A plugged-in tipster reports back on the bank owned condo in the Beacon that we pointed out ten days ago (260 King #957).
…3 offers…the [foreclosed upon] seller had stripped everything out of it before leaving…even the shower glass door, light fixtures, power cover outlets, all appliances!
No word on the accepted contract price but we’ll let you know as soon as it closes (as you might recall, it was listed at $644,900 despite having previously sold for around $860,000). And if a plugged-in reader happens to be the buyer, let’s not forget those invitations to the housewarming.
∙ Bank Owned (With Big Windows) At The Beacon: 260 King #957 [SocketSite]
This is a classic. Outside the wall of windows down below workers scramble to and from trains while bums wander about picking up discarded or dropped items. Meanwhile inside the “owner” anxiously scours the sky cave of valuables. Can you spot bankruptcy in this picture? The bums? The owner? The lender? Our society?
Stanley Kubrick couldn’t have framed it better. Behold, the pockmarked face of our long awaited bust!
Well, at least they didn’t pull up the granite counters and the hardwood floors, right?
I wonder how far we are from a news story of someone getting electrocuted trying to rip the copper wiring out of the condo to sell as scrap metal.
How long does “theft of collateral” stay on a credit report?
Already in contract…
Guess people are going to chase the market down all the way into the gutter.
Warning: Falling knives can cause serious injury.
“A man was electrocuted while attempting to steal copper from a live power line, San Diego County sheriff’s deputies said.”
http://www.nbcsandiego.com/news/15516726/detail.html
Stories of thieves being electrocuted while trying to steal copper wire are not uncommon across the country. I couldn’t find one of a person stealing wire from their own condo, but just give it time . . .
instructions for properly stealing electrical and plumbing from your foreclosure:
electrical- 1) turn off power at main breaker; 2) cut all wires and remove.
plumbing – 1) turn off main water valve; 2) cut all copper pipes and remove; 3) turn back on water and flood home to maximize damage.
resp,
Your instructions remind me of the California Culinary Academy’s “Wild Game Cookbook” recipe for rattlesnake:
“1. First make sure the snake is dead”….
“Already in contract…
Guess people are going to chase the market down all the way into the gutter.
Warning: Falling knives can cause serious injury.”
3 offers…in contract.. Seriously you have to wonder who would buy something like this? Pied-a-terre? Older couple retiring in the city? I have to believe it will hurt to have to sell this place in 5 years.
And usually sellers (not buyers) will chase the market down into the gutter. Buyers are in danger of trying to catch a falling knife 🙂
C’mon you guys, it was an attractive price and it just isn’t that hard to install new appliances and (gasp!) a shower door.
And at all price levels, people DO buy. Even on the way down. They’ll buy based on an emotional need to own or certain circumstances that just work out that way, or they’ve wanted to buy and now things look cheap, etc.
Volumes are down, but they’ll never drop to zero. Even in Japan, people still kept buying real estate. People even bought pets.com stock on its very last day.
I agree with tipster on the insignificance of the missing appliances and shower door. You can fill those voids with decent quality new replacements for maybe $2K. Much cheaper if you buy slightly used units.
Of course you can also spend $50K on appliances if that’s your thing.
It’ll be interesting to see what it sold for. Because here’s another newer Soma foreclosure for under $500 per square foot. Also a 1-bedroom+ with about 1,000 square feet, but a lesser location. At least it still has the appliances.
http://sfbay.craigslist.org/sfc/rfs/676534538.html
Quite a difference in location between 950 Harrison and The Beacon! This was an excellent deal for someone.
Why would anyone steal an electrical plate? They cost about $0.39 at the hardware store….and what value would there be on Craig’s list for a used shower door….I don’t understand the vindictiveness since the person is only losing their home because they didn’t pay the mortgage.
Ouch, Dude.
That craigslist listing is for 950 Harrison, #210. Purchased in 2006 for $679, it’s now listed for $499? Can you say 25% haircut? Wow!
https://socketsite.com/archives/2007/11/you_might_not_have_to_sell_but_what_happens_if_your_nei.html
Hey…this was a great deal…have you looked at what is on the market in soma and how small those units are? This one has 1100 sq ft and a great view!
Just needs some appliances and window coverings!
RHD,
I doubt it was vindictiveness. They probably sold the appliances on Craigslist, and whoever showed up to take what amounted to an entire kitchen started making offers for the other stuff. Probably grabbed the plates while they were there.
I’m not sure if it’s a great deal, but it’s a better deal than the previous owner got. Seeing that in increasing frequency these days….
#955 is next to the unit in question. Purchased in February of this year for $655K. At 827 square feet, that’s $792 psf. Unit #613 sold earlier this month for $558K. At 814 square feet, that’s $685 psf.
Here’s an “oranges to tangelos” comp: At 250 King Street, #564 sold for $899K in April of 2007. At 1,208 square feet, that’s $744 psf. Literally a year later, the same floorplan, but two stories higher (#764) just sold for $780K, or $645 psf. So the folks in #564 have seen over $100K in equity disappear in a year. Wonder what the price will be in April of 2009?
Whether or not this was a good buy can be debated but the fact that it’s about to sell for $150-200K less than a few years ago can not.
Think about that, $150-200K less on a $860K purchase in Mission Bay.
I looked at this unit and was planning to put an offer. The train station is “The view” from this unit. I think it was sold around 700K, which is lower than others; but not “a great deal”.
This unit is scheduled to close on 6/18.
We just did this….and it is totaly not my style. Buuuut when the banks get bailed and we get no help and I put down too much money( 35%) Now the home isn’t worth 1/2 of what we owe. Homecommings bank wouldnt work with us at all!!! We were one of the first to default in our area. They refused to put a payment on the back without us paying all the interest, which we all know in the beginning of a loan is nothing but interest. Then i found a decent ‘short Sale’ and they wouldnt even consider. They sure would now, but too late for that in my book of bankruptsy. All of my neighborhood except for 3 homes is in default. if we wouldnt of sold of the upgraded lighting that I bought the neighborhood thieves would of stole it as soon as we move. So screw it. I personally think it is going to turn into the great depression where the banks quit taking on all the foreclosed homes because there are way too many. Who would of thought it would ever get this bad!