August 25, 2010
Who’s Down With OPM In The Marina?
Purchased for $875,000 in June 2004 with a variable rate first for $612,500, a second for $218,750, and all of five (5) percent down, 1471 Francisco was taken back by the bank three weeks ago with what would appear to be $983,741 owed. Ah, the good old days of playing with OPM (other people’s money). Other than the FHA's, of course.
The two-bedroom Marina condo is back on the market today and asking $892,500.
∙ Listing: 1471 Francisco (2/1) 1,344 sqft - $892,500 [MLS]
∙ Three Amigos Of FHA Requirement Changes In Effect Or Coming Soon [SocketSite]
First Published: August 25, 2010 3:30 PM
Comments from "Plugged In" Readers
Sure, but look at this crummy location! As many predicted, the subprime foreclosure crisis is limited to D3, D9, and D10 because buyers everywhere else paid with cash from their trust funds or tech options.
Posted by: A.T. at August 25, 2010 3:42 PM
Sadly for those who didn't participate, OPM now means tax-payer money.
Posted by: Q at August 25, 2010 3:53 PM
The original loans are impressive, but it's the WaMu refi in June, 2007 that put this one over the top. It will be interesting to see, once all the dust has cleared (5 years, 10 years?), if there is a single performing WaMu loan from 2007.
Posted by: EBGuy at August 25, 2010 4:53 PM
It doesn't mean taxpayer money. This foolishness blew a six trillion dollar hole that the government dumped one trillion into. If the government would underwrite all of this then we wouldn't have zombie banks. This wound is too big for taxpayers to provide much more than a bandage. It is possible to get an altruistic thrill from claiming taxpayers are on the hook for all this, but oddly enough that would be a much more pleasant scenario than what is actually playing out.
Posted by: Mole Man at August 25, 2010 4:58 PM
Wow! The bank is going to get hosed with this one. 2 bedroom/1 bath with that ugly kitchen. No way, no how for $900,000 in this market. This is a real knife-catcher for the next buyer. Personally, i never understand 2 bedroom/1 bath purchases. Don't you at least want an extra 1/2 bath for guests. 2 bedroom/2 ba for me. Everything else less than that is a rental is my book, a vacation property, or a part-time spot.
Posted by: MarinaRenter at August 25, 2010 5:05 PM
The bathroom is....I mean....uh...wow....
Posted by: CameronRex at August 25, 2010 5:16 PM
I predict will next see a new price of $888,888 to snag a rich, gullible, superstitious Asian buyer -- lots of those around in realtor dreamland.
Posted by: A.T. at August 25, 2010 5:17 PM
Not sure what to say about this one, but it looks like they didn't even try with the pictures. But the place doesn't really look that impressive in the first place.
Is it really 1344 feet? Is the living room just super huge to account for that much space? I've lived in 1200 sqft places that looked bigger than this and had a 3rd bedroom and a 2nd bathroom.
Posted by: sfrenegade at August 25, 2010 5:35 PM
5% down is Naughty by Nature, yo.
Posted by: Stu at August 25, 2010 7:36 PM
"Bank Owned Property!"
Realtors, English and a downturn - with predictably unsavory results.
My prediction: someone will bid $1 for this property when it is offered as a prize in a Price is Right Showcase Showdown™, in hopes of winning the other showcase.
Posted by: Embarcadero at August 25, 2010 9:12 PM
seems like a crowd pretty uneducated in recent marina comps. it will sell for right around $1M
Posted by: resp at August 25, 2010 9:29 PM
Not to have any sweeping stereotypes, AT, but as a RAB (Rich Asian Buyer) who listens to HBDM (Head Banging Death Metal), I am going to bid 2/3 (.666) of $666,666.
Posted by: nanon at August 26, 2010 7:43 AM
I think this is priced well, and somewhat agree with Resp.
Full floor flat in the marina. with parking.
I would think it will sell reasonably fast
Posted by: BDB at August 26, 2010 9:26 AM
"seems like a crowd pretty uneducated in recent marina comps. it will sell for right around $1M"
resp, will you please point out the comps so that we can become educated? Genuine question, not snark.
Posted by: sfrenegade at August 26, 2010 10:10 AM
Here's a neighborhood comp which I wrote about on this thread. The condo at 3730 Fillmore was bought by a (distant?) relation of the mayor in 1999 for $500k. Fast forward to June 2009 when it was foreclosed for $1,099,079. Sold in Feb. 2010 for $911k (1722 sq.ft.).
Posted by: EBGuy at August 26, 2010 11:49 AM
1475 Chestnut $1.225 07/20/10 $789 sqft
3135 Franklin $1.335 07/13/10 $668 sqft
3615 Buchanan $835k 07/26/10 $714 sqft
3530 Webster $1.240 05/18/10 $772 sqft
And countless others.
Posted by: R at August 26, 2010 11:55 AM
P.S. That was just the four first condos in a few block radius. I didn't cherry pick, I didn't look at condition or anything.
Posted by: R at August 26, 2010 11:57 AM
R - thanks for doing the homework. didn't have the time. this place needs a $60K new kitchen and a $25K new bath but it is located in a small area of the marina that is not in liquefaction which many find attractive. it was in contract at about $1.19M recently but fell out before going REO. hard to believe that buyer was off by $300K.
Posted by: resp at August 26, 2010 1:01 PM
I'm down with opm in the Tenderlon.
Posted by: Sunny Jim at August 26, 2010 1:18 PM
agree - this will sell in days. don't like the bathroom - it's tile. how hard is that? need a 2nd bath for guests? how often do you have guests?
but just think, if this sells for $590,000 then we'll know we're down to 1999 prices. or for $440,000 for 1997 prices. a great apple for you bears now that we're going to have a market collapse thanks to the Marina having a foreclosure.
Posted by: hangemhi at August 26, 2010 1:20 PM
went to see this - building has a lot of deferred maintenance and the unit feels smaller than 1300-ish sqft including the 2nd br being smaller than you normally find in marina flats. ebguy's comp 3730 Fillmore is probably the best one for this given that places condition, so at asking is about right.
Posted by: hangemhi at August 27, 2010 9:21 AM
The sale of 1471 Francisco closed escrow on 10/13 with a reported contract price of $905,000. That's 1 percent over asking, 3 percent over its 2004 price, and 11 percent under what was owed.
Posted by: SocketSite at October 20, 2010 2:19 PM