Brooklyn Life

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There was a discussion on the Harlem Home bulletin board this weekend about the taxes on 4-family versus 3-family homes. The bottom line: Taxes are calculated on a property’s assessed value, not its market value. The assessed value of a 4-family is calculated by taking 45% of the market value while a 3-family is based on 6% of market value. Pretty good reason to combine a unit or two–even if it means a reduction in rental income.

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Brownstones are coming to Orange County, California. Architect Michael Woodley, who designed 36 stone and brick “East Coast brownstones” in Anaheim, attributes the trend to increasing density. Michelle Louis, a 26-year-old financial analyst who bought a three-story brick front rowhouse in a development in Tustin, had her own motivations: “The appeal to me is that it was different. It wasn’t the pink stucco you see all over Irvine.”
Stone to Stucco [Orange County Register]

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An eagle-eyed reader tipped us off to these two posts–only a day apart–on Craiglist for the same house in Lefferts Garden. Fillmore (who has the keys to the house) has it listed at $699,000 and discloses in the ad that it needs at least $300,000 of work. Another broker has it listed for $899,000 and tells interested parties that they must RSVP to him/her–which as we all know locks you in to dealing with that broker. If anyone knows who this “Plazasites” person is, we’re dying to know.
Fillmore for $699K [Craigslist]
Plazasites for $899K [Craigslist]