As we wrote this past November:
Of 83 new listings in San Francisco over the past week, 30 (36%) are either bank owned (16) or seeking a short sale (14). One such listing is for Watermark (501 Beale) #1D.
Purchased for $725,000 in January 2007 but then bought back by the bank this past August, the 831 square foot one-bedroom with parking was listed for $495,000 yesterday.
Today the sale of the now vacant 501 Beale #1D closed escrow with a reported contract price of $402,000 (45 percent under its 2007 comp setting price).
Now back to the relative scarcity – but increasing number – of newly bank owned properties in San Francisco proper and whether or not they’ll have any impact on the market as a whole, a market in which prices tend to be set at the margin(s).
∙ One Of Thirty Underwater Properties New To The Market This Week [SocketSite]
∙ A Pair Of Bank-Owned Penthouses Atop The Watermark (501 Beale) [SocketSite]
∙ A Higher Watermark Than Some Expected…Only 23% Under ’06 Price [SocketSite]
∙ Actual San Francisco Foreclosures Up 10.9% QOQ (Up 91.1% YOY) [SocketSite]