As we wrote in May:
Purchased for $510,000 in September 2005 and then flipped five months later for $631,000 (“Buy, sell, repeat, retire!”), 622 Gates Street was taken back by the bank in September 2008. The Bernal Heights home is back on the market and asking $428,900.
The sale of 622 Gates Street closed escrow yesterday with a reported contract price of $404,900, only 6% under asking but 36% under its previous comp setting price in 2006.
In somewhat related news, a plugged-in reader reports the lot value 533 Laidley in Glen Park “[s]old and closed in 16 days for $300,000 all cash” (40% under asking).
∙ Bank Owned And Back On The Market On The South Slope Of Bernal [SocketSite]
∙ Telling It Like It Is For 533 Laidley [SocketSite]