May 19, 2006

When “SOLD!” Really Isn’t Sold

776 Tehama #9

Despite being marketed as “SOLD!” over the past six weeks, we recently noticed a listing for 776 Tehama #9. As we previously noted, #9 is a Below Market Rate (BMR) unit and will be offered through the Mayors Office of Housing for $247,566. Not a bad deal considering that unit 6 (same floor plan on the floor below) was originally listed for $519,000.

Then again, according the 776 Tehama website only two of the 15 market rate units in the development (776 Tehama/1277 Howard) have actually sold (#7 and #13); prices have been reduced across-the-board (unit 6 was lowered $50K to $469,00); the listings are now advertising “Seller will pay HOA dues for a year”; and as best we can tell, all of the active listings for 776 Tehama and 1277 Howard were recently removed from the public MLS (usually an attempt to obscure inventory levels, days on the market, or price cuts).

∙ Listing: 776 Tehama #9 (1/1) - $247,566 (BMR) [Vanguard]
776 Tehama/1277 Howard: Pricing [SocketSite]
Mayor’s Office of Housing [SFGov]
776 Tehama & 1277 Howard [776 Tehama]
∙ Listing: 776 Tehama #6 (1/1) - $549,000 [Vanguard]

First Published: May 19, 2006 3:48 PM

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