At least the New York Daily News is reporting that is.
The Daily News ran an article by Jason Sheftell that speaks about a niche of New York real estate that is actually NOT tanking: moderate to low price point apartments in outer boroughs. It looks like people who were buying $500K apartments in downtown Brooklyn or Harlem are realizing they can get more for less in less traveled outer boroughs. The borough that gets top billing in the article? The BoogieDown.
The article shines a light on a Century 21 agent (and Bronx resident) Gregory Tsougranis. It turns out that Gregory is actually doing pretty well in this otherwise depressing real estate market. In fact, he has organized a trolley tour of Bronx apartments. The most recent trolley (this past Sunday) had 30 house hunters. The Missus and I actually saw this trolley on the Mosholu Parkway on Sunday and were a tad stultified. We had no clue what is was all about. Makes sense now.
"On Sunday’s tour, mechanics, Wall Streeters and young couples unable to afford Harlem checked out apartments with renovated kitchens and baths, hardwood floors and original ceiling arches in seven Bronx buildings. 'I like the arches and that one of the bedrooms can be used for an office,' says Harlem native Thomas Daniels of a first-floor apartment on Decatur Ave. near Mosholu Parkway and the New York Botanical Gardens. 'The bathrooms are brand new.'"
[NY Daily News]
Mr. Tsougranis is relating a really robust market up in the Bronx:
“I have bidding wars and multiple offers on these apartments,” says Tsougranis, who credits his exclusive arrangement with building owner Maxx Realty for the success. “There is no reason to rent when you see these light and spacious apartments short walks from express trains. These prices represent the best value in the city right now, and people are starting to understand that. Manhattan’s too expensive for these homebuyers, but that’s a good thing for the Bronx. With good credit, financing at this level is not an issue.” [NY Daily News]
At least some people are starting to realize the value to be had up in our neck of the woods.
"Priced to move: Where to find the best real estate deals" [Jason Sheftell, NY Daily News]