Friday, March 27, 2009

Listing of the Day: Mott Haven Price Amputation

314 East 140th Street, 4 bedrooms, 2 Bathrooms - $290,000

I know BoogieDowner has been down in this neck of the woods quite often in the past weeks, but it's hard not to be intrigued by the blood bath in price reductions in Mott Haven.

This is a detached two family on 140th Street and Alexander Avenue. I am sure it will need some work, but the price is astounding. This is less a price chop and more a price amputation. Swift and steep did this asking price plummet.

On December 30th, the delusions still circled and the price was all the way up at $525K. By February 25th a mild case of reality set in and the price was chopped to $395K. Now the price has been gutted again and this house can be had for $290K.

You know BoogieDowner is a sucker for running numbers, so here we go: $235,000 chop over 3 months, or $78.3K/month, or $2,611/day, or $108.79/hour, or $1.81/minute in price reductions. At $290K with a 30 year mortgage, you'd pay $1,350 or so, and the taxes would be about $80/month (sure beats co-op maintenance, right?).

Mott Haven itslef is not a bad place to be. Art galleries, food places, some cool architecture on Alexander Avenue, and pretty nice transportation. Get in cheap and own a house for a lot less than most two bedroom rentals. - or wait and see how low this can go. Maybe in a few more months you could barter some pelts or livestock for this residence.



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