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
I’ll tell you what’s going on with 329 President. The agents have realized that if they vastly overprice a building, they get tons of publicity on Brownstoner. So they overprice it, get tons of exposure, then lower the price to something more realistic.
9.43 a.m. – Why would all the rich “yuppies” (1980s anyone?) that many on this board love to hate be foreclosing on their homes when they can afford them at the prices they’ve bought them at? Short of losing a job, why would people making, on average $300K and up have to go into foreclosure? I think that some of you don’t understand the means that a lot of the “yuppies” you hate actually have. They did not buy using subprime mortgages for their owner occupied buildings because, they didn’t have too – they qualified easily for the money they wanted to borrow. You may say that is not the case, but I do not know anyone, including those who have bought in the past couple of months in neighborhoods like Clinton Hill and FG, who have any fears with respect to owning their homes and keeping up with mortgage payments. Those people will just ride out any flat or slumping period. No big deal for them.
11:13
Stop smokin.
huh?
oh and by the way 9:43 perhaps you and your Jr. Associate friends can take care of Williamsburgh because if you really want clients on your lessons on the market you can help the disasters that will be plaguing that community. You see blogers, Fort greene and Clinton Hill has a stable community in place. We did not go to Condomania, inspite of Brownstowners wishes to have all your e-input. Furthermore, if you are referring to older and diverse people who own here than you really need to go home and put on your diaper cream. The problem with internet cowards like you is that your all talk but in the “real” world you are nuttin. So again see you at the car wash bald head , diverse, older and wiser. Go home to billyburg you are not going to own here and we will ultimately sell. Sorry its not easy being bloggers all day and thinking you are going to actually acquire wealth to buy real substantial 19th century homes.
Sorry, really sorry.
“Please don’t make the wheels too shiny.”
Why not?
I wanted them to match your head!
To 9:43 AM
Thanks for the lesson in markets. Now go home and have your milk and cookies.
See you at the carwash. I’ll be the broker driving the Mercedes. Please don’t make the wheels too shiny.
Ted at 12:28, yep you’re right, I’ve seen (and drank) wine at open houses in Brooklyn before. It’s a nice idea.
I’ve been saying forever that at a certain point the way prices went up so much in PS, CG, FG and now Clinton Hill too apparently, having rentals is only a drop in the bucket towards paying the mortgage. Therefore a very expensive house with rentals doesn’t make any sense at all financially. (Unless you’re going to convert to condos and sell the other apartments not rent them). A smaller house used as a one-family that’s cheaper to buy, cheaper to maintain and heat and cool, makes more sense.
When the bigger houses cost under $2 million WITH completed renovations, a few years ago, then yes a rental would actually help pay for things in a meaningful way.
Anyone want to tell me how an asset can go down 200%? Anyone know what “exponential” means? To the smug idiot who bought in CH when it was a slum –fine, but it’s your presence there that will insure it stays a crap neighborhood, esp. once the resident to your right, and the resident to your left, the latecoming yuppies, foreclose. You people think you can talk away the current financial reality? I would love, love, love to have you on the opposite end of all my trades. By all means, buy these houses, then DEMAND that they stay worth what you paid for them. You’ll get a terrific lesson in how markets work, and the difference between “nominal” and “real” prices, and the PPP of floating currencies, though it won’t be free.
To all you brokers: hope you enjoyed the ride up. Maybe the car wash on 4th Avenue will have some openings in the fall.