Let’s go straight to the SocketSite “apple in the making” archives:
Two months ago we noted the “Newest Comp For A Two-Bedroom Condo At 246 2nd Street” when the bank owned #1302 closed escrow with a reported contract price of $775,000 (roughly $125K below what #902 sold for late last year and exactly $220K below what the seller of #502 was asking at the time).
As we wrote at the time: Damn those unemotional sellers to hell. And once again, that’s not likely to be a neighbor(hood) pleaser.
And as a plugged-in reader notes today: 246 2nd Street #502 has returned to the market with a list price of $739,900. That’s a reduction of $255,100. And more noteworthy, that’s $210,100 less than what was paid for the condo over three years prior (12/9/05).
Now about whether or not those bank owned sales in San Francisco (however few and far between) are irrelevant or meaningless…
UPDATE: An excerpt from a plugged-in reader’s comment that shouldn’t be missed: “According to mls records that agents have records to. It sold for $950,000 in 12/05 but with a $110,000 credit to buyer at closing. I am quite sure this was never disclosed to the actual lending bank. NEVER would have flown.”
And now we have our newest apple (and perhaps an answer to our previous “Can Bank Owned Comps Kill” headline): On 8/04/08 the sale of 246 2nd Street #502 closed escrow with a reported contract price of $700,000 (previous recorded sale price and building comp of $950,000 – or $840,000 if you back out the credit – in December of 2005).
UPDATE: Post being re-written, see comment below.
∙ Can Bank Owned Comps Kill (Values)? 246 2nd Street #502 Returns [SocketSite]
∙ The Newest Comp For A Two-Bedroom Condo At 246 2nd Street [SocketSite]