Purchased for $944,500 in March 2007, the 1,607 square foot two-bedroom loft #204 at 767 Bryant was “bought” back by the bank for $745,784 in December 2008 adding to a growing inventory of bank owned units in the building.
On September 17, 2009 the resale of 767 Bryant #204 closed escrow with a reported contract price of $475,000, $295 per square foot and 49.7% under its value in 2007.
UPDATE: A quick reminder that in August 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 #210 Comes In For A 767 Comp Crash Landing [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by RSVP

    Why are there so many REOs in this building?

  2. Posted by polip

    so editor, what do you think
    alpha
    or beta?
    [Editor’s Note: Both (which shouldn’t come as any suprise).]

  3. Posted by J

    Why are there so many REOs in this building?
    I think many units were never sold because the sales team did a terrible job with pricing.
    And the ones that did sell were near the peak…

  4. Posted by J

    …What I meant to say is that at least 6 units were foreclosed before they could be sold…

  5. Posted by Kathleen

    Location, Location, Location.
    I live on the on ramp to 280
    should come at a discount.

  6. Posted by SocketSite

    UPDATE: A quick reminder that in August 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).

  7. Posted by EBGuy

    For those of you interested in the legal proceedings, here is the developer (VILLA DEI FIORI CONDOMINIUMS L.P.) and lender duking it out.

  8. Posted by polip

    ah, the old ‘both’ cop out.
    :)
    The question isn’t whether it is alpha or beta, but whether this is largely aplah or largely beta.
    My view – ths is largely alpha. This property is horrible in so many different ways. Yeah, there is some excess ‘market related’ decline of this property, but in general, this property was always severely overpriced, and is now maybe only slightly overpriced.
    Even in a flat market this property was due to get crushed.
    [Editor’s Note: “Both” is no cop out, it’s the truth. As linked above, we were on record as not seeing the relative value of this property back in 2006. That being said, with units at new developments like the Infinity having taken a 20-30 percent hit, and the “loft” market falling out of fashion, this isn’t even close to being all “alpha” at play.]

  9. Posted by OneEyedMan

    We’re really missing the big important question: Did the banks take back the “free” Prius’ and Minis when they foreclosed, or did the savvy buyers get to keep them?

  10. Posted by zetaetatheta

    can someone please explain alpha & beta? or link to it?
    [Editor’s Note: 54 South Park Sells (And We Think Alpha Rather Than Beta).]

  11. Posted by polip

    nothing is ever only aplpha or only beta (and CAPM is a terrible model anyway – 3 factors – at least!)
    my point was simply that in this case, it is more alpha, than beta.
    can’t tell if you agree – sounds liek you are going with 50/50.
    Either way, it was a total clusterf*ck for the bagholder (i.e., us the taxpayer)

  12. Posted by J

    We’re really missing the big important question: Did the banks take back the “free” Prius’ and Minis when they foreclosed, or did the savvy buyers get to keep them?
    From what I remember, they were only giving you the car if you made a full price offer. Don’t think they got any of those…

  13. Posted by RW

    The location is horrible!

  14. Posted by J

    Let’s not just write it off to a bad location…even if there are 10 bail bondsmen within shouting distance… Thus is much of SOMA.
    The sales team really did a terrible job pricing the units!

  15. Posted by El-D

    can someone please explain alpha & beta? or link to it?
    [Editor’s Note: 54 South Park Sells (And We Think Alpha Rather Than Beta).]

    How does that posting on 54 South Park explain this? The link only discusses beta (which is easy enough), but suggests that you hit the textbooks for alpha.

  16. Posted by tipster

    Beta is the market, alpha is the property. Thus, did the market tank or is it a problem with the property that caused this to fall so much? Is it both? Of course it’s both.

  17. Posted by insidesfre

    This building had issues moving units from the very beginning. At one point, they were giving away Mini Coopers as incentives. I wouldn’t advise a client to purchase in 767 Bryant. Too many obstacles to resale (location being one of them).

  18. Posted by El-D

    Beta is the market, alpha is the property.
    Tipster, thanks. I remember even a few weeks ago when 54 South Park came up that I couldn’t figure out what everyone was saying.

  19. Posted by graham

    How can any one believe if is sold for 50 percent off? That building has very bad issues right from the beginning. Thanks for posting this information.

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