Strong Showing for 49 Rutland Road
Take that, market bears! Remember 49 Rutland Road?
Take that, market bears! Remember 49 Rutland Road? The four-story brick and limestone house hit the market last November with an asking price of $1,450,000. It popped up recently as being in contract on Brown Harris Stevens. The contract price, we hear, is $1,425,000. It took a few months, but that sounds like a pretty strong vote of confidence in the townhouse market to us. Or at least for PLG!
HOTD: 49 Rutland Road [Brownstoner] GMAP P*Shark
49 Rutland Road [Brown Harris Stevens]
On the tax issue, note that if you have a rental unit in the property, you need to treat that as a separate investment property. Investment properties are NOT eligible for the 250k/500k capital gains exemption.
For investment properties including rental units in your primary residence, you must pay your capital gains tax unless you do a “like kind exchange” which is basically a purely fictional tax shelter. Like kind exchanges require that the purchase and sale be within some limited time (18 months??) of each other and that the proceeds of the sale be held in escrow.
If you are thinking of doing this, consult a lawyer early on. Also your conscience. Patriots pay their taxes.
We weren’t commenting, 5:06 because that person was clearly a troll trying to get a reaction out of people.
I’d call your post a success.
If you gave me 10 million dollars tomorrow, I wouldn’t leave Brooklyn.
That person clearly is 80 years old and hasn’t been laid in a couple decades.
4:43 I think you can count on people doing stupid things. Lots of Exotic mortgages have been taken out and people are depending on prices going up to survive. I sold my place to some guy who took out an interest only ARM before the credit crunch. Things like this will be holding the real estate market for years to come.
“Just like a fancy car, it is going to depreciate the moment you buy it.”
Hasn’t been the case with brownstones thus far, but I suppose it could happen…
I bought mine for 400K about 11 years ago, and I’d say it would go for around 2.8 or so in todays market.
Can you explain to me how that is depreciation oh wise one??
“If you moved from the UWS to Brooklyn you are in denial that you are moving the right way in life. Its supposed to be the other way around. You are supposed to move up and move from Brooklyn to the UWS. Schools in Brooklyn are horrible.”
Can’t believe no one commented on this! Maybe you can’t afford Manhattan – even with a 900k down payment, you may not get a bigger place. This couple wants space and community! Schools in Brooklyn being horrible is a huge generalization. Read the best public elementary schools in NYC – and you will see that there are tons of great schools in every hood – even bed-stuy!
P.S. I moved from Manhattan, a very nice neighborhood to Brooklyn and I have NO regrets! We could never afford want we have now, there. Quality of life is important to some of us!
2:59 and 3:02 make a really good pair. First, you should overpay because that is “planning for the future” (as opposed, for example, to spending less on housing and investing the difference). Second, you should overpay because brownstones are not an investment at all, but consumption, like a fancy car.
2:59 needs to talk to a financial planner. Overpaying is not a form of planning for the future.
3:02 has it right: if you pay these prices you should be viewing your home as a form of consumption — spending money on something you love without regard for how much it is going to cost you. Just like diamonds, you could get something much cheaper and quite similar (Zircon, rental), but you want to spend extra money for authenticity, pride of ownership, one-upsmanship or whatever. Just like a fancy car, it is going to depreciate the moment you buy it.
Thank you, 4:21. Very helpful. Haven’t had the need to sell my first home so I never worried about it. Good to know though. Guess I need to keep up on the Tax Code some day.
“if your looking for a place to be a little financially irresponsible with (which is fine for those who can afford it)… is PLG the place to do so? Or is this more of the same behavior weve seen thats led to our current crisis?”
No foreclosures in Lefferts Manor right now, sorry. And not many in the rest of PLG relative to other parts of Brooklyn.
My father owns a bank and the foreclosures “that led to our current crisis” are not happening in PLG. It’s on 2nd and 3rd houses that were purchased as investments as 4:22 points out, and those foreclosing on primary residences are doing so in economically depressed areas where they can’t sell the house quickly enough if need be to avoid foreclosure. Which is happening in Staten Island and way East in Brooklyn like Brownsville. Places where you can generally find a buyer within a few months, you should not be seeing foreclosures unless people are just doing stupid things and acting quickly enough to get help and sell.
This is a really bad example in this context:
Janice Becker, a regular on the Southampton village social circuit, is facing foreclosure on her multimillion-dollar Wyandanch Lane property.
* Advertising veteran Ransel Potter is defaulting on a $1.8 million mortgage on an Amagansett parcel.
* Real-estate honcho John Conroy is in lis pendens for a $3.5 million mortgage on a Bridgehampton spread on West Pond Drive.
* Former UBS executive Marc Warren is in lis pendens on a $1 million mortgage for a Mitchells Lane pad in Bridgehampton.
* Investor Roger Thanhauser is trying to sell a home on Main Street in East Hampton village to avoid foreclosure.
Yep! Yep! Yep! This is fun!”
All of those houses are not primary residences. They are second homes…summer houses…rich people’s toys. I guess they bought some toys they thought they could afford. Now they are foreclosing.