There's a discussion going on at StreetEasy titled "East Village and Williamsburg in 10 years?"
The talk kicks off with:
Curious what you guys predict Williamsburg and the East Village to look like in ten years, residential property-wise. It seems like the East Village is sort of rundown these days, with a large number of empty storefronts and little development (other than on the overpriced stuff on the Bowery). On the other hand, some of the new buildings there seem to have sold out quickly like that place on B and 13th and Village Green. Will people buying into this neighborhood now see a good return on their investment ten years down the road or will this place remain humdrum? When and if the EV bounces back, will it be a cultural destination or Park Slope Manhattan?
A few of the responses...
East Village is a pain in the ass to get into and out of.
Williamsburg is and always will be a toilet.
East Village in 10 years will continue to improve as a neighborhood. Better goods and services, less riff-raff.
Williamsburg in 10 years...how can I put this...any day it's gonna improve...any day now. the EDGE, still unsold refuses to lower it's asks.
Despite the East Village's recent troubles, I think it's well-positioned to do well in the long-term. The major difference (IMHO) between it and Williamsburg is the quality of its older housing stock. Yes, there are many tenements and walk-ups, but in many cases those buildings have good bones or have been well maintained. It's the one thing that could continue to push it towards the West Village in terms of desirability and aesthetics. Many have lamented the reduced grit that the area was always known for (and I miss it a bit myself), but that trend probably favors property values in the long run.
And so it goes. It's an interesting discussion (and our friend Glamma is part of the conversation...). I don't know much about Williamsburg real estate. So I'm not up for any comparisions. But I do wonder what the East Village will look like in 10 years. Just think, of course, how much the neighborhood has changed in these last 10 years...