November 23, 2009
The Credits Roll On The 2009 Sale Of Marquee Lofts #708 (And #605)
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.
∙ Change Of Heart, Cash Crunch, Or A Condo Sitter Gone Crazy? [SocketSite]
∙ From Foreshadowing To Foreclosure For A Marquee Loft Off Van Ness [SocketSite]
∙ A Remodeled Marquee Lofts #708 Returns…With A Kitchen! [SocketSite]
∙ Have We Seen This Marquee Lofts (#708) Movie Before? [SocketSite]
First Published: November 23, 2009 12:00 PM
Comments from "Plugged In" Readers
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.
Posted by: resp at November 23, 2009 12:48 PM
Buyer's cost: $580K
Closing costs: 10K
Carrying costs 30K
3 years HOA 12K (incentive to buyer)
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.
Posted by: tipster at November 23, 2009 12:52 PM
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?
Posted by: EBGuy at November 23, 2009 12:52 PM
"It was bought for $440k in 1998, but has an unpaid balance of $621,336. Now how could that have happened?"
X5 or 535i?
Posted by: anon at November 24, 2009 7:41 AM