October 2, 2009
We Have A 310 Townsend (#303) In Progress
Originally asking $957,000 through the sales office in 2007, 310 Townsend #303 ended up selling for $850,000 in November of that year (a discount of 11.2%). Back on the market today after a two year hold and asking $785,000 (7.6% below it purchase price, 18% under the developer’s original list).
Let’s call it an effective rent of around $4,000 per month for the one-bedroom plus den condo over the past two years not accounting for transaction costs or any capital loss (assuming a sale at asking). Call it closer to $9,200 per month if you do.
First Published: October 2, 2009 7:00 AM
Comments from "Plugged In" Readers
Very interesting. And good to see he lives on via tips. ;)
Posted by: eddy at October 2, 2009 7:11 AM
Just in time for a Thanksgiving close: an oven in which you can cook 3 turkeys side by side!
Posted by: tipster at October 2, 2009 7:11 AM
I really dig the style of the building but this is way too much! Plus the HOA fees make no sense for 0 amenities!
I'll try to remember to stop by the open house for S's and G's though.
Posted by: J at October 2, 2009 8:06 AM
Wow, that place is really tacky.
Posted by: jimbobjones at October 2, 2009 8:50 AM
wish i could find last year's thread where SS-ers blasted me for saying there was a glut of soma condos.
Posted by: resp at October 2, 2009 8:58 AM
resp, it could be this one (searched for "resp glut"):
I will leave it to interpretation as to whether you got "blasted" though. Both Brutus and spencer said that there would be no glut if prices were lower. :)
Posted by: corntrollio at October 2, 2009 9:18 AM
Geez, look at the stretching on that microwave and oven. Ridiculous. That practice should really be outlawed in real estate photos. So annoying.
Posted by: noseeum at October 2, 2009 7:56 PM
The listing for 310 Townsend #303 was withdrawn from the MLS without a sale after 74 days on the market.
Once again, purchased for $850,000 in November 2007 and asking $785,000 when withdrawn.
Posted by: SocketSite at December 14, 2009 2:56 PM
Now down to $599k, and now it's a short sale.
Posted by: J at April 20, 2010 1:48 PM
They were asking $749k at some point recently, then dropped it to ~$725k, once the other large 2/2 unit in the building came on at $749.5k (and it under contract).
Unit 303 was so overpriced it was ridiculous. Who was going to pay that price for a 1/1, even though it was large and in a convenient location? The price is much more reasonable, although I doubt it sells at $599k
Posted by: SFRE at April 20, 2010 1:51 PM
They might as well drop the price even more since it's a short sale now. They have nothing to lose!
What's interesting is that I went to the 1st open house and the realtor mentioned that the owner had "substantial" equity. He must have been referring to the bank.
Posted by: J at April 21, 2010 7:59 AM
I heard there were multiple offers. Based on comps, my guess is that mid-600s is where it will land.
Posted by: agrove at June 18, 2010 10:04 PM