As we wrote two weeks ago:
Listed for $3,395,000 a year ago but last asking $2,125,000, it’s a plugged-in tipster that notices 3271 Baker Street is now advertising “rent to own” for $8,995 a month. The advertised rent to own purchase price: $2,300,000.
As plugged-in reader added at the time, “Renting 3271 Baker Street is VERY risky…there was a Notice of Default filed on the property for $472,867 on May 21, 2009.”
And additional details that have since rolled in: Notice of Trustee set for September 4th and back on the MLS for $1,969,000 ($331,000 under its advertised “rent to own” price and $657 per square foot for the extensively remodeled Marina single-family home).
∙ Listing: 3271 Baker Street (4/2.5) – $1,969,000 [MLS]
∙ Paying A Premium To Rent To Own: 3271 Baker Is Back [SocketSite]
∙ Spanish/Mediterranean Flair From Traditional To Modern: 3271 Baker [SocketSite]
∙ The Mysterious Case Of The Baker Street Trio: 3271, 3212 and 3520 [SocketSite]
CL’s rent to own is still set to $2.3M. That will probably change soon too the closer we get to the NoT sale.
One last Hail Mary before it goes back to the bank.
When it was featured on SS 1 year ago, 3271 Baker generated two of my all time SS “LOL” comments:
“Great location, great house, great profits. You’ll find out the profits as soon as you find out when and how much this was bought for. Amazing.” Posted by: Prime at July 7, 2008 6:16 PM
“This is why you always have to buy in the best areas like D7. You spend $250-300/sqft building, and you sell for $1,000-1,200sqft.
I remember just 2 years ago, 1 story Marina bungalow homes were selling for under $2million. Price strength and profits are incredible…. block.” Posted by: Prime at July 7, 2008 7:34 PM
No, my favorite quote from the old thread has to be:
“Any bets on how fast this falls into foreclosure?”
Sure. I bet the 5th of Never.
Posted by: fluj at January 9, 2009 2:30 PM
“because there was a Notice of Default filed on the property for $472,867 on May 21, 2009.”
Interesting that it’s the second lien that filed the NOD and the new listing price is the value of the first lien. From a game theory perspective the second note holder should immediately agree to a short sale if anyone offers anything above the list price. If not, I wonder if there’s any reason for the second lien to bother actually foreclosing.
That’s probably why they listed it for the value of the first mortgage. You just call the holder of the second mortgage up and tell them you listed it for the value of the first, with no offers.
Then you ask the holder of the second “are you really going to foreclose? You’ll have to pay off the first and you won’t even be able to sell it for that!”
Then you hope for “reverse jingle mail”. The holder of the second mails YOU the lien and walks away.
We’ll be open 2-4 PM today. It really is a great location.
Thanks. It’s not often you get to walk a home before it goes to auction. Seriously, good luck with the sale. All mocking aside, this isn’t a bad property but the seller strategy was a shame.
I’m pretty confident it’s getting sold, but you never know.
How did the open house go? Not a bad price, but there are a few SFH in D7 Prime Pac Heights that sold for that amount. I assume this listing has to close before the auction, or will the auction be suspended if there is an offer? Would be interested in your take, either now, or postmortem when you can discuss more openly.
I love the smell of burned flippers in the morning.
There’s really not that much for sale in the Marina, especially right next to the Palace of Fine Arts. I think the Open House refelected that, as there was heavy traffic. Some neighbors, some tourists, but also several well known agents with clients. It’s difficult to predict what is going to happen, you never know.
Offers due by 5 PM Tuesday August 25th 2009. Fax 650.887.0369, email paul@skyboxrealty.com, or directly at 333 1st Street.
This house has always generated heavy foot traffic. It had heavy traffic at $3.2 million (1-2 sellers ago) with an overly confident real estate agent. My, how times change.
Incidentally, there aren’t a lot of houses currently for sale in the 94123, but the shadow inventory is growing and will be on the market in the coming months.
lol @ anon’s I love the smell of burned flippers in the morning quote.
This sure feels like the ‘NAM of the Real Estate War 😉
I always thought people who owned such expensive homes were insulated from the Recession.
Like Woody Harrelson says in Indecent Proposal – “The Money Men Do Not Weep.”
Is that not the case ? I mean who are these people who are getting foreclosed (or close to it) in the 1 to 3 million dollar range ? What is their demographics ? Any trust fund babies like me ? Or Bankers who lost their shirt, or plain upper middle class earner who streeetttttcccccchhhheeeed way more than they could afford ?
“I mean who are these people who are getting foreclosed (or close to it) in the 1 to 3 million dollar range ?”
