June 25, 2008
Psst! Hey Buddy, You Need A Kitchen To Go With That New Condo?
Last week the sale of 151 Alice B. Toklas Place #708 closed escrow with a reported contract price of $580,000 ($40,000 under asking).
To recap, purchased on 10/05/06 for $865,000; remodeled with a high-end kitchen (think Pedini) and bathroom; then subsequently “un-remodeled” and sold back to the bank (less the $55,000 kitchen and bathroom fixtures) for $708,933 on 1/9/08 (and following an unfortunate turn of events).
If you happen to be (or know) the buyer and are interested in repurchasing said kitchen and a toilet that’s “worth more than you think,” you know where to plug in. And regardless, let’s not forget those invitations to the housewarming (after it's re-remodeled, or at least has a toilet, of course).
∙ Another Non-Comp Comp Along The Booming Van Ness Corridor [SocketSite]
∙ Change Of Heart, Cash Crunch, Or A Condo Sitter Gone Crazy? [SocketSite]
∙ From Foreshadowing To Foreclosure For A Marquee Loft Off Van Ness [SocketSite]
First Published: June 25, 2008 1:30 AM
Comments from "Plugged In" Readers
At least the buyer knows where to buy the kitchen. And it will most certainly fit...
Posted by: San FronziScheme at June 25, 2008 7:32 AM
Boy, that is a nasty new comp for all the other places in this complex, and its neighbors. There's a few tens of millions of dollars in home equity that has vanished at a single address.
Posted by: anon at June 25, 2008 8:18 AM
Yeah, I'm sure the next sales guys in 151 Tolkas Place will point out the whacky stories behind this particular comp. Just to show its uniqueness.
Posted by: San FronziScheme at June 25, 2008 8:39 AM
"Yeah, I'm sure the next sales guys in 151 Tolkas Place will point out the whacky stories behind this particular comp."
and what would you have them do??
Posted by: paco at June 25, 2008 8:53 AM
Looks like SF condo residential is going the way of downtown SF commercial office space..."cold shell" condition. Great comp for the building.
Posted by: gh at June 25, 2008 8:58 AM
I can't wait to see someone spin this as a "positive" for the market.
Posted by: Foolio at June 25, 2008 9:24 AM
I guess the market will ultimately decide if this comp is just a one-off or something more relevant.
Posted by: San FronziScheme at June 25, 2008 9:24 AM
Add $65K (if that) to put the kitchen and bath the way it was when they bought it (before they upgraded it) and you get 645K. Add another $10K for the down time (you're paying for it but not living there) and miscellaneous fixes. That's over $200K or 25% off for waiting not even 2 years.
Seems worth waiting (and not buying) to me.
Posted by: tipster at June 25, 2008 10:09 AM
"Add $65K (if that) to put the kitchen and bath the way it was when they bought it (before they upgraded it) and you get 645K. Add another $10K for the down time (you're paying for it but not living there) and miscellaneous fixes. That's over $200K or 25% off for waiting not even 2 yearsSeems worth waiting (and not buying) to me"
Yeah, that's the market in a nutshell all right.
Posted by: fluj at June 25, 2008 10:20 AM
I don't know if this kind of math applies to the crazy SF RE market.
Selling a clean staged place is way easier than if it has no kitchen/toilet. Some prospective buyers will be easily put off by the look and feel of a place in transition and this amounts to less demand (and therefore lower prices, even accounting for the necessary upgrade).
Well staged and marketed, this place could have sold for more than 645K. I wonder why the bank just didn't spend some money to do that. Maybe the REO departments have difficulties selling this kind of expense.
All the better for the buyer. Congrats for a great buy.
Posted by: San FronziScheme at June 25, 2008 10:24 AM
Fronzi -- I doubt the buyer would be able to locate the kitchen parts, because the seller was hocking them on Craig's List a few months ago...
[Editor's Note: Always follow those links...]
Posted by: Lori at June 27, 2008 1:10 PM