November 17, 2010

At Least The MLS Is Accurate In Terms Of The Reduction...

2041 Sacramento Facade

As we wrote last month:

While a sale of 2041 Sacramento was reported on the MLS October 4 with a contract price of "$1,950,000," it would now appear the Pacific Heights condo overlooking Lafayette Park and Cathedral Hill was actually foreclosed upon with $1,880,877 owed.
Yesterday, the property returned to the market and MLS listed at $1,695,000.
And once again, the top-floor condo was purchased for $2,286,500 in June 2007, had been listed for $2,095,000 a little over a year ago (reduced to $1,999,000), and was relisted as a short sale for "$1,695,000" this past January.

This morning the list price for 2041 Sacramento was reduced $81,236 (7%), now asking $1,577,700 (31% under its year 2007 comp setting price).

∙ Listing: 2041 Sacramento (3/3) 2,503 sqft - $1,577,700 [MLS]
While The MLS Reports A "Sale," Public Records Report A Foreclosure [SocketSite]
A Year Later An Apple Falls In Pacific Heights (2041 Sacaramento) [SocketSite]
An Apples To Apples (And Rather Prime) Update For 2041 Sacramento [SocketSite]
North To South (And Apples To Apples) From Atop 2041 Sacramento [SocketSite]

First Published: November 17, 2010 10:00 AM

Comments from "Plugged In" Readers

D7:35% off. 2007:$2.2865; Now $1.499.

Where are those haters expecting 50% off!

Posted by: tipster at December 18, 2010 9:52 AM

But it's on a busy street!

It's on a buusy streeeet!!!!

Posted by: diemos at December 18, 2010 10:15 AM

Maybe sparky can find a couple of stickers on the back of some doors to explain the loss. All $787,500.00 of it.

:-)

Posted by: tipster at December 18, 2010 10:22 AM

I have not been to that house, but it is my experience that houses on Sacramento do not have stickers on doors, however they always have pee stained carpets. Now is there enough pee to add up that the 787K loss, probably not. I would peg it at about $300K in pee, so you have to wonder where is the rest of the damage? My money is on Meth Lab, those things are all over these Northern 'hoods.

Posted by: sparky-b at December 18, 2010 1:45 PM

2039 Sacramento closed two months ago for $1.6. It's the lower unit, and 250 square feet smaller. Back then, the realtors were no doubt touting the mls-reported but fraudulent sales price of $1.95 for 2041. Instant equity!!

Now the lower unit is at least $100k underwater, probably a lot more. Nice Christmas present for the owner, courtesy of his friendly agent.

Posted by: El Bombero at December 18, 2010 2:10 PM

Posted by: Your equity will be assimilated. at December 18, 2010 2:31 PM

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