July 29, 2010

Bank-Owned Competition (And Litigation) In Action At The Beacon

The sale of 250 King Street #636 closed escrow on Monday with a reported contract price of $315,000 ($441 per square foot) for the vacant one-bedroom condo at the Beacon .

Purchased for $575,000 in March 2006 ($800 per square foot), the 715 square foot unit was taken back by the bank in August 2009 with $498,055 owed. The sale this week represents a 45 percent drop in value for the unit since 2006.

At the same time the 587 square foot junior one-bedroom at the Beacon known as 250 King #904 remains active and available as a short sale seeking at $329,000. It was purchased for $525,000 in September 2005.

And yes, as plugged-in people have known for quite some time, litigation is in play.

Bank-Owned Competition In Action At The Beacon (250 King) [SocketSite]
Unable To Fund Loan(s) At The Beacon? Hmm... [SocketSite]

First Published: July 29, 2010 6:00 AM

Comments from "Plugged In" Readers

The list price for 250 King Street #904 has been reduced to $299,000. Once again, purchased for $525,000 in September 2005.

Posted by: SocketSite at March 10, 2011 12:03 PM

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