In that time frame?
Anyone with a pulse who could scrawl an X on a mortgage document.
That’s the misconception. Many of these clowns borrowed their way to wealth. Real estate investments aren’t mark to market either, so the unwind trade isn’t as sudden as a margin call.
I will say, SF has more than its fair share of trust fund babies and dot-com millionaires that are flush with cash, which is why the high end here is stronger than it is in LA. You’d be amazed at the number of $5 million + foreclosures in Beverly Hills and the Westside.
questions:
1) where is the auction info on this one shown publicly so we can keep tabs on it?
2) did this really sell for $2550000 last November?
3) where is the NOD info published?
comments:
1) i think the price is getting very interseting given the recent comps and listings. the (beautiful) fixer on Cervantes went for $2.2 and SFH’s of comparable size are still going for over $2M. well worth doing the homework if it does go to auction.
2) the renovation, if you can call it that, is horrible. upstairs vs. downstairs is a deal-breaker for anyone that wants move-in ready. the bedrooms haven’t been touched, they threw a wolf stove in a small ugly kitchen, and the wood floor on the ground floor is already buckling.
3) if you want to see something truly overpriced, walk down the street to 3159 Baker. what a friggin joke. $3.9M for a bigger box with zero upgrades and a noisy view of Richardson Ave from nearly every room. probably the most eggregious example of overpricing i’ve seen in D7 in awhile.
I’m confused. Does our resident realtor now expect some sort of bidding war to bring the price of this place back up to $3 million? “Heavy foot traffic”? Hasn’t this place been on the market for over a year?
Good call resp. That place came to market over $4 million but thanks to the owner/realtor for throwing us a bone with a “price reduction.” That place is an insult.
Friendly reminder that the last sale here was for $2.55 million in November of ’08, so a sale at the new ask implies destruction of at least $600K in under a year (excluding renovation costs). Wow.
Didn’t uninformedinlaw (aka Prime?) recently tell us that Marina prices were up like 20% since May? Because this one seems to be down at least 23% in just 9 months.
Don’t be silly. “Buying” for $2.5 million and defaulting almost immediately hardly constitutes a valid price point. It doesn’t matter what you “pay” if you never actually intend to pay.
It doesn’t matter what you “pay” if you never actually intend to pay.
not sure I agree. They did intend to pay, using the proceeds of the flip. but the flip went bad.
of course one could argue that they overpaid originally since they were using other people’s money… but unfortunately that was a lot of the market all over the country.
=====
as for bidding on this property, I’m not sure that there would be strong motivation for me to bid on a pre-foreclosure.
it seems like more of a hassle than anything (you have to get the sale approved by the lenders, etc).
instead, i’d just go visit the place and come up with a bid. for AFTER the foreclosure.
time is really on the buyer’s side on this particular property.
one more question – does anyone know what an “international super room” is? (see floor plan on flyer). austin powers’ in-law suite?
“International Super Room” probably not the best choice of words. I prefer Super Family Room.
Sounds like an oxymoron, because I don’t think that room is Super or a Family room. But, it’s definitely not an International room. That sounds like an uber-dining room where you host heads of state.
Not happening in that glorified shack.
All these new names posting on this thread makes me think that it will go into contract as these folks try to thwart interest.
Yeah… Good luck to the seller
Still not going to sell there is major construction going on right next door that will last at least another year.
Also sometimes I just dont get how seller choose their realtors? Why would he or she choose a realtor that only sells high rise condos in South Beach?? Also love how they put an offer date, trying to get a reaction like 230 Cervantes had a couple of months ago… but its not going to happen!
this place has been in and out of foreclosure for years!!!
Karen,
Thanks for your concern over the owner’s mental health. I can assure you that he is in good hands.
I just represented the seller on the first resale Infinity 2 BR that sold at full price $1 mil+, in a very competetive market. The first Infinity resale to do so. I think everyone would agree that that was a much more difficult task considering Tower 2 has been selling like crazy directly next door.
I am confident Baker is going to sell.
Paul
Weird layout. “Lower Master Bedroom / Super Family Room leading out to back yard.” It’s extremely odd to try to combine the two, the fireplace location is a waste of space and the other bedrooms are too small – how are the closets? My girlfriend and I have tried to find some way to use the space behind the fireplace. Maybe a bench and a lot of plants? $3.4 initial price – LOL. Chad, enough with the movie quotes and Karen – I have a feeling that the sellers chose Mr. Hwang due to this site. Paul it is spelled competitive BTW and great job on your recent resale.
