It’s not bank-owned and its address is “undisclosed,” but we’ll tell you it’s 181 O’farrell #514 which public records would suggest was purchased for $775,000 in April 2007.
Listed for $925,000 in May of 2009, its asking price was reduced to $750,000 last November, and to $670,000 this past April. In May its list price was increased to $675,000.
Yesterday it was reduced to $595,000.
∙ Listing: 181 O’Farrell #514 (1/1.5) 1,080 sqft – $595,000 [Redfin]
∙ Oh My…Another Bank Owned One-Bedroom At Odeon [SocketSite]
∙ Oh My (And Bank Owned) At The Odeon On O’Farrell [SocketSite]
∙ Not Another Anomaly [SocketSite]
Still high HOA fees. Still no parking. Still a 1 freaking Bedroom. Still overpriced.
Even if you could rent it for 4K that wouldn’t pencil out. You’ll get maybe 2600-2800 in rent for the location mainly. Fair value is 400K to me.
If you view some of the previous threads you can see how many tried to claim that not having parking at this location was a “plus”. For all of the moaning by car haters about having to “pay” for parking spaces even though many projects sell spaces as a seperate transaction from the condo unit, I still cannot see the longterm value in buying housing without parking and would guess that there might be much more interest in this location if parking were included.
“purchased for $775,000 in April 2007” for a 1BR in the Tenderloin! (actually, redfin says $845,000 in December 2006).
I knew a few years ago that at some point we would look back at bubble prices and shake our heads in disbelief that anyone would pay such absurd amounts. Most people I know are now there, although some still maintain that this is just a little pause.
[Editor’s Note: We have a feeling the “undisclosed” address has tripped up Redfin which also lists the sale at $775,000 when referencing the full address.]
Sounds like we should not trust historical price data on Redfin. Good to know. But, is it usually accurate when an address is given?
According to PS the sales price was $775,00. It doesn’t look like the owners live here so it’s probably a good idea for them to realize the loss for this investment(however painful) rather go through a slow bleeding process for the next 10 years.
Can anyone clearly articulate the tax benefits of recognizing the loss?
so april’07 was when agents were handing out an “appreciation dartboard” with every puchase? because i don’t know how else you come up with $925,000 ask price in may’09. i see it now…
joe: “awright, i hit the +$150k section!”
fred: “you know the S&P is down 40% and credit is frozen, right?”
joe: “dude, why would they give me a dartboard that didn’t work? these guys are the pros, not me. $925, baby!”
Anyone who thinks this is the Tenderloin is a weak drama queen. Hyde and Ellis- that’s the TL. If you think this is bad you wouldn’t last a second in the real TL.
who knew there was an H&M in the tenderloin?!
Yeah, yeah, OK. So it’s three blocks west of the Tenderloin — the map on redfin was not up because the street number wasn’t listed. So add $10,000 to the $400k reasonable market price! I’d rather live in that place near the eddy rock gang.
I lived in two different parts of the Tenderloin for a combined 7 years. Despite what others may have you believe, there are good parts of the ‘loin and bad parts. This isn’t exactly the ‘loin (it’s more downtown), but it’s probably about as safe as the nice parts of the Tenderloin.
I lived in the real TL myself for six (very long) months. It’s great for transit if you work downtown, and I also didn’t find it particularly unsafe. However, it’s a tough sell in terms of quality of life. Living in an area with such a high concentration of people who have mental health and substance abuse issues was really draining. I didn’t realize how bad it was until I moved out…Not for everyone!
Oh please, it’s not the TL and it’s not “more downtown.” It’s Union Square, plain and simple. Not a big deal, but sheesh.
There was a very popular website that was taken down but did nothing but show live streaming video from 2 corners of the Tenderloin. Thousands of people would log on every night to watch the madness take place on the streets of a city that keeps telling itself “everyone wants to live here”. I think the name of site was “Adams Block”, and believe it was taken down due to death threats from drug dealers in the Loin, but the live comments posted from shocked viewers was very instructive as to how far the quality of life in this city has fallen.
As someone born and raised in San Francisco, it was embarassing to think that a portion of this city had become so horrid that people from around the world were willing to sit in front of their screens to just “watch the show”.
@anon2 and that was not where this is.
This isn’t Tenderloin at all, it’s right in Union Square. It’s on the same block as Crate and Barrel.
@Get a map
yes but Union Square doesn’t fit well with the suburbanites’ smear campaigns.
@EH:
I was referring to the real estate district titled “Downtown”, as in district 8a. See http://www.sfarmls.com/docs/northeast.htm.
hard to believe some paid these kind of prices for this location (esp. w/out parking). news flash, union sq. is pretty much in the ‘loin, or at least surrounded by the ‘loin. hopefully this whole area will gentrify over time b/c it is filled with great buildings. having lived for 6 years in the area (leavenworth/o’farrell)i always had hoped it would regain its former glory…still hoping now, sixteen years later. i’d love to see more $200-$300k tic offerings but given the current economic environment i don’t see it happening just yet.
Regardless of the discussion on location my mind is still boggled at the HOA fees of $638 and no parking. Put ’em all together and what have you got? Some crazy pricing.
The list price for 181 O’farrell #514 has been reduced to $500,000, now asking 35% less than its purchase price in April 2007.