
*Important: Sales ...
4 hours ago
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