October 19, 2010
216 And 224 Eleventh Street Have Left The Haus
While the buildings had debts of almost two million apiece ($1,942,501 and $1,949,945), neither garnered a bid over a million.
As an aside, Hauser was the architect of 2739 Larkin.
UPDATE: No moratorium or wasting time here, from a plugged-in tipster: "…it might be interesting to note that they are listed for sale already by the bank for a combined price of "make offer" with a recent appraisal noted at $1,740,000." From the flyer:
∙ 216-224 11th Street: Overview and Floor Plans [hauserarchitects.com]
∙ A Look Inside 2739 Larkin And The Russian Hill Contemporary Market [SocketSite]
First Published: October 19, 2010 8:30 AM
Comments from "Plugged In" Readers
UPDATE: No moratorium or wasting time here, from a plugged-in tipster: "...it might be interesting to note that they are listed for sale already by the bank for a combined price of "make offer" with a recent appraisal noted at $1,740,000."
Posted by: SocketSite at October 19, 2010 9:05 AM
So the 10/2010 appraisal is $1,740,000 and the loan balance is almost $4,000,000. Maybe those idiots predicting 50% drops in SF real estate weren't so out-of-touch after all.
Posted by: A.T. at October 19, 2010 9:24 AM
They were either purchased for 1.25mm each, or 1.25mm total, hard to say (both buildings show sale on 01/16/08 for 1.25mm).
Let's not confuse balance owed with purchase price or value.
They are either asking 30% less, or 40% more.
Posted by: R at October 19, 2010 10:23 AM
A.T., commercial real estate is very different from residential nowadays. Over 50% drop from peak is not unusual for commercial. There are some great deals to be had there for anyone with enough cash; with emphasis on cash because the financing is all dead. The commercial market is a reflection of what the residential market would be if there is no backing from the government.
Posted by: pobeb at October 19, 2010 10:47 AM
"Instant Karmas's gonna get you / Gonna knock you right on the head / You better get yourself together ..." alas Mr. Hauser...Karma man finally caught up to you!
Posted by: Karma Man at October 19, 2010 2:01 PM
Although the parties were the same in both transactions, the properties transferred on different deeds that recorded on the same day - 1/16/2008.
That would make the total purchase price $1.25M x 2.
216 11th St, Document #I51847400
224 11th St, Document #I51847700
Posted by: Schaetzer at October 19, 2010 10:23 PM