Unbelievable that people are still paying $1 million for anything at The Infinity. Almost a guaranteed way to lose money in the next several years.
Quite interesting that anonn/fluj hasn’t defended his past post yet. Fairly typical of most realtors(tm) in my humble opinion. Great catch Diemos. I’m sure there are many more to come 🙂
Damn, I am a poor speller. Much more handy with the camera.
I can see how the downstairs could be awkward, but I think it can be fixed with a wall or two.
Anyways, the real reason to buy the house is because it is right next door to the Palace of Fine Arts, and a short walk to Marina Green and Chestnut Street.
the real reason to buy the house is because it is right next door to the Palace of Fine Arts
I’d be more excited by the close access to the Presidio. Though you have to cross (2 pedestrian crossings, wtf?) the tangled mess of the 101/Lyon/Richardson with constant noise and traffic zooming by. It’s so peaceful on the other side!
Being next door to the Palace of Fine Arts seems like a “real reason” not to buy the house. It isn’t something you’d use on a regular basis, I don’t think you get a nice view of it out of any of the windows in this property, and it will generally just cause you problems due to tourists parking in front of your house and clogging up your street.
Joe Yng and San FronziScheme,
Are you saying that this is not a great location?
If I understand your sentences Joe Yng, I think you are actually trying to say it is a bad location!
LOL!!!!!!!!!!!!!!!!!!!!!!!!!!!
Paul
It indeed is a bad location. Block away from the 101. What’s great about that? And the ‘Palace of Fine Arts’ is a joke. I call it the ‘Palace of Plywood’.
quality of location depends on what you’re comparing it to.
compared to other areas in SF or outside the city, it’s great.
compared to other SFH’s currently for sale in the Marina, it’s poor.
compared to 3159 Baker (one block away), it’s heaven at half the price.
I like the Marina as a whole, but the area around the Palace of Fine Arts is pretty crowded, obviously more during the summer months. It is very close to Richardson and the right bend (when going north) where, mostly tourists, haul a$$ not knowing where they are going is not great. The landfill situation never is good either, as well as the future work on Doyle Drive that may effect traffic. All in all though not too bad of a location IMO. Good Luck.
Paul,
The location is great. If you have to sell the location, the Presidio is a bigger magnet I think than the P of F.A. in that case. You’d visit the Palace a few times a year but the Presidio is a great plus for our outdoors culture.
Also saying the 101 is a pain to cross, either walking, cycling or driving. Once that’s done you’re fine.
LOL? Seriously?
Am I texting a teenager or reading a semi-intelligent real estate blog? I don’t know anymore.
San FronziScheme,
I apoligize for misreading your original post. I erred in not pointing out the beach and Presidio as superior and unique qualities of the property. Instead of implying it through a referrence to the Palce of Fine Arts, I see that a more direct approach would have been more favorable.
Still, I am LOL! (Mizz I’m getting old, and need to pretend I am still young.) at some of the posts.
Paul
Paul,
Old is mostly in the brain. For the rest, your job probably keeps you in good shape.
I can’t believe people are harping on the location. My wife and I live a couple of blocks away and visit the P of FA all the time. We usually walk down to Crissy Field, then up into the Presidio and avoid the crosswalk around Richardson. Top it off with a drink at Liverpool Lil’s or Baker St. Bistro or the Final Final and you’ve got yourself a heckuva good afternoon.
Paul,
Are you able to clarify whether the property actually was sold to a new buyer in Novemeber 08, or whether that was just a refi? There seems to be a lot of confusion over that issue. I live in the neighboorhood and actually think that this is approaching being a good price – if not for the tainted history. Also, too bad it isn’t staged — makes it not show to its potential plus it kind of confirms the speculation that the seller is in dire financial straights. The location is a blessing or curse depending on your priorities — some people really like living near landmarks, others (like me) can’t stand the tourist traffic, esp. since those god-awful yellow go-carts have taken over that area!
pretty sure this place has not changed hands in years either. it’s gone from one family trust to another or back and forth and made to look like sales for some reason. maybe that staved off foreclosure?
yeah enuf on the location.
Paul maybe you can share some info on the past sales and where the Notice of Trustee Sale / auction info can be found? No one including the editor has disclosed that. Do both the owner and bank have to approve an offer made prior to the auction?
I’m assuming the bank/owner will play the highest pre-auction bidder against what they can get at the auction (without having to pay you). Assume any auction bidder will have to come up with all cash? thanks
According to the owner, the title company “accidently” transferred the title to a potential buyer last fall and the transaction never happened. This sounds like total BS to me.
