July 6, 2009
Into The Cart For Another Marina Apple On Mallorca Way (#142)
While the address was "undisclosed" on the MLS in May, the June sale price for 142 Mallorca Way was disclosed, although not until a few days ago in July.
Purchased for $1,226,000 in February of 2006, this two-bedroom, two-bath condo down in the Marina closed escrow on 6/18/09 with a reported contract price of $1,100,000, 10.2% under its value three years prior.
UPDATE: A plugged-in reader adds: "Nice place, I live in one just like it but with a sunroom. Places like these are renting as low as $3000/mo now if you look around so still a pretty big own/rental cost gap."
∙ An "Undisclosed" Marina Apple On The Tree (142 Mallorca Way) [SocketSite]
First Published: July 6, 2009 8:30 AM
Comments from "Plugged In" Readers
Nice place, I live in one just like it but with a sunroom. Places like these are renting as low as $3000/mo now if you look around so still a pretty big own/rental cost gap. Just a pit-stop on the way to a sub $1m price point.
Question: Who is buying these places? DINKS with no interest in kids? (Republican) gay couples? Math still makes no sense and earthquake risk makes it a no-go for me at almost any price that doesn't "cash flow" with 20% down (550k?).
Posted by: SF Banker at July 6, 2009 1:03 PM
Just catching up with posts.
$1.1M selling price - $75K commission and other transaction costs (bare minimum) - $1.226M purchase price = at least $200K up in smoke. Property taxes were at least $40K additional.
Not too bad, I guess, in light of the size of the bubble, but still I'd have thought at least one poster would have honored the sacrifice. Well, I guess I'm the one.
Posted by: LMRiM at July 7, 2009 6:06 PM
Dear new solvent homeowner:
Thank you and congratulations on your new purchase.
sincerely,
a taxpayer
:)
Posted by: dub dub at July 7, 2009 6:26 PM
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