August 27, 2009
767 Bryant #210 Comes In For A 767 Comp Crash Landing
As we wrote in May:
In August of 2006 twenty apartments at 767 Bryant hit the market as condos. At the time list prices ranged from $676,920 to $1,850,000 including 767 Bryant #409 at $676,920 and 767 Bryant #210 at $1,200,000.
Despite a subsequent remodeling, reductions and incentives (including a free Prius or Mini Cooper), at least six of the units failed to sell and were lost to foreclosure.
On Friday 767 Bryant #409 returned to the market as a bank owned property (REO) asking $525,000 (23% less than in 2006) and 767 Bryant #210 returned to the market as an REO property asking $799,000 (33% less than in 2006).
Yesterday the sale of the 2,041 square foot 767 Bryant #210 closed escrow with a recorded sale price of $665,000 ($326 per square foot and 44.6% under its 2006 asking).
∙ Thirty Percent Of 767 Bryant Returns As REO (But Not Speedwagon) [SocketSite]
∙ 767 Bryant: The
Apartments Condominiums [SocketSite]
∙ Buy A Condo Get A Car At 767 Bryant [SocketSite]
First Published: August 27, 2009 7:00 AM
Comments from "Plugged In" Readers
It would have been funnier if they sold the condo for the exact same price as the mini cooper, but I'll take a 44% drop!
Posted by: tipster at August 27, 2009 7:25 AM
(that's very funny)
Posted by: Mark D. at August 27, 2009 7:59 AM
326/sf. That's not too bad. How much would it rent for? I'm throwing a wild guess in the upper 2Ks/low 3Ks even though I wouldn't accept to live there for that amount. If that's the case then we're around the 200 ratio. This means we're getting close to prices that would make sense.
Posted by: San FronziScheme at August 27, 2009 8:05 AM
Hmmm, so you could have bought in 2007 and gotten a "free" $18,000 car or waited two years and saved $535,000.
Even after a near 50% drop, we're still only at "getting close to prices that would make sense." Shows how much farther we have to go not only in the areas that have been smacked the hardest (like SOMA) but in the other areas that have consistently been following about a year back in the trend.
Posted by: Trip at August 27, 2009 8:36 AM
wow, holy Honduras, SOMA is screwed.
Posted by: priced_out_with_envy at August 27, 2009 8:42 AM
This project was HORRIBLY mismanaged. They never priced to market value. It's also right around the corner from a bunch of bail bonds places and the area just looks like shit in general.
The loft areas for 1BR units can barely fit a bed and there is very little storage.
I did like unit #410 in this building since it was a larger 1BR, had no shared walls and no one above. But it was initially priced at $856k!
Posted by: J at August 27, 2009 10:09 AM
AWESOME-O ! So SOMA is where the RE Sale is at ?
Posted by: Chad at August 27, 2009 10:51 AM
and there are still a bunch of bank owned units in the building:
(somewhat shameless plug, but we link right back to socketsite)
Posted by: garrett at August 27, 2009 11:02 AM
I once attended a "White Party" in a unit exactly like this one. In fact it may have been this exact unit ... although the walls were painted white at the time.
That party was awesome.
Posted by: Jimmy (No Longer Bitter) at August 27, 2009 11:52 AM
What is a "white party"? I recall neighbors going out one evening dressed all in white with gloves and hats. We didn't ask but could they have been going to a white party?
The problem fo SOMA may be too much supply coupled with the economic downturn.
The job base to support these fairly hig priced units is not in downtown SF anymore. it may never come back.
One sector of high-paying jobs hit very hard here was the legal firms supporting the financial sector. They have been devastated and is one sector which may never be so prominent in SF again.
Bio-tech too. With the Roack takeover and Pfizer canceling plans to go to Mission Bay, it may take years and years longer for a bio-tech hub to emerge in the City.
There will be the UCSF jobs of course, but that alone was never going to be enough to fill the grandiose plans of just a few years back re: Rincon Hill, Mission Bay, the dozen or so high-rise condos once planned around the East bay Terminal.
Not to mention the other hub of high-rise condos that was once planned for Market/Van Ness/Mission.
The SF job base won't support this, and I don't think there are enough wealthy individuals who buy these as second homes to fill the thousands and thousands of units once planned.
Posted by: Gil at August 27, 2009 2:24 PM
Follow the link for the actual party pictures (I am not featured in these photos, just some random link I found online).
That should explain the concept. Rich people + large loft apartment = wild parties, leading to eviction. I thought the ice+vodka Mannequin-Pis was a particularly nice touch. Also the white-haired models were great.
Btw, 2nd to last photo shows the host wearing a '767 studio' shirt so I would say that it was, in fact this building if not this exact unit.
Posted by: Jimmy (No Longer Bitter) at August 27, 2009 2:51 PM
There's not a single person in that party scene who looks like they have ever taken a finance class, let alone are able to calculate simple P-E ratios on homes.
I mean, having a personal trainer almost immediately excludes you from being considered economically savvy...
... what a joke.
Posted by: NewBuyer at August 27, 2009 9:17 PM
Orkut is one of the founders of Google so it is unlikely that his unit was foreclosed upon. Maybe he was renting it.
Posted by: NoeValleyJim at August 27, 2009 11:38 PM
Orkut was the developer of the orkut social networking site that Google later bought.
So he's not an original google founder, but likely wealthy enough nonetheless.
My understanding is that orkut is #1 in Brazil and nowhere else.
Posted by: SanJoseRenter at August 28, 2009 12:55 AM
I am the owner of these photos, and got to this page by looking at my traffic logs. What exactly does "a person who is able to calculate P/E ratios" look like? Maybe you shouldn't be so quick to judge based on appearances.
Posted by: Owner of the Photos at August 28, 2009 1:47 AM
Don't worry about it, owner of the photos.
This is a real estate web site and half the people here just bad mouth any property that sells under what they expected as a way to justify its lower sale price in a manner that doesn't affect their own property ("Look at those cabinet screws! My cabinets have nicer screws, and so even though I own the identical unit next door, I bought it the same day at the peak of the market, and this one dropped by 44%, mine is still easily worth at least 5% over what I paid".
I think NewBuyer was just being facetious, using the same style as someone trying to defend their property value I noted above, thus the comment about people in the photos. I think he was just trying to be funny by latching on to whatever detail he could to dismiss the sale of the property.
We all sort of get to know each other here and so you kind of have to look at a lot of the history here to understand what the posters are really saying. I wouldn't worry about it. It was probably meant to be funny, as a way of mocking that style of posting. I doubt any offense to anyone in the photos was really intended.
Posted by: tipster at August 28, 2009 7:16 AM
Looks like a fun party. Orkut won't miss the money he lost on his condo. Probably still happy to have his crash pad.
Now if you'll excuse me, I'm going to do some situps.
Posted by: Po Hill Jeff at August 28, 2009 8:09 AM
i just did a recent search and found that there are 4 units "pending" in this building with 2 active units... guess these units are finally moving?
Posted by: garrett at August 28, 2009 9:13 AM
I would say that 100% of the people at that party would have no trouble calcultaing a P/E ratio (except possbly the hired help). And the host was renting ... He told me he was being threatened with eviction for 'noise.'
Can't imagine why.
Posted by: Jimmy (No Longer Bitter) at August 28, 2009 11:03 AM
That's some big declines. Do you think the cost were as high as the offering prices earlier on dictated. It seems the high end by us is squeezing into the market ranges below. Most builders have not adjusted fast enough to sell out.
Posted by: Richard Stabile Bergen County Real Estate at August 29, 2009 2:52 PM