This property is really a marginal 3 bedroom 1.5 bath house with a really nice recreation room. Trying to jam a third bedroom and bathroom behind a garage in a 1,600 sq ft house and calling it a 3,000 sq ft house is total smoke and mirrors. This property is not comparable to 230 Cervantes as it is a true 3,000 sq ft house albeit in need of updating.
“Quite interesting that anonn/fluj hasn’t defended his past post yet.”
Deliciously ironic given fluj’s tirades about “accountability” and how no one would show up to defend their failed predictions. The bears are all still here and fluj is long gone. (at least officially)
I’ve GOT it!
You blast a hole in the back of the garage, sit on one side of the fireplace-in-the-middle-of-the-rec-room which is the perfect height for a drive-in window for those GO carts, open the garage door and presto! Instant drive-through for the tourist “GO-carts”.
They can drive into the garage, whip around the drive in window conveniently located in the back, and zip right back out without having to back up.
Sell sweaters, mugs, life insurance, etc.
How can a sunroom that is accessible only through another room be marketed as a bedroom? Isn’t this really a 2BR + sunroom + rec room?
Not done with the location –
No one has mentioned this house is right at the end of Bay Street – so for just $2 million you can have headlights in your living room all hours of the night.
In Escrow. Congrats, good luck.
Ugh. What happened?
3271 Baker: BOM 2.250.
I take it the holder of the second mortgage refused the sale at a price that would wipe out that second mortgage. So they are back to square one, but at least they avoided foreclosure by that holder of the second, and proved to them that if they foreclosed, it wouldn’t be worth their time.
The owner filed for personal bankruptcy in order to stall the trustee sale.
Phase 1: Buy House
Phase 2: ????
Phase 3: Bankruptcy
I wonder if our dear owner is hoping for a cram down from the judge. I’m amazed by the frantic tenacity we see from these owners. Actually I guess I’m not. People will go to great lengths to avoid having to go to the bathroom, look in the mirror, and say, “No, I am not a genius real estate investor after all.”
Quite interesting that anonn/fluj hasn’t defended his past post yet. Fairly typical of most realtors(tm) in my humble opinion. Great catch Diemos. I’m sure there are many more to come 🙂
Um, the one where I said, “I bet the fifth of never” ?
Why is that so interesting to you, jorge? Somebody asked for a guess. I made a guess. Real interesting, and inspiring, surely. Thanks for thinking of me, tho. I guess. I’m going to take a very hot shower now.
i get it now: bashing people who have some actual experience in real estate- a okay.
bashing internet dilettantes-that’s a no-go.
sycophant site- you guys rule!
Jorge, This is better from fluj..same thread, talking to LRMIM:
“Why would this fall into foreclosure? Tell us Dude. Or don’t, and let your quickie snide quip stand for all of space and time.”
Mac, jorge, diemos (thanks buddy), et al.
First, as the kids used to say, get off my jock. I was simply devil’s advocate there. For a reason.
You also might have read my intent this way:
Stop the lame speculation about when something/someone might fall into foreclosure. Especially when you have no position or special knowledge.
I had no special inside knowledge either here. But neither did any of you. Yet you were taking delight in another’s misfortune. I found it distasteful then, and I find it distasteful now.
Oh, and mac, what was LMRIM’s response? He was just talking saying nothing (or at best bear CW + tax info anybody can look up) and in a sardonic/mean spirited way. As usual when it ever came to the subject of San Francisco real estate.
Dood.. dont try to crawl back from that statement. LRMIM was correct. Thats the truth.
It was an arrogant statement and you were totally, unreservedly wrong, and LRMIM was correct. If you would man up for once, you would admit it and move on.
I wasnt taking delight at another’s misfortune.. Im taking delight at you getting your a** handed to you, thus:
“Why would this fall into foreclosure? Tell us Dude. Or don’t, and let your quickie snide quip stand for all of space and time.”
Yes. Im having puerile fun here. But its fun on a lazy Fri morning at your expense.
LMRiM’s guess — the one coming from a non-existent knowledge base — proved correct. As far as you know.
If I could be bothered, I could probably find 20 instances where the Ghouls of We @ Socketsite TM cackled about something else going into foreclosure because it had a notice of default. Or an unpaid tax base of six months. Or what have you.
But I don’t feel like it.
To recap, I said, “I guess the fifth of never.” and “Prove it” to people making guesses. People who were expressing glee at a foreclosure.
Nice ethos, mac.
I’d think you might be able to pick a better spot to lord it over me. Others certainly have.
(Thanks again Diemos.)
Like I said.. man up every now and then and we might even like you 🙂
How do you know you don’t like crow if you’ve never tried it?
