September 4, 2008

QuickLinks: A Luxury Market Triptych

Some Extra Bread To Go With That Cake At 2090 Vallejo [SocketSite 8/07]
Mansion Price Drops $7 Million; Bentley Offered on Luxury Homes [Bloomberg 9/08]
Not The Best “Investment” For Agassi In Tiburon [SocketSite 11/06]

First Published: September 4, 2008 8:00 AM

Comments from "Plugged In" Readers

"Triptych": beautiful use of metaphor :)

Posted by: dub dub at September 4, 2008 9:02 AM

Nice to see that Agassi blew up some cash in the luxury Tiburon market.

The lowest end Tiburon stuff also was (and remains) a crummy investment.

Here's a fun one, in the "flats" of Tiburon:

258 Cecilia Way, sales prices:

Aug 23, 2002 $613,000
Jun 09, 2005 $979,000
Mar 08, 2007 $796,062 (FORECLOSURE)
May 22, 2007 $850,000

http://www.redfin.com/CA/Tiburon/258-Cecilia-Way-94920/home/948675

The last buyer looks to be an "investor". It was renovated a bit, new appliances, etc., and is now up for rent at wishing price $2900:

http://sfbay.craigslist.org/nby/apa/824843644.html

Good luck with that negative cash flow, Mr. Investor! (Don't feel bad for the people who bought for $979K in 2005. It was 100% financed, so no skin off their backs. I hope no fools used their own hard earned cash into a purchase based on this "comp"!)

Posted by: Satchel at September 4, 2008 9:43 AM

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