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| Re: New Transit Museum Facility (559927) | |||
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Re: New Transit Museum Facility |
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Posted by trainsarefun on Sun Jan 27 12:51:58 2008, in response to Re: New Transit Museum Facility, posted by BMTLines on Sun Jan 27 12:28:08 2008. So far, the times have favored us in rail expansion much more so than in the first decades of the postwar era, in this metropolitan area, at least.But you're right that things can change, and often fast. The economy is going frigid now - let's see what happens to this new luxury housing built one what people in the trade call 'frontiers', e.g., McCarren Park, LIC, etc., whether a glut oversupply results, or whether prices continue onward and upward toward infinity as time progresses. A recent report from Far Rockaway suggests strongly that there's an increase in housing supply and decrease in demand (at the offering prices, anyway): The prices of the homes that do sell are off 15 percent in a year, brokers say, noting a certain appeal to buyers in that statistic. But homes are lingering for up to a year, when in 2005 they often changed hands in two months, they add. And supply could shoot up in 2008, according to Ms. Doresca; in mid-January, there were 270 homes for sale on the whole Rockaway peninsula, and as owners suffer mortgage trouble, that inventory could top 400 this year. Currently, the market’s low end is a one-story 1940 bungalow on Beach 24th Street, with three bedrooms and a bath, for $279,000, according to the Stratus multiple listings service. At the high end is a 1920 Colonial Revival in Bayswater, with 3,000 square feet, for $800,000. The median price is $550,000, which can now buy a two-family built in the last few years, with three bedrooms upstairs and two below, usually off Mott Avenue, the main commercial drag. As we also know, MTA makes money off the real estate market too, so as that cools, there's less income for the authority too. But if one adopts the attitude that we're going to build to stimulate development, maybe that indicates something different. It's too early to yet tell what will happen. Conservative estimates: I anticipate that LIRR ESA will be completed by 2020. To operate that with service increases will require a purchase of new rolling stock (and possibly overhaul of the M3s). SAS should be operational to at least 96th St by 2020 too. Not so sure about LIRR's 3rd mainline track - we'll have to see what happens, and there's sure to be a ton of opposition, so the some political horse-trading might be necessary. As for the rest of SAS, things are cloudy so far. Across ye olde North River, I'm much less knowledgeable, but it looks like the ARC project will be going forward - we'll see what happens with Portal Bridge replacement as an indicator. As for the rest, I'd have to think and read more on that, although it looks like ARC will have highest priority in terms of what I've read. |
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