151 Alice B. Toklas Place #708

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.

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Comments from “Plugged-In” Readers

  1. Posted by resp

    even worse was the fact that it took a year. they shoulda banged out this remodel in 2 months. maybe they lived there for awhile and got some “utility” out of the equation that’s tough to measure, but i’d still say it was a losing project. contgrats for getting out with just minor scrapes.

  2. Posted by tipster

    Buyer’s cost: $580K
    Closing costs: 10K
    HOA: 8K
    Carrying costs 30K
    Staging/Selling:48K
    3 years HOA 12K (incentive to buyer)

    Total 688K
    Even if the remodel was free, this flipper lost his shirt!
    As I said repeatedly when the flipper bought this place: anyone buying real estate right now is a complete idiot.

  3. Posted by EBGuy

    And to continue with an REO Speedwagon inspired Keep the Fire Burning theme, Unit 705 (1204 sq.ft.) hits the courthouse steps on December 2. It was bought for $440k in 1998, but has an unpaid balance of $621,336. Now how could that have happened?

  4. Posted by anon

    “It was bought for $440k in 1998, but has an unpaid balance of $621,336. Now how could that have happened?”
    X5 or 535i?

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