The sale of the now fairly infamous 3731 Fillmore #2 appears to have closed escrow ten days ago, although the MLS was just updated today. Unfortunately it looks to be a “confidential” sales price, either that or it closed for its reduced list price of $499,000.
To recap, asking $699,000 when first marketed as a TIC but withdrawn at $549,000, 3731 Fillmore Street #2 returned to the market as an attempted auction in February but failed to attract a bid above its “reserve” of $550,000 (the highest came in at $410,000).
3731 Fillmore Street #2 once again returned to the MLS in April asking $549,000 and was subsequently reduced to $499,000 in May. As previously noted, 3731 Fillmore #6 sold for $710,000 in October of 2008. And at least two other units in the six-unit building now appear to be in contract.
∙ Back In Black By Brown (And Not By Auction): 3731 Fillmore #2 [SocketSite]
∙ Now Up For Auction In The Marina (And Originally Asking $699,000) [SocketSite]
∙ A Plugged-In Reader Calls Shenanigans And Sets The Record Straight [SocketSite]
did anybody ever do the legwork on holding them accountable for an illegal auction?
The auction was shady / sketchy /unprofessional / and generally all around in poor taste; but it was not illegal. I’m more curious who is listed as the selling agent.
steven krystofiak is the selling agent. looks like he’s a mortgage broker, or so google tells me. its just all so mysterious isn’t it.
Well, some agents are also mortgage brokers. Mixing the 2 professions might be questionable just for the potential conflict of interest (then again, this is Real Estate: if you do not like conflicts of interests you are fresh out of luck…), but I do not see anything illegal or mysterious.
Why don’t they just list the sales price in the MLS? It’s a matter of public record and anyone can go to the Recorder’s office to eventually look it up. I heard that in LA/SoCal they’ve banned being able to report sales as confidential in the MLS down there.
gee i wonder if the sale price was disclosed as late as possible so it couldn’t be used as a comp for the other 2 units that “appear to be in contract.”
nah, couldn’t be.
i’m glad SS is keeping a close eye on this one. by the time all’s said and done, my guess is there will be more games played.
I think there is a way to keep the sales price from becoming “publice record” by requesting (seller) to keep the transfer tax confidential. The tax records office will calculate the sales price based on the transfer tax paid by seller. I’m not sure if this is still done. SFARMLS requires all listed and sold properties to enter a sale price last I checked.
sfarmls does not require disclosure of sales price if you fill out the required confidentiality form.
“Dalowdown”
Are you saying that if someone were to go to the assessor/recorder’s office s/he wouldn’t be able to find out what the sale price was?
Those who buy in today’s market will end up looking very smart in 5 years…..
2 KB homes here in Sunnyvale just raised their prices, for about 5%. I have two friends who recently got into contracts, one with KB Homes, one with Taylor Morrison. Both with move in dats in 2010, both are now “in the money”.
Hahaha. I don’t think it’s smart decision to just buy right now. We know what happened to those who bought in the last 5 years. It’s too early to call bottom. And I definetly will not go with developers to make my case. They play all the games to lure anyone in.
Right, buy from KB now or be priced out forever.
BTW, a multi-state (including CA)class action suit was filed against KB on Friday for appraisal fraud.
Sunnyvale numbers: 210 foreclosures (NODs, NOTS, bank owned) to 291 homes currently for sale. Impressive, a REO ratio of less than 1. This qualifies them as part of the “the Real Silicon Valley”.
of course, you can say whatever you like to bash this economy etc.
but if you had a 40% gain in stock since March, like me; or if you had to do 5 different analysis on why the company Q3 street guidance should be no more than 10% over Q2, like me, you know this economy is recoverying. Maybe weak, may not be a V sharp, but we definitley hit the bottom in RE, in stock…………..
“but if you had a 40% gain in stock since March, like me;”
thanks for sharing,
but if you compare the red to the blue line, we are right at the point where market never looked back again in the red line. So, thanks for prvoiding this point to support my point.
The lines are crossing! It’s time to buy!
I’d really like to know how many people on this site:
A Have jobs
B Understand Business Law
C Have ever personally owned Real Property in San Francisco County
My guess is none of the above for 90% of the posters on SocketSite. Just because you sit on your butt all day at a Starbucks, does not you an expert.
M.R.
[Editor’s Note: The last time we checked: The Average SocketSite Reader (Is Anything But).]
3731 Fillmore #6 which previously sold for $710,000 in October of 2008 has closed escrow with a reported contract price of $560,000, a 25% drop in value over the past nine months.
3731 Fillmore Street #3 closed escrow on 7/15/09 with a reported contract price of $530,000.
So, #6 has been resold less than nine months after its initial supposed “sale”? I always suspected that sale was a phony, even after this:
“The buyer of Unit #1 was a very nice couple from the Peninsula who is using the flat as a home in the City. There is no relation to the Seller or the agency, and they were represented by their own agent.
Posted by: John Farnham at February 25, 2009 11:02 AM”
What a dirty business!
3731 Fillmore #4 hits the market @549k
#4 reduced by $50k to $499K.