House of the Day: 242 Washington Avenue
We had already started to write up 242 Washington Avenue as a House of the Day when it hit us: We’ve been inside that house. We were guests at a lovely al fresco dinner party last summer. In fact, Mrs. B had just been talking about how the owner’s duplex would make a good interiors…
We had already started to write up 242 Washington Avenue as a House of the Day when it hit us: We’ve been inside that house. We were guests at a lovely al fresco dinner party last summer. In fact, Mrs. B had just been talking about how the owner’s duplex would make a good interiors post. Given the conflict of interest, we’ll steer clear of opining about the $2,300,000 asking price, and just say that the owner’s duplex of this five-story, 5,500-square-foot house is really nicely done in a simple but elegant manner. We’ve never seen the upper three rental units, but judging from the photos they’re not as nice. They do, as the listing points out, generate over $50,000 a year in income. This’ll be an interesting one to watch.
242 Washington Avenue [Corcoran] GMAP P*Shark
Americans are TERRIFIED of the truth!
It is the worst trait of this country.
Global Warming
War on Terror
Evolution
Economy
The list goes on. Do you know that nearly 50% of this country (yes 50%!!!!) still disputes the scientific FACT that humans evolved???!! It’s a fact. There is nothing to dispute, but try telling that to one of the ever increasing number of evangelicals in this country.
This country is so backwater, it’s frightening!
I am very thankful to live in a bastion of relative progress here in NYC. We all should be thankful.
A note on depreciation —
1:53 is correct. Sorry 2:14.
Depreciation isn’t going to help the purchaser of this house. Depreciation helps offset income, but here you’re operating your rentals at a loss (if you properly allocate your mortage payments and expenses), so additional depreciation isn’t going to help.
Further, because anyone considering putting down 2MM is likely subject to the AMT (or close to it), the allowable depreciation is actually phased out in the tax code.
So, if you did try to use it to offset your personal income, you would be breaking the law. Not a great strategy. Anyway, the price on this house can only be justified if you believe that it will significantly increase in value over the next few years. I make no judgment on that.
2:32…I do own and think home ownership is a beautiful thing. What I don’t think is beautiful is the outrageous price of homes in up and coming areas, pricing out the middle class who eventually become the backbone of such neighborhoods on their way to improvement.
The economy is souring not because people like me are saying it is souring.
It is souring because we as a country spend more than we make.
“consumer confidance can guide an economy out of a recession”
That’s not going to work anymore. Consumer debt is outrageous and people aren’t just defaulting on mortgages, but also credit cards and loans. It’s only the beginning.
only if kids live there
Doesn’t this building need to have window guards.
To depressing guest 2:23
wow, thanks for promulgating exactly the attitude that encourages such recessions and kills economies. You should know from reading WSJ etc. that consumer confidance can guide an economy out of a recession. Doomsdayers like you are the reason thinks go down the potty.
on that note, ithat house IS still to expensive for this hood in this market
2:23 here. Sorry but I disagree with you completely. I’m not depressed…in fact I have a really happy life. But the economy is not doing well.
Americans have this way of living inside a bubble and not actually allowing the truth to enter their psyches. The economy is not doing well. Saying so is not going to make it worse.
One of the main reasons we are in this mess is because too many people turned a blind eye for WAY TOO LONG!!!
That is the American way and it needs to stop now.
Saying the truth…which is that people are nervous, they are scared, they want to fix the problems is not making anything worse.
YOU TRYING TO SHUT ME UP IS MAKING THINGS WORSE.
It is what our own government has been doing to us for years now. Hoping we will turn a blind eye to everything that has been going on…even though a lot of us don’t agree.
I think it’s time this stopped.
4 units. Look out for those taxes going up.
and stop sitting in your cubicle typing nasties to others looking to not rent.