239 Brannan #11E view
Purchased for $937,500 in May 2002, the two-bedroom 239 Brannan #11E at The Brannan was taken back by the bank in October.
Just listed for $899,9000 but “missing refrigerator, dishwasher, disposer, range, fan, microwave and vanity in hall bath.” Let us know when if you see them on Craigslist.
∙ Listing: 239 Brannan #11E (2/2) 1,137 sqft – $899,900 [MLS]

30 thoughts on “Bank Owned Hits The Brannan (239 Brannan #11E)”
  1. Don’t you just love the photographs from the listings of bank owned properties. They make the properties look so attractive.

  2. I agree with diemos. How could this possibly sell for less than list when you look at the marvelous marketing job being done by the listing agent. It’s so refreshing to see a property description that tells you all of the things a home does not have offset by only saying it’s got some views of some good stuff. I also appreciate the Rain Man style of photography where it appears the camera went off accidentally while the agent was trying to untangle himself from the strap.
    It’s obvious that the agent has a lot of pride in this listing. Hell, it’s not like The Brannen isn’t one of the most popular buildings in SOMA. You can tell he’s proud by the listing price he’s helped the bank establish. This just screams: BUY ME NOW!!!!!

  3. Are we really priced back BEFORE 2002?! Wow, 2003 went by so fast, didn’t it?
    And May 2002 was hardly peak pricing.
    BTW, the Brannan is one of the high end buildings in SoMa and not currently selling around/under $600 psft like many, many others. It may not get the asking price, but I doubt it’s too far off.

  4. Are we really priced back BEFORE 2002?! Wow, 2003 went by so fast, didn’t it?
    Your many uses of “we” create confusion. I think your intent here is to spout conventional wisdom/ inflame. But I honestly can’t even be sure.

  5. Is this the first REO for a 2/2 at The Brannan? While not entirely earth shattering it is symbollically signficant because The Brannan was really the first building that started the South Beach / Rincon Hill luxury high rise living phenomena which spawned so many other projects like The Met, ORH & T1/T2. I say this sells for around $840K…It’s probably the best location and building if you’re looking to live in SOMA.

  6. this listing looks terrible. you might as well show a pic of the kitchen so people can see what it looks like without the appliances
    were they pulled nicely or was a hatchet job done?
    Buyer will expect to put $100,000 into it.
    no way. although there is always an idiot somewhere who will pay outrageous prices for things, here’s what I might spend
    refrigerator: $1000-$2000
    dishwasher: $500-$1250
    disposer: $100 t $150
    range: $500-1250
    fan (not sure where the fan is)
    microwave $400 if over the range. otherwise $100
    vanity in hall bath. $100.
    sum: $5k or so.
    I’m sure many of you need to spend $10k on a Fridge, but most of us don’t need a name brand to cook our vittles.
    I can’t recall for sure, but I’m pretty sure I got my Fridge and my range for $2000 to $3000, and the dishwasher came for free. all stainless steel-hey it was all the rage back then. they were all new but were last year’s model. Not sure why people care about the newest year model when you keep a fridge for 30 years anyway.

  7. Ex SFer, they took the fan out of the ceiling in the Kitchen and the vanity out of the bath and you think you’re just going to drop in a couple of appliances and be done with it.
    Notice the photos of the kitchen and bath? There aren’t any. That tells me there’s probably a fair amount of work to be done.

  8. I think you *could* spend 100K – but the new owners probably won’t, because for 100K more you could get a place with a reasonable kitchen already installed – couldn’t you?
    I guess how much work to be done depends on whether the old “owners” tore out all the wiring and plumbing to sell the copper or anything like that.

  9. I prefer buying the stripped property.
    Stupid paying 1.23% annual property tax on a goddamn microwave.
    The $40,000 saved here is $500/year in property taxes ($300 after tax deduction).
    Then again construction labor generally eats up the tax savings I guess.

