Marquee Lofts (151 Alice B. Toklas Place) #708 first changed hands on 9/30/04 for $607,500; sold on 10/05/06 for $865,000 (having been upgraded); and was bought back by Merrill Lynch Mortgage Lending for $708,933 on 1/9/08 (having been downgraded).
Sold kitchen-less as a foreclosure sale for $580,000 in June of 2008, a fully remodeled (new kitchen, bathroom, lighting and other improvements) returned to the market this past July asking $739,000 and was later reduced to $699,000. The re-sale of the 1,229 square foot loft closed escrow on 11/10/09 with a reported contract price of $682,850 ($556 per square foot).
We would be surprised if the recent remodeling budget ran under $50,000. We wouldn’t be surprised if it ended up over $75,000. And hopefully nobody took spencer up on his “I bet $1,000,000,000,000 that this closes under $700K” wager in July.
As a related building aside, the foreclosure sale of Marquee Lofts #605 closed escrow on 10/15 with a recorded contract price of $579,000. The 1,204 square foot unit had been purchased in August 2005 for $755,000 (August 2003 for $515,000). No word on any improvements (or kitchen hijackings) in-between.