October 1, 2009
Another Muhawieh 2007 Noe Comp Heads For The Courthouse Steps
On the market and featured on SocketSite in February of 2007, 207 Clipper closed escrow with a reported contract price of $987,000 that March. From a plugged-in "EBGuy" today:
Well, for those who missed it last time, it looks like 207 Clipper will be hitting the auction block [on October 13] with an unpaid balance of $458,970...And the owner, one Issac Muhawieh...
Keep in mind that if Issac simply "overpaid" in 2007 so did anyone else who relied on the sale of 207 Clipper (or a derivative sale) as a legitimate Noe neighborhood comp.
∙ Beauty Is In The Eye Of The Beholder [SocketSite]
∙ Two More Muhawieh Comps Of Yore Head For The Courthouse Steps [SocketSite]
First Published: October 1, 2009 12:15 PM
Comments from "Plugged In" Readers
"Keep in mind that if Issac simply "overpaid" in 2007 so did anyone else who relied on the sale of 207 Clipper (or a derivative sale) as a legitimate Noe neighborhood comp."
This comment assumes the current sale is an apple. With 6 permits, including June's permit which is "clarify"ing the framing, I doubt it is even a finished house. Which would be in line with all the others we have seen here.
[Editor's Note: Not quite. The current value (which has yet to be established) and whether or not it's an apple (which is doesn't look to be) are irrelevant to the statement above. The question is whether or not the stats would suggest a $987,000 sales price for a Noe 2/1 in 2007 was "out of line" based on hindsight but touted as the newest neighborhood comp at the time.]
Posted by: sparky-b at October 1, 2009 1:53 PM
I'm just hoping he got the new foundation in. Here's a partial list of entities with mechanics liens (and now pending civil suits): B&S & ERECTION SVC INC (~$10k), GOLDEN STATE LUMBER INC/SIERRA POINT LUMBER ($28k). Totals may include other projects. I guess you can file that under "collateral damage". Speaking of which, looks like [one couple] loaned out almost $1.5milllion to Maher -- I just hope some of it was in the first position. Evidently Issac volunteered a second on his property at 619 Diamond to help fully collateralize their loans. Talk about a tangled web.
Oh, and my other pet peeve: RH-2 zoned. How about a duplex instead of a McNoe special.
Posted by: EBGuy at October 1, 2009 3:35 PM
Alright then, Mr. Editor. In that case he didn't set any new neighborhood comps for Noe Fixers, about $1M for a Noe total fixer in 2007 was the norm.
It looks like the foundation is done, but the front stairs aren't.
Posted by: sparky-b at October 1, 2009 3:58 PM
The 3 unit property at 952 Hampshire, which is owned by Isaac and Maher Muhawieh, is showing up on ProperyShark's auction calendar with a date of Oct. 20. There was a initial mortgage with BofA in Oct. 2007 and then, judging from the Deeds of Trust, various individual investors loaned money to redevelop the property. The NOD on March 30 was filed by the family that is owed about ~1.5million by Maher Muhawieh. The unpaid balance on the NOTS is showing up as $230,733. No idea as to what type of maneuvering is happening, as I assume BofA would stil be in the first position. Perhaps the family could payoff the first, foreclose on their second (if they are indeed in that position), and effectively take control of the property (wiping out any additional investors). Issac's property at 619 Diamond went through a similar process, and it's not clear to me it was ever foreclosed upon.
Posted by: EBGuy at October 2, 2009 12:22 PM
Unpaid balance of $458,970... the principal for this loan is $375,000. This is not the first foreclosing, its one of the junior lenders. This is probably just a move to foreclose and take control of the property.
Posted by: auden at October 4, 2009 5:08 PM
I wonder what will happen to these Muhawieh properties. Since they have been featured so much on Socketsite in their demo/broken-toy state, I look forward to seeing what becomes of them in the future.
Posted by: auden at October 6, 2009 8:31 AM
Looks like the hard money lender, KGW ENTERPRISE LLC took this one back on October 21. SFGate should post the details in a week or two. The liens by the lumber company were also cleared.
Posted by: EBGuy at November 3, 2009 12:58 PM
Not sure whats going on here (perhaps the trustee deed on Oct. 21 was just another way to delay the inevitable). At any rate, another NOTS was filed on December 15.
Posted by: EBGuy at December 21, 2009 12:49 PM
All cleaned up and back on the market. One of Muhawieh's broken toys returns at $1,365,000.
Posted by: Auden at January 6, 2010 10:04 AM
Don't understand why there are so few pictures in the new listing and why so many of them are for odd angles.
Posted by: anon at January 6, 2010 10:46 AM
The listing agent doesn't speak English very well.
Posted by: curmudgeon at January 6, 2010 11:19 AM
Consider this a new Noe Valley comp. In contract after a week on the market.
Posted by: Auden at January 11, 2010 5:41 PM
The sale of the "to the studs" remodeled 207 Clipper closed escrow on 2/8/10 with a reported contract price of $1,387,000.
Posted by: SocketSite at February 17, 2010 8:43 AM