  10. “Notice the photos of the kitchen and bath? There aren’t any. That tells me there’s probably a fair amount of work to be done.”
    I doubt that that any significant damage would be done by pulling the appliances. The fridge, disposal, dishwasher, and range pull out with zero damage unless the owner was a complete clod (or a pissed off vandal). Fridge, DW, and range typically fit into standard sized “slots” in the cabinetry and their utility interfaces cleanly disconnect. Heck, I pull my own fridge every year for deep cleaning. The microwave probably also pulls out with no damage (I just have no personal experience there).
    The hood and vanity removals may have damaged their interface to the walls though that would be minor handyman/painter type repairs.
    Ex-SFer’s estimates of replacement costs are pretty good though you can actually replace for cheaper. The full complement of appliances in my kitchen cost under $1000 for oven,range,hood,DW, and fridge. Yeah, they’re non-trendy American made white units, but they do the job (and cooked for a full house last Thursday). And I didn’t even go for the cheapest appliance choices.

  11. It always makes me think when I hear about these foreclosures that people rip out the kitchen of. I mean what do you think their neighbors say when they are going down the elevator with a Sub-Zero and Bosch dishwasher? I mean sure maybe they are doing a remodel, but I just think it’s hilarious. Then again if I was in that situation, and stood to make a few thousand doing it, I can’t say I may or may not either. Tough times make people do crazy things I guess.

  12. Notice the photos of the kitchen and bath? There aren’t any. That tells me there’s probably a fair amount of work to be done.
    I agree this is possible. That’s why I said this listing looks terrible. you might as well show a pic of the kitchen so people can see what it looks like without the appliances. were they pulled nicely or was a hatchet job done?
    I’ve personally replaced my bathroom vanity recently when I redid my bathroom. I can’t even remember how cheap the vanity was, but it was way under $100 (Lowe’s special) and was super easy to install. I’m not very handy (although I can do things here and there). It took almost no time and was super easy. it also looks great I think.
    The kitchen fan might be a bigger issue.
    =====
    Ex-SFer’s estimates of replacement costs are pretty good though you can actually replace for cheaper
    There’s no question you can go cheaper than my estimates. My intention was to show that you can get NICE appliances for under $5k.
    Like I said, I’m pretty sure all three of my higher end SS appliances were $2-3k total.

  13. oops:
    Duh, I had a brain fart. Excuse me. I was thinking of the medicine cabinet when I said Vanity.
    I didn’t go with a vanity. I went with a pedestal sink for too much money. The vanities I looked at were about $1k. You can get them from a few hundred dollars at Home Depot though.
    sorry…

  14. So ~5% under the 2002 price. The march backwards in time continues . . .
    This building seems to be pretty nice, but I cannot believe that anyone would pay prices like these for this place. You can get very nice places in SF for under a million now, so why pay the same for nothing more than a cookie cutter 2BR SOMA condo? This building will be down to $600/ft soon.

  15. ^^^ I don’t think that we can draw any conclusions until this unit actually sells. This is only the list price after all.
    I’ve got no idea of whether this will go for over or under. Valuing SFRE and especially this area has become really murky lately.

  16. For that price, I would buy an SFR in Petrero Hill.
    But, you never know in a market. People might start buying 500k homes in Stockton again. You never know what the market will support over the short term.

  17. Coming Soon… 229 Brannan #3H (927 sq.ft.). Foreclosed on Nov. 3 for $659,000. Possibly an investment property as the tax rolls (assessed at $579,326) list a different address.

  18. I can’t imagine that whoever buys this property will be installing ‘budget’ appliances. After all, with no appliances, it’ll probably have to be a cash buyer, no?
    I’m not so sure that the cabinets and such are in usable condition. I’ve seen a few foreclosures where there was much damage done to the counter and cabinets in removing the stove and dishwasher. Almost like they took an axe and crowbar to remove them.

