_Neighbourhood watch: Gentrification & the ripple effect

Lower East Side, Manhattan

According to the New York Times, the city’s Lower East Side – traditionally home to an immigrant, working-class community – is “where gritty meets trendy”, offering authentic New York without the whitewashing. The neighbourhood between Houston and Delancey and east of Bowery to the East River is undergoing a transformation, with modern glassfronted condos springing up alongside century-old red brick tenements, and projects such as the US$1bn Essex Crossing development acting as a catalyst for wider gentrification.

Due for completion in 2024, this nine-building project will encompass a 15,000 sq ft public park, retail and office space and will be the new home of the Essex Street Market, reflecting the area’s burgeoning reputation for gastronomy and artisanal crafts. Currently, prices for one- and two-bedroom condos – which make up the bulk of the neighbourhood’s existing housing stock – start from US$675,000 and US$1.35m respectively. 

Howard Margolis, Marie Espinal & Jeff Adler, Douglas Elliman

West Aspen

Aspen’s enviable year-round social calendar means many out-of-town buyers confine their search to the downtown area, keen to be in the heart of the action and just a short walk from the gondola, restaurants and entertainment. Just a mile and a half away, however, West Aspen is beginning to rise in buyers’ estimations.

North of Main Street, insulated from the hustle and bustle but connected via a twice-hourly bus service running well into the evening, West Aspen offers property values around half those of downtown. 

Single family homes predominate and prices are close to US$1,000 per sq ft, compared with values of US$3,000 per sq ft downtown. A half-duplex property typically starts at US$1.5m, and a detached single family home at US$2.5m. 

Raifie Bass, Douglas Elliman

Santo Spirito and Porta Romana, Florence 

The traditional home of Florentine artisans, the areas of Santo Spirito and Porta Romana, south of the River Arno, offer easy access to the historic tourist centre – without the crowds.

Packed with workshops and antique galleries, they are also home to craft and farmers’ markets, small restaurants, churches containing important artwork, several theatres and the city’s green lung, the renowned Boboli Gardens.

Typical buildings are lower-rise and narrower than elsewhere in Florence, with many of the “Noble Palazzi” built in the 1500s still belonging to the same families. Around €500,000 will buy a two-bedroom apartment that may be in need of some modernisation, while €1m will secure a two- or three-bedroom, newly restored apartment with a lift and balcony or terrace. 

Amy Redfern, Knight Frank International

Centro, Madrid 

The historic quarter to the east of Madrid’s iconic Puerta del Sol plaza, which stretches between Alcalá, Sevilla and Carrera de San Jerónimo, is undergoing a major transformation.

Due for completion in 2018, the new Centro Canalejas Madrid will see the renovation of seven adjacent buildings, all previously occupied by Spain’s top banks. The heritage of the buildings is being carefully preserved due to their high architectural value.

The development, which will be home to a 200-room Four Seasons luxury hotel, 22 exclusive residences with all hotel services included and high-end boutiques, is expected to be a catalyst for wider regeneration in the city centre. 

Humphrey White, Knight Frank Spain

Quartier des Pâquis, Geneva

Positioned on the Right Bank, sandwiched between five-star lakefront hotels and Geneva’s main station, is the bohemian quarter of Pâquis. Once overlooked, the area is now undergoing a transformation similar to that seen in London’s Notting Hill Gate in the 1970s. 

At the busier northern end, close to the station, prices range between SFr9,000 and SFr13,000 per sq m while the quarter’s quieter southern end, located close to the lake, sees prices reach SFr20,000 per sq m, the highquality Gevray project being a case in point. Pâquis is seeing the pace of redevelopment quicken, suggesting that the quarter will outperform the rest of the city by some margin over the next five to 10 years. 

Alex Koch de Gooreynd, Knight Frank International