House of the Day: 274 Lafayette Avenue
This may be a first: Creating a name for the purpose of marketing a one-family brownstone! In this case, the four-story brownstone at 274 Lafayette Avenue has been christened “Indulge” for the express purpose of selling the house for a cool $2,325,000. The house, which was purchased in 2004 for $998,000, has undergone an extensive—and…
This may be a first: Creating a name for the purpose of marketing a one-family brownstone! In this case, the four-story brownstone at 274 Lafayette Avenue has been christened “Indulge” for the express purpose of selling the house for a cool $2,325,000. The house, which was purchased in 2004 for $998,000, has undergone an extensive—and quite attractive—renovation in the meantime. It’s also got some direct competition up the road at 298 Lafayette Avenue where another recently renovated four-story brownstone is on the market for $1,995,000.
274 Lafayette Avenue [Corcoran] GMAP P*Shark
denton…do you think its worth anything close to $2.325 MM? The house seems to be quite spectacular…although we haven’t seen enough pics or floorplan. Is this just a brand new listing to be added to or are they hiding something?
As far as I know, the only decent place to eat there is Choice.
what is up with that HUGE hideous kitchen island. This whole kitchen island thing has just become totally out of control.
probably because my facts are usually right moreteasir…
I see you’ve come on again and, as usual, added nothing to the discussion.
what is up with that HUGE hideous kitchen island. This whole kitchen island thing has just become totally out of control.
3:40:Excellent!
Dave- how can you compare income taxes without including the NYC tax??? That’s a big chunk of change for someone who is making enough to afford to buy in these neighborhoods.
And remember that state/local income taxes are not deductible for people subject to AMT, which would include any NYC homeowner with kids and a big mortgage, but mortgage is (up to $1m).
The tax subsidy for the suburbs is still real and significant. There is a reason people move to Englewood, and it isn’t just because they want pretty houses with light and quiet for 1/3 the price of a brownstone.
Oh yes, these are the two guys who NAME their properties and make every attempt at selling “class” – which fails in every way, as this is an impossibility… and the more one tries, the more a low rent, mildly embarrassing jack ass one appears.
193 Washington Park was given the fashionable moniker “BEAUTIFUL DREAM”, while their other listing on Vanderbilt (I think) was called “CHERRY BLOSSOM” – based on a pretty little pink bejeweled tree in the front yard.
Someone needs to let them know this is a bad idea. Projects desperation and silliness.
3:08, the same process did happen in the crisis places — we are just a little behind the curve. In particular, the worst hit areas were places where in the last stage of the bubble, lots of houses were bought by people who absolutely couldn’t afford the mortgages they took out. The subprimers and Alt-Aers were planning to refinance before their rates went up.
We had less of that, because at the top end of our market, most transactions are heavily cash. But the cash came from — other sales. That’s musical chairs unless some new money is coming in somewhere. In the Valley and in Las Vegas the new money was lower middle class folks getting liar’s loans.
NYC had some liar’s loans, but the big new money here was from the top, not the bottom: banker’s bonuses based on selling all that stuff to the rest of the country. Also, professionals stretching farther than anyone ever thought possible, like the guy on the BH thread who advises taking out a $1m mortgage on a $200k associate’s salary. This means that our bubble lags the rest of the country. In Las Vegas, the crisis hit when the first wave of refinancings didn’t happen. Here, it should hit as the first wave of Wall St-induced sales show up, which isn’t going to happen before this coming fall, given when layoffs began (last winter) and the lag time before severance runs out and people begin to admit to themselves that they are going to have to downsize.
Well, back to the house, I have to say, unlike almost every HOTD, it appears to be in lovely condition. And furthermore, no rentals. Not everyone wants, or needs, to be a LL. A large true single family brownstone home, in genuine move-in condition. That has to be worth something.