August 18, 2008
Buying Two Of Four For Under Five (37 Tioga Avenue)
We’re not buying the “[once] in a lifetime opportunity” or “below market price.” But we are buying the “clean” (and that the garden “needs TLC”). Purchased for $635,000 in February of 2006, 37 Tioga Avenue is currently shooting for a short sale and is listed for $495,000.
Listing: 37 Tioga Avenue (2/1) - $495,000 [MLS]
First Published: August 18, 2008 1:15 AM
Comments from "Plugged In" Readers
That's a nice-looking L-shaped post holding up the real estate agent's sign out front.
Posted by: Anonymous at August 18, 2008 6:34 AM
Oh, the dreaded magic partioning error! Link broken?
[Editor's Note: Sorry about that (and not anymore).]
Posted by: Foolio at August 18, 2008 9:34 AM
"One in a lifetime opportunity" @ $495K in Visitation Valley? I think not.
Posted by: S&S at August 18, 2008 12:52 PM
One would have to be a fool to pay $500K for this. A quick look at the street shows all sorts of disasters.
For instance, 26 Tioga is listed for $399K (same sort of house) and it's been on for 94 says. It last sold for $690K in 1/07. That's down FOURTY TWO PERCENT, and it's not done falling. Oh my.
50 Tioga is another instructive example. Again, similar sort of house. It sold for $400K in May 2008, which is OVER THIRTY PERCENT down from where the trustee'd sale took place a year before in April 2007. The bank took 50 Tioga back for $580,500. Looks like the prior "owners" had a grand old HELOC time, and just walked. Can't really blame them. This bubble was a once in a lifetime opportunity for fraud.
I can't see why prices in this area won't fall into the low $300s and perhaps much lower. Anyone buying today has to put some real cash down. At $500K, the potential purchaser of 37 Tioga would be better served by just taking their downpayment cash and going to Vegas for the wekend. Better risk/reward ratio for the cash IMO.
Posted by: Satchel at August 18, 2008 1:11 PM
"At $500K, the potential purchaser of 37 Tioga would be better served by just taking their downpayment cash and going to Vegas for the wekend. Better risk/reward ratio for the cash IMO."
Are you already shooting for comment of the week, Satchel? ;-)
Posted by: Foolio at August 18, 2008 1:46 PM
"VisitaCion" not "VisitaTion".
The "disasters" on this street aren't the homes or the neighborhood in general. Blame shady loans and greedy buyers looking for a quick flip and fast cash outs. Same story in most SF neighborhoods where listed price doesn’t' match reality. Since some will be in Vegas throwing their money away, I'll be first in line to buy SF properties when they fall to the low $300s.
Posted by: JOE Leland at August 18, 2008 9:56 PM
Spend 2500-3000 all factored in to live in Visitacion Valley? You could rent the same place (without the hassle) for way less. That's my gauge in these nabes.
No way. Bayview is showing the way with some sales in the 200s and even lower that will soon be the norm for all those inner 'burbs where not many people want to live.
Wink, wink, wanna buy a bridge? Low 300s. It's a great deal, I promise.
Posted by: San FronziScheme at August 18, 2008 10:18 PM
Hmmm... a trip to Vegas, a rusty bridge, or small investment to take the first step up the homeownership ladder? Better to own in Visitacion Valley than to rent in the Marina.
Posted by: JOE Leland at August 19, 2008 9:01 AM
"the first step up the homeownership ladder"
Tell that to the current owner who bought for $635,000 and is now trying to sell for $495,000. Lost $4.6K a month in equity over and above PITI. Not sure that's a ladder anybody wants to be on.
Watch the first step, it's a doozy...
Posted by: toni at August 19, 2008 9:19 AM
Let's hope home does indeed sell in the $400k range to a young family. A solid starter home in a up and coming neighborhood. A win for the family, Visitacion Valley, and San Francisco.
Posted by: JOE Leland at August 19, 2008 10:55 AM
37 Tioga closed escrow on 1/21/09 with a reported contract price of $528,000. That's 7% over asking, but 17% under its last sale in 2006.
Posted by: SocketSite at January 30, 2009 4:46 PM