De nada, amigo.
I think annon is more correct and needling him over his statements is a waste of space; especially coming from some random person who decides to take a stand on another persons argument.
annon, 2 questions, did you ever rent the place you mentioned on the Pacific thread? Just curious if you had any market feedback. Is someone occassionaly posting under ‘annon’ that is not you? I’ve see a few comments that do not seem like your usual chatter. just curious.
paul, any interest in updating us on the status?
Eddy,
I was trying to price something based upon projected rents, not put anybody in a lease. Your input was helpful, and in keeping with what I found elsewhere. Rest assured If I had something I would have let you know for sure.
As far as my chatter, I’m trying to not be less argumentative. What’s the use? As anyone can see there are about four or five dilettante posters who always want to say the same things to me. I’m bored of it, and I’m sure most others who read this site are too.
Err, that was less argumentative. LOL old habits die hard. Especially on an edit buttonless BBS.
Freudian slip…
What ever happened here? Paul claims the seller raised the price because another offer came in over the previous $1.969 asking. Sounded like a fabrication. What’s the real update here?
[Editor’s Note: Still listed for $2,250,000 and not in contract according to the MLS. No word on what happened to that other offer.]
There were some priceless quotes about this place on prior threads (is/was Prime an agent?):
At any rate, better to put your cash in a prime SF property like this one, than lose it in the stock market! Rather use my money to live life and enjoy, rather than just try and make more money.
This house should sell for at least $2.8 million.
Posted by: Prime at July 8, 2008 12:55 AM
The Marina has such a distinct neighobrhood boundry, that no matter what some may say, it is able to maintain a since of identity and VALUE. The boundry of the Marina does not seem to expand the way listings in various southern sections, such as the Mission, are now ALL “Noe Valley”. Investing in the Marina is as safe a long term plan as I have found, and my parents have the same situation on Balboa Island, which with a limited supply of homes, appreciates at about 17% a year on average over the last 10 years. There are only a set quantity of single family homes in the Marina available at any one time. This house will sell wtihing 45 days.
Posted by: anon at July 8, 2008 4:33 AM
My guess is that someone got interested at $1.9ish but couldn’t get the bank to approve a short sale. But I don’t really know. Paul was so convinced this would sell and then goes silent. Plus there are 5 different active listings pipming this place for rent on CL.
$7995 / 4br – WOW! MARINA STUNNER**FAB MODERN FINISHES**AND RENT TO OWN!*SUPER PAD! (marina / cow hollow)
$7995 / 4br – Modern & Luxe Marina Home*Rent to Own*Yard, Fab Kitchen, 3 Car, SPA!! (marina / cow hollow)
$8900 / 4br – 2.5ba: Sleek & Super Excellent Classic-Contemporary. 2 Spots. Coombs (marina / cow hollow) (map)
$7995 / 4br – **Gorgeous Marina Home**Modern & Hip Mediterranean**Rent to Own** (marina / cow hollow)
$7995 / 4br – **Luxuriously Modern Marina Home**Fab Loation**Rent to Own It!** (marina / cow hollow)
Whisky Tango Foxtrott
eddy — I think it’s called, “I want $8K/month net, since I won’t be paying my mortgage ever again, and when I get foreclosed upon and send my money to heaven, I don’t care what happens to you.”
Maybe someone will move in and stop paying the rent.
The MLS listing for 3271 Baker Street has once again been withdrawn.
What happened to the multiple offers?
Sale Date/Time: 09/01/2010 2:00 pm Property Address: 3271 Baker Street
San Francisco, CA 94123-
Sale Status: Reverted
Opening Bid: $50,000.00
Final Sale Amount: $61,000.00
Postponement Reason: Beneficiary
TS Number: ST1-065570 Sale Location: At the Van Ness Avenue Entrance to the City Hall, 400 Van Ness Avenue, San Francisco, CA
APN: Lot 002, Block 0925
RSVP Number: 166170
What ? This place didn’t just sell at auction for $61K did it ? Or was this another case of the 2nd loan being auctioned ?
What’s interesting about this place is that there appears to be either a strawman transfer or a fraudulent transfer in November 2008 which is listed in public records as a $2.55M sale that was reversed two weeks later in December 2008, and this guy appears to have been involved in the transfer:
http://pacific.bizjournals.com/pacific/stories/2000/11/13/story1.html
Apparently his MO is to create fraudulent financing schemes that never quite pan out:
http://criminal-justice-online-courses.blogspot.com/2010/06/michael-james-burns-jr-pleads-guilty-in.html