April 26, 2010
2004 To 2010 (And Bank-Owned) For 2040 Franklin #1008
Looking a little less empty (and staged) than when purchased for $610,000 in October 2004 ("Beautifully renovated condo...Granite counters in kitchen, top of the line appliances, remodeled baths, excellent outlooks, & peeks at the Bay"), the now bank-owned 2040 Franklin #1008 on the border of Pacific Heights is back on the market and asking $532,900. And yes, those appliances remain in place.
At the same time, the 31 percent smaller but "recently renovated" 2040 Franklin #708 is asking $629,000 and going on 266 days on the market. And no, it's not bank owned.
UPDATE (5/18): The listed square footage for 2040 Franklin #1008 has been changed to 772 square feet and its list price reduced to $519,900.
∙ Listing: 2040 Franklin #1008 (1/1.5)
1,040 772 sqft - $532,900 $519,900 [MLS]
∙ Listing: 2040 Franklin #708 (1/1.25) 715 sqft - $629,000 [MLS]
First Published: April 26, 2010 12:45 PM
Comments from "Plugged In" Readers
Wish I could buy this in Paris (or London) for this price.
Posted by: Conifer at April 26, 2010 1:31 PM
wow that's a boring vanilla building and unit. But at least it's getting more affordable.
Posted by: curmudgeon at April 26, 2010 2:18 PM
I just wish the process let them build more like this when things were bubblicious so we could have more choice now
Posted by: Zig at April 26, 2010 2:52 PM
Is it possible that 1040 s.f. is a typo? Surprised that #1008 would have a different floorplan than #708 given the uniform look of the building exterior. Also, don't see 1040 s.f. in those photos.
Posted by: offshoreflow at April 26, 2010 3:06 PM
1,040 looks right to me considering bedroom and living room photos.
Posted by: J at April 26, 2010 3:14 PM
Just looked at propertyshark for first time--cool site. The listing for #708 also shows 1,040 square feet. So, is #708 31% smaller than #1008 or not?
Is it possible that the 1,040 s.f. includes deck space?
Posted by: offshoreflow at April 26, 2010 5:18 PM
they are both probably about 715 SqFt. every unit i've seen in this building shows the unit to be 30% or so larger than they really are.
the other problem with the building is that more than 10% of the units are owned by one owner - Jackson Tower Associates/Lone Tree Properties - so you can't get a fannie backed conforming loan. based on the sale of #504 which sold for $580,000 recently my guess is the inability to get a regular loan cost owners there 5% to 10% in value because unit should have sold for more than $600k.
Posted by: hangemhi at April 26, 2010 8:29 PM
The list price for 2040 Franklin #1008 has been reduced $13,000 (2%), now asking $519,900. Once again, purchased for $610,000 in October 2004.
The listed square footage has also been changed to 772.
Posted by: SocketSite at May 18, 2010 2:14 PM
Posted by: SocketSite at June 11, 2010 10:00 AM