Back in October of 2007 when The Palms was advertising “Only 8 Left!” a plugged-in reader had submitted an offer on one of the units. From the reader at the time:

I offered 13% less than listing price. The sales agent was not even interested in looking at my offer even though I explained him that I had excellent credit and income and was not using an agent. He said that the [seller] will never consider the offer and decided not even to offer it to the builder.

We don’t know if #920 was the one on which our reader had made an offer (it was one of the eight). But we do know that 555 4th Street #920 recently closed escrow with a reported contract price of $480,000 (24% less than its “Only 8 Left!” list price of $631,000).
The Palms Finds More Inventory And A Resale Hits The Market [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by Rincon Hill Billy

    Reader…consider yourself saved by the hand of God!
    FYI, in 2006 I made an offer for a place that was countered. After discovering a damaged stove, I countered the counter, and was re-countered again!
    In a fit of rage I walked away…and looking back saved myself from a 40% loss.
    Sometimes it’s just better being lucky than good.

  2. Posted by Outsider

    As they say – hindsight is 20/20… I am more curious what happened to all those arrogant condo sales agents and their many equally obnoxious “associates”. Wonder what they are selling these days…

  3. Posted by scurvy

    You didn’t need hindsight to avoid the disaster known as the Palms or the recent real estate market. Anyone with their head not firmly implanted up their bum could tell that things were (and still are) in a bubble.
    Less than 1% quarterly GDP growth for all of that stimulus money, bailout money, and home buyer tax credit is a laughable joke.
    Obama better start pulling rabbits out of his hat soon, or he’s going to be the best looking one-term president we’ve had.

  4. Posted by Anthony Randolph

    “As they say – hindsight is 20/20… I am more curious what happened to all those arrogant condo sales agents and their many equally obnoxious “associates”. Wonder what they are selling these days…”
    The sales manager at Palms moved over to another broker and he is representing the sales 829 Folsom.
    Same name, Same game.

  5. Posted by joh

    Reader…consider yourself saved by the hand of God!
    Yes, Reader is indeed lucky. Unless of course Reader ended up purchasing at the Beacon.

  6. Posted by jd

    “As they say – hindsight is 20/20… I am more curious what happened to all those arrogant condo sales agents and their many equally obnoxious “associates”. Wonder what they are selling these days…”
    They are all working for BLU

  7. Posted by EH

    RHB: Way to avoid a winner’s curse!

  8. Posted by @

    Is this a joke? $700k at the Palms?
    http://sfbay.craigslist.org/sfc/reb/1443753264.html

  9. Posted by EBGuy

    RealtyTrac is showing that #301 (1211 sq.ft.) just received a NOD. Originally bought for $775k 8/24/2006.

  10. Posted by EBGuy

    Unit 830 (580 sq.ft) goes to the auction block on Nov. 8 with an unpaid balance of $451,981 (WaMu). The second owned by Citi will get wiped out; CitiGroup, for some strange reason, was down 5% today. Originally bought in November 2006 for $551k.

  11. Posted by Seb

    Looks like #830 sold for 1c over the opening bid amount:
    Sale Status: Sold 11/12/2009
    Notice of Sale Amt: $451,981.84
    Opening Bid Amt: $280,500.00
    Sold Amt: $280,500.01

  12. Posted by tipster

    ^Are you kidding?! Half off?!!! Three years later and it’s down nearly 50%?

  13. Posted by Jimmy (No Longer Bitter)

    That’s pretty sweet. If its true …

  14. Posted by Seb

    Pretty sure its true. Its from a foreclosure site I monitor. Here are the complete deets including Trustee Sale #:
    Sale Status: Sold 11/12/2009
    TS Number: 437240CA
    ASAP Number: 3304875
    Notice of Sale Amt: $451,981.84
    Opening Bid Amt: $280,500.00
    Sold Amt: $280,500.01
    Trustee: California Reconveyance Company
    Trustee Phone#: (800)892-6902

  15. Posted by EBGuy

    Unit #717(2 bedrooms, 1111 sq.ft.)
    Bought: $941k 2/23/2007
    Foreclosed: $649k 11/2/2009

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