Sale at 446 East 86th Street #9A

This is a studio, not a one bedroom.

No. Look again. It's a one-bedroom.

Not that attractive but price is getting reasonable.

You never heard of Jumbo Shrimp before?

This should go in Choppers but as long as it has a thread of its own. Let's see, Poor location + high maintenance + dated kitchen = $???. I'd say $350k is probably about where it can sell.

"TIME TO CUT A DEAL AND MOVE ON. 350K for a one bedroom? You can steal this apartment, just show up October 18th, 12:30-2pm. Bids will be received through the end of the following week, and the owner plans to pick a winning qualified bidder. Brokers, you can show KWD, please call to register your client. South facing, great light, great layout. Doorman building, live in Super, reasonable coop board..."

11/14/2007 Previously Listed in StreetEasy by Prudential Elliman at $550,000.
06/27/2008 Listed in StreetEasy by Prudential Elliman at $525,000.
07/16/2008 Price decreased by 3% to $510,000.
08/12/2008 Prudential Elliman Listing is no longer available. Last priced at $525,000.
11/04/2008 Price decreased by 2% to $499,000.
11/22/2008 Price decreased by 6% to $469,000.
01/27/2009 Price decreased by 4% to $449,000.
02/11/2009 Price decreased by 3% to $435,000.
04/16/2009 Price decreased by 3% to $420,000.
05/01/2009 Price decreased by 5% to $399,000.
06/04/2009 Price increased by 0% to $400,000.
08/01/2009 Price decreased by 0% to $399,000.
08/20/2009 Price decreased by 4% to $385,000.
10/14/2009 Price decreased by 9% to $350,000.

An interesting example of how high maintenance drives down cost. Based on the mortgage calculator linked on the listing on the elliman website, assuming 20% down and a 5% rate, monthlies are $2,888 (1503 mortgage; 1385 maint). Even if there's about $500/month worth of tax deductions, that puts monthly cost just south of $2400 (not counting the cost of tying up a $70k down payment.) Strikes me that $2400 is more than this place would (should?) rent for? Thoughts on that analysis?