  19. Wow, two in that building is very surprising. What I’ve noticed from talking with underwater homeowners is that we’ve started to move into the last phase of SARA (Shock, Anger, Rejection, Acceptance). Last year we were firmly in the “R” phase: “The downturn will never hit me. I Live in the REAL SF” or “It’s down, but it will come back, and soon.” A few were stuck in the anger phase.
    Not everyone has accepted it, but I’m noticing more and more are. Investors are bailing out. People who have been jobless are accepting jobs in other towns and handing the keys back to the bank and just taking off.
    Even at a top tier property like the Brannan, where you’d think the owners have the resources to hold out longer than anyone, people are facing reality and realizing they are just throwing good money after bad.
    Maybe the top tier property owners have a little more visibility as to what’s coming. They see the funding drying up for their companies and realize it’s widespread. Or maybe they are VCs who are about to shut down 4-6 X as many companies next year as they shut down this year. Or maybe they are small business owners whose incomes are way down, who see people spending less, and realize that it will take many years to rebuild their businesses, if they ever can. Or maybe they are realtors who see the demand sputtering now that the urgency to get a tax deduction has evaporated.
    Of course, this is only two people, and even in a good year, two people’s fortunes can go south, so maybe it means nothing at all. In any event, it’s good to see these folks accepting reality and that the next phase of the downturn may be starting up. Maybe we’ll finally get to the point where the average person’s salary actually buys an 1100 square foot condo in this town, like nearly every other city in the country.

  20. I can’t imagine that whoever buys this property will be installing ‘budget’ appliances. After all, with no appliances, it’ll probably have to be a cash buyer, no?
    I don’t think this is true, but could be wrong. Typically a house has to be habitable to get a mortgage on it.
    Thus, it needs to have a kitchen and a bath.
    however, I’m not sure it needs to have appliances. For example, many new homes are sold without appliances and the owner buys them him/herself after closing.
    the vanity might be another situation though…
    anybody know? anonn? Paul?
    lastly: you can get very nice appliances for the $5k I listed above. Those aren’t budget appliances IMO. They are good priced quality appliances.
    unless of course you rank anything below Wolff as “budget”

  21. Don’t think this property will qualify for conventional or FHA financing. While a microwave and fridge aren’t necessary, the property must have a stove.
    When the appraisal is done on this property, the appraiser will comment on its condition. No vanity and no stove will kill this deal for financing. What else is wrong? Did they pull out or damage any of the flooring, lighting, fixtures? Any health and safety issues would need to be addressed prior to closing also.
    In the current lending environment, it will be nearly impossible to have funds held in escrow to do the repairs. My guess is this will be a cash sale to an investor willing to repair the property and put it back on the market.
    I’d say in the mid 700k range might make it attractive investment opportuinity.

  22. “however, I’m not sure it needs to have appliances. For example, many new homes are sold without appliances and the owner buys them him/herself after closing.”
    as a datapoint, I’ve never bought a home (2 so far) that included a dishwasher or fridge. The only included appliances were range, oven, and hot water heater. I’ve toured plenty without range and oven as well but they always have a hot water heater.

  23. Someone in my company was looking at REOs in Hayward, because he needed a 4BR+ home to accomodate his family of eight and couldn’t afford anything closer. One of the places he really liked lacked a stove, and his bank said no-go. He pleaded with them that he’d buy one at Home Depot, and the bank still said no. Something was worked out with his agent and the bank who owned the property, which is bank agreed to. Unfortunately for him, he was outbid.
    Another guy I sort of know was looking at a REO condo on the peninsula. The place was a bit beat up, but everything was intact except the kitchen cabinets. His bank also said they wouldn’t give him the loan without a fully “functional” kitchen (appartenly, the lack of cabinets makes a kitchen dysfunctional). The kicker was that the listing for the property apparently stated that the bank who owned the property would not allow anyone to install the cabinets, until the deed was transferred, making it appear as if they were only willing to consider cash offers. I’m not sure how the buyer went about it, but he ended up getting the property.

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