Here’s a poser

5-meadow-wood-drive5 Meadow Wood Drive is a relatively new renovation on a back lot in Belle Haven. Unfortunately for its developer, that back lot backs all the way up to I-95 and the backyard is pretty much a green, pressure-treated wall of sound barrier. That no doubt contributed to its failure to reach its asking price of $7.950 million when it came up for sale in September 2006 and in the months since.

It’s been withdrawn as a sale and is now offered for rent, originally $25,000 per month ($300,000 per year, if your calculator isn’t handy) and, as of today, $15,000 ($180,000). That still seems stiff to me.

So here’s the question, or two questions: is it not offered for sale any longer because more is owed on the place than can reasonably be expected to be produced by a sale?; and how large is that building loan, and what does it cost to service it every month? I don’t know the answers but this house does seem to be one of the ill-advised projects begun in the go-go years and now coming back to haunt the participants.

3 Comments

Filed under Belle Haven, spec houses

3 responses to “Here’s a poser

  1. kidding really?

    I think you’re paying up for the landscaping

  2. Cos Cobber

    look at this house from the birds eye view on http://www.maps.live.com. its a terrible location.

  3. christopherfountain

    Oh it’s terrible alright and a house that may be headed for the scraper. So who loaned $5 million on this project, and why?