October 29, 2009
The Scene Opens Sitting In The Palms' Sales Office Two Years Ago…
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]
First Published: October 29, 2009 9:00 AM
Comments from "Plugged In" Readers
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.
Posted by: Rincon Hill Billy at October 29, 2009 10:07 AM
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...
Posted by: Outsider at October 29, 2009 11:20 AM
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.
Posted by: scurvy at October 29, 2009 11:58 AM
"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.
Posted by: Anthony Randolph at October 29, 2009 12:02 PM
Reader...consider yourself saved by the hand of God!
Yes, Reader is indeed lucky. Unless of course Reader ended up purchasing at the Beacon.
Posted by: joh at October 29, 2009 1:50 PM
"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
Posted by: jd at October 29, 2009 2:10 PM
RHB: Way to avoid a winner's curse!
Posted by: EH at October 29, 2009 3:19 PM
Is this a joke? $700k at the Palms?
Posted by: @ at October 30, 2009 3:07 PM
RealtyTrac is showing that #301 (1211 sq.ft.) just received a NOD. Originally bought for $775k 8/24/2006.
Posted by: EBGuy at October 30, 2009 3:40 PM
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.
Posted by: EBGuy at October 30, 2009 3:59 PM
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
Posted by: Seb at November 17, 2009 11:13 AM
^Are you kidding?! Half off?!!! Three years later and it's down nearly 50%?
Posted by: tipster at November 17, 2009 11:59 AM
That's pretty sweet. If its true ...
Posted by: Jimmy (No Longer Bitter) at November 17, 2009 1:24 PM
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
Posted by: Seb at November 17, 2009 4:58 PM
Unit #717(2 bedrooms, 1111 sq.ft.)
Bought: $941k 2/23/2007
Foreclosed: $649k 11/2/2009
Posted by: EBGuy at November 24, 2009 11:24 PM
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