House of the Day: 15 Lefferts Place
Hey, this whole FSBO thing seems to be catching on! We were sent the link to the site for 15 Lefferts Place, a lovely four-story brownstone just East of Grand Avenue. The house, which is configured as a owner’s triplex over a rental simplex, appears to have a decent amount of detail. There are some…
Hey, this whole FSBO thing seems to be catching on! We were sent the link to the site for 15 Lefferts Place, a lovely four-story brownstone just East of Grand Avenue. The house, which is configured as a owner’s triplex over a rental simplex, appears to have a decent amount of detail. There are some more modern elements, including the kitchen, which appears to be very nice, and some new doors that are trying to look old but not cutting it (a little pet peeve of ours). The rental apartment has some charming original floorboards and the skylight at the top of the stairwell is one of those beautiful oval babies. The front parlor, with pier mirror and floor-to-ceiling wood windows looks like a winner. The price–$1.495 million–is exactly what we would have expected and we bet they’ll come pretty darn close to getting it.
Brownstone FSBO [15 Lefferts Place] GMAP P*Shark
I just looked at the Lanixter yellow victorian – which is gorgeous on the exterior and looks to be well maintained on the interior. But the price? Come on. Why isn’t this house priced in the Ditmas Park range? It certainly should be.
Who cares if it’s “smart” or “lucky”? Either one is better than bitter and resentful.
Another member of the 400K+ club here. And I just can’t believe how naive and offensive some of those comments are. First of all, we have no fast cars, no hot girl, no trips to St. Barts and no Hamptons. We managed to save 300K in 3 years. Out of one salary, while living a comfortable but not extravagant life. And I am sure I am not the only one. Why is there so much anger and prejudice directed towards people with high incomes?
“How else exactly do you think people generate wealth? You take your hard earned cash and you put it to work in assets – your home and your investments. Can’t do it by stuffing money under a matress. It is “earned” wealth my friend, though maybe not under your limited definition.”
it is very easy to sound like a sage (“i generated wealth” – pah) when the entire market – stocks and property – shot up in massive asset inflation in the 21st century. Even the dumbest buyer is a huge winner in a fast rising market.
But sorry excuse me if I don’t consider you “earned” half a million from a house that you did nothing too over four years while it tripled in value. As others point out, anyone who made out like a bandit in the nasdaq – or house appreciation – where really LUCKY. They should talk to their parents and realize that. In ten years more years we’ll see who really can keep earning more than 3% a year on their pile.
So don’t credit yourself an IQ to match your bank balance just because it is big, that would be hubris, something that also has flowed freely during the greenspan era.
Jake Snake,
Anon-Sloper understands a fundamental rule of wealth: You have to play to win. If he was down 50%, he’d be bummed, but would sit tight. Ten years down the road, the market would swing back in his direction. And during that time, he would have been completely hedged for the upturn, when guys like you would be whining about how “lucky” he was and how you wished you played your hand back when you had no idea prices could escalate so much.
He isn’t “lucky”. He just knows how to take calculated risks. Where exactly is the downside? He lives in a huge, beautiful home in a great nabe. His costs are relatively fixed. He generates income off his property. He has massive tax deductions. All he has to do is maintain his property and sit tight.
Wouldn’t surprise me if he was a trader.
Anon at 6:03pm,
As a member of the +$400K club, I have to take exception to some of your comments.
True, at $400K or more, the bulk of that income is going to be in bonus, but at least for the past several years, it’s been a pretty reliable bonus, some years a little up, some years a little down. And of course some folks have ridden rising asset values, whether that’s stocks, or r.e. (both in my case). How else exactly do you think people generate wealth? You take your hard earned cash and you put it to work in assets – your home and your investments. Can’t do it by stuffing money under a matress. It is “earned” wealth my friend, though maybe not under your limited definition.
Let me let you in on a little secret. Maybe there are plenty of bonus-baby Manhattanites living check to check, but the high income families in Bklyn are here in Bklyn precisely because they can have a huge home, live in a decent urban family-friendly neighborhood, and still put a nice chunk of that paycheck in the bank each year.
I don’t even feel like going out in Manhattan any more, can’t believe I ever felt I had to live there. Just about everything I need is right here in Bklyn, but at far less cost, hassle, and attitude than Manhattan, yet still much more diverse (it’s all relative) and interesting than the burbs (and way shorter commute).
Anon-Sloper,
You sound like a very smart person. Most people are not as smart as you are, myself included (I’m being serious).
But after reading your real life home purchasing story, I’m left with this thought:
If prices had gone down 50% instead of nearly doubling, would you still be happy about your investment?
I seriously doubt it. You would be one pissed off smart dude. Despite your formidable number wielding skills, you were flat out LUCKY. Luck is the reason you’re happy and asset rich today.
You did a good job rationalizing all the money you spent for your house and renovation, but at the end of the day you’re rolling the dice big time. I hope not, but one of these days your luck might run out.
Sorry, I was talking more about the houses over $1m in PLG. Those are the ones that seem to be having a hard time. Also, I noticed that Mary Kay Gallagher just cut the price of her Stratford Road House by $75K. Given the points that Anon-Sloper makes, could it be that prices of homes where one does not have a tenant to help defray large mortgage costs are starting to slide? Or maybe the houses in areas with fewer amenities will start to drop first? I don’t know but it’s just an observation.
West- I’m not sure where you get the idea that PLG is the first casuality of a slowing market. There was a bidding war for 178 Maple.