October 14, 2009

Another Bank-Owned Multi-Million Dollar (In 2005) Noe Valley House

111 Hoffman

Purchased for $2,100,000 at the end of August 2005, a plugged-in reader noted 111 Hoffman over in Noe Valley was scheduled to hit the courthouse steps last month.

In a follow-up comment yesterday, said reader also notes that 111 Hoffman was in fact taken back by the bank (officially on September 28).

June S&P/Case-Shiller: San Francisco MSA Up MOM Across All Tiers [SocketSite]

First Published: October 14, 2009 7:45 AM

Comments from "Plugged In" Readers

Another good buying opportunity in Noe Valley? Any tipsters know if this will be coming on the market soon?

[Editor’s Note: We’d be willing to bet yes to that "coming soon" question (hence our categorization of it as such). Of course the real opportunity might have been back on the courthouse steps where it appears not to have generated an opening bid over $1,533,000.]

Posted by: sanfrantim at October 14, 2009 7:57 AM

I don't think 1.5 for 4105 21st Street is a steal. However, 111 Hoffman for 1.5 would be much more interesting. We will see where the bank prices it.

Posted by: auden at October 14, 2009 8:08 AM

I could be wrong, but I believe the defaulting doctor never listed this on the MLS. Some pent up supply will soon be hitting the market...

Posted by: EBGuy at October 14, 2009 9:36 AM

So that's one. Did you find the other three that probably exist which managed to sort out their problems? did you remove them from the "pent up supply" list?

Doesn't only 306 over the past four months seem small?

Posted by: anonn at October 14, 2009 9:44 AM

I could be wrong, but I believe the defaulting doctor never listed this on the MLS. Some pent up supply will soon be hitting the market...

The more expensive the home, the higher the likelihood of a strategic default:


"A study shows that people who abruptly and intentionally abandon their mortgages often have high credit scores, in stark contrast with most financially distressed borrowers."

"Homeowners with large mortgage balances generally are more likely to pull the plug than those with lower balances. Similarly, people with credit ratings in the two highest categories measured by VantageScore -- a joint scoring venture created by Experian and the two other national credit bureaus, Equifax and TransUnion -- are far more likely to default strategically than people in lower score categories."

Posted by: J at October 14, 2009 10:08 AM

1126 square feet for $1.5M?


[Editor's Note: That's bad data on Trulia from back before it was remodeled and expanded.]

Posted by: fancy rental at October 14, 2009 3:47 PM

At least the fire station isn't right across the street, it's like 3 houses down.

Posted by: sparky-b at October 14, 2009 3:57 PM

pshark shows this sold a couple weeks ago (9/28) for1,533,000

Posted by: nosey neighbor at October 14, 2009 11:06 PM

Now on the MLS for $1,460,250. Listed as a known REO.

Posted by: Jim at December 8, 2009 12:44 AM

At 30% UNDER a 2005 price? For a Noe SFR?!

What the heck is happening here?

Posted by: tipster at December 8, 2009 7:32 AM

we saw this today - it has a very odd layout and needs a fair amount of work. great location though.

Posted by: bdeal at December 8, 2009 12:08 PM

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