After being on the market for one year and three months, 21 West 120th Street finally (between Lenox and Mt. Morris Park West) went into contract. The building is definitely on one of the most prime blocks of the Mount Morris Park Historic District but why did it take so long? The original asking price back in November 2008 was pretty reasonable at $995K for a habitable building that needed work. So why didn't it move over for over a year when the price was reduced to a low $695K in May 2009? The answer is that the brownstone was chopped up into an eight room SRO with the units currently occupied. Seeing that most brownstone buyers are looking for a home to live in and possibly rent out a floor or two, most folks would rather not make even a low purchase in this situation. All that said, the deal closed at the end of January and the house is finally off the market. BTW, the house to the right of this building is currently asking $1.85 million: LINK. The nearest subway to this location is the 2,3 express train at 125th Street. Photo by Ulysses
Tuesday, February 9, 2010
☞ DWELL: 21 West 120th Street in Contract
After being on the market for one year and three months, 21 West 120th Street finally (between Lenox and Mt. Morris Park West) went into contract. The building is definitely on one of the most prime blocks of the Mount Morris Park Historic District but why did it take so long? The original asking price back in November 2008 was pretty reasonable at $995K for a habitable building that needed work. So why didn't it move over for over a year when the price was reduced to a low $695K in May 2009? The answer is that the brownstone was chopped up into an eight room SRO with the units currently occupied. Seeing that most brownstone buyers are looking for a home to live in and possibly rent out a floor or two, most folks would rather not make even a low purchase in this situation. All that said, the deal closed at the end of January and the house is finally off the market. BTW, the house to the right of this building is currently asking $1.85 million: LINK. The nearest subway to this location is the 2,3 express train at 125th Street. Photo by Ulysses
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I wonder what it's selling for? It's last asking of $695K was an even million below what it sold for in 2004. And it would have sold for even less than that - often they're selling for $200K below asking - so in the $500K range... That's gotta hurt - losing over $1M in 5 1/2 years...
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