September 29, 2008
152 Banks In Bernal Heights Reduced (And Not Moving So Fast)
To recap: 152 Banks in Bernal Heights was purchased for $675,000 in July of 2005; sold in April of 2006 for $900,000; appears to have been bought back by the bank three weeks ago; and returned to the market two weeks ago for $749,900 (“will go fast at 750K” according to one rather bullish "anon[ymous]" commenter). Just reduced to $699,900.
As a plugged-in reader notes, “just hope no one used that silly $900K price a few years ago as a comp!”
∙ Listing: 152 Banks (3/2) - $699,900 [MLS]
∙ Bad Data In Bernal Heights Or Something Else Afoot? (152 Banks) [SocketSite]
First Published: September 29, 2008 1:00 AM
Comments from "Plugged In" Readers
Close to Cortland, a 3/2. This is a decent family dwelling. First house, first kid. Unfortunately this is a market that suffers today at 600+.
With less and less banks around and more of the surviving ones setting rates like 9% for Jumbos (WF Wachovia, more?), houses like these were right into Jumbo territory. They're getting closer and closer to exiting that territory...
Posted by: San FronziScheme at September 29, 2008 7:57 AM
Wait. Wachovia is now Citigroup. Maybe they can go to Wamu. Oh, Wamu is JP-M/C/BS/WM. Man, this banking mess moves fast.
Posted by: San FronziScheme at September 29, 2008 8:01 AM
"Three blocks east of here is 45 Nebraska St. A 4 bed/2bath/2 car garage/ panoramic views languishing on the market for 58 days. List Prices has been reduced $130,000.
Listing Price History
Date Price
Jul 16, 2008 $985,888
Aug 13, 2008 $935,000
Sep 04, 2008 $855,000
Last Sale in Oct 2005 at $950,000.
http://www.redfin.com/CA/San-Francisco/45-Nebraska-St-94110/home/762874
"
45 Nebraska taken off the market? In contract?
Posted by: chuckie at September 29, 2008 8:11 AM
It's not a jumbo loan at this price...
Posted by: sparky-the-bear at September 29, 2008 8:26 AM
45 Nebraska is in contract.
Posted by: Trip at September 29, 2008 8:30 AM
That house is butt ugly. Maybe that's why it's not selling.
Posted by: Snark at September 29, 2008 9:07 AM
snark, I think people said the same thin about 45 Nebraska and it's now in contract. I find this quite amazing.
[Removed by Editor (let's keep this discussion focused on 152 Banks or at least Bernal).]
Posted by: chuckie at September 29, 2008 9:26 AM
Bernal Hill properties suffering? Imagine that!
Posted by: Foolio at September 29, 2008 9:28 AM
It must have a disclosure list that doesn't quit. There aren't any photos, so you'd have to hear from someone who's seen the place.
I spent the past couple months going to BH open houses and felt like I was in a groundhog day real estate movie. I kept seeing the same tiny houses on tiny lots that smelled bad and seemed to have almost zero potential to be anything other than the tiny 2bd/1ba they were (perhaps you could add a dungeon with a bathroom downstairs)... yet they kept going for ~ $800k.
We'll see what happens over the next couple months, but this home's obviously got issues beyond the market. Still sounds like no one's actually been here =)
Posted by: kaya at September 29, 2008 10:06 AM
I want the tiny green house next door!
Posted by: ANON at September 29, 2008 11:08 AM
as of today 10/1 the status is "act. cont."
Posted by: garrett at October 1, 2008 11:39 AM
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