A plugged-in reader reports:
For those of you in the market for a penthouse, Unit #PH1E at the Watermark (501 Beale) was taken back by the lender for $1,349,628 on Sept. 15. Talk about bad timing, the former owner bought for $1.523 million in January 2007. This three bedroom 1,362 sq.ft. foreclosure was brought to you courtesy of WaMu.
Call it a quick flip gone bad as the condo had returned to the market a month after closing asking $1,800,000. Last listed for $1,595,000 before being taken back by the bank.
At the same time, 501 Beale penthouse #2B is now asking $1,019,900. Purchased for $1,375,000 in December 2006, it failed to sell when listed for $1,099,900 in August of 2009 and was taken back by the bank as well. As we wrote in April:
Two months after its initial sale for $1,250,000 in October of 2006 Watermark (501 Beale) Penthouse #2B was flipped for $1,375,000. (Ah, the good old days.)
Keep in mind that the identical “penthouse” unit a floor below (#PH1B) sold for $1,300,000 in October of 2006 and was likley a supporting comp for the flip of #PH2B. And so on. And so forth.
No word on any assessor’s adjustment for #PH1B or
anything everything below.
∙ Listing: 501 Beale #PH2B (2/2) 1,019 sqft – $1,019,900 [MLS]
∙ From Flippy To Floppy For Watermark (501 Beale) Penthouse #2B [SocketSite]
∙ Six Relatively Quick Flips At The Sold Out Watermark (501 Beale) [SocketSite]
∙ A 25.7% Drop In Assessed Value For A Plugged-In Reader In 2009/10 [SocketSite]