Yet another Watermark penthouse has been wholly taken back by the bank and returned to the market. Purchased for $1,180,000 in November 2006 ($1,046 per square foot), 501 Beale #PH1D has been listed for $1,065,000 ($944 per square). 501 Beale #PH2D a floor above was purchased for $1,350,000 in October 2006 ($1,197 per square).
Keep in mind that 501 Beale #PH1B which had been purchased for $1,300,000 in October 2006 ($1,275 per square foot) sold this past February for $893,000 ($876 per square foot) while 501 Beale #PH2B which had been purchased for $1,375,000 in December 2006 ($1,349 per square foot) sold last October for $950,000 ($932 per square).
The 31 percent declines in value from to 2006 to 2009/10 for #PH1B and #PH2B might suggest a bit of optimism on the part of the sellers of #PH1D today (currently listed at a 10 percent discount below 2006). At the same time, the 13 percent discount in purchase price for #PH1D versus #PH2D (versus the 5 percent discount between #PH1B and #PH2B) might suggest a relatively good basis to begin with for #PH1D in 2006.
∙ Listing: 501 Beale #PH1D (2/2) – $1,050,000 [MLS]
∙ Still Not Cheap, But 31 Percent Cheaper: Watermark Penthouse #1B [SocketSite]
Pair Trio Of Bank-Owned Penthouses Atop The Watermark [SocketSite]