December 30, 2010

The Abandoned (408-416) Bosworth Homes Head Back To The Bank

408-416 Bosworth (www.SocketSite.com)

A year ago the eight unit “Bosworth Homes” development at 408-416 Bosworth hit the market asking between $650,000 for a one-bedroom to $1,299,000 for a five-bedroom with parking for two. Having sold none and just seventy percent complete, the project had ended up in receivership earlier this year, "working with a local contractor to secure the building and obtain a bid for completion."

As plugged-in tipster notes, the development appears to have finally gone back to the bank following an auction Tuesday on the courthouse steps. A second auction related to the development scheduled for yesterday was cancelled, the details for which we’re searching.

In the words of a plugged-in reader in September:

[This development]…has become an eye-sore for our neighborhood. Unfinished units have been standing for well over a year and [are] now becoming a hazard to the community. I think this property would probably not meet health department regulations since the load bearing walls have been exposed for two winters now.

As best we can tell, the two buildings at 2 and 10 Rousseau which are only twenty percent complete were finally foreclosed upon as well, and to which our reader’s load bearing walls comment likely relates (versus the eight condos fronting Bosworth).

2 Rousseau (www.SocketSite.com)

We'll keep you plugged-in and our eyes open for any "contractor specials" coming soon.

What Are 412-416 Bosworth: Full Pricing And Two Open This Weekend [SocketSite]

First Published: December 30, 2010 2:00 PM

Comments from "Plugged In" Readers

What bank took it back?

Posted by: jimmythekid at December 30, 2010 4:01 PM

Even w/o the deterioration due to the construction halt these units look jarring and out-of-place on this small site among much smaller units.

A shame this was approved as designed. IMO it's deplorable that the city allows over-sized, to-the-lot-line structures on the few remaining open parcels.

One rare exception was Arden Estates off West Portal. The land, sold off by Ardenwood, could have been turned into 10/11 units but the strong neighborhood (read high income nearby residents) were able to keep the density lower than normal for San Francisco.

Indeed the homes arespacious and detached with plenty green space in front, beside and in the back.

Posted by: Gil at December 30, 2010 4:02 PM

Ok, but let's be clear Gil: Those Arden Estate homes are for the rich. They are high end, high cost and available to probably very few buyers in SF.

I would agree that these unfinished houses on Bosworth are way over scaled, probably built fairly cheap, but they are for a completely different market and price point.

Posted by: noearch at December 30, 2010 4:33 PM

The five bedroom Bosworth unit was asking 1,299,000.

The Arden homes were asking 1,399,000 and up as I recall. I don't know if the Bosworth places are cheaply built but I went into the Arden models and they were well constructed.

I'm really surprised at the small price difference to the 5 bedroom Bosworth unit.

Posted by: Gil at December 30, 2010 4:59 PM

Posted by: fred at December 30, 2010 5:28 PM

Gil you live in a city, get over it.

Posted by: @Gil at December 30, 2010 7:45 PM

Regarding these Bosworth prices vs. Arden Woods, I can't see what the AW houses were listed for, but this seems like a "listing price vs. actual selling price" comparison, so their true values are not at all close to each other. It looks as if the prices/comps mentioned by Willow and geekgrrl over a year ago were much more realistic than the Bosworth's selling agent.

Posted by: Dan Clark at December 30, 2010 11:01 PM

Why would these need to be low density and have green space all around when they are wedged in between a freeway on one side (280) and a psuedo-freeway on the other (San Jose)?

This little section of space was sufficiently screwed up in the 1950s, not by the approval of this project. A bunch of (much taller) high-rises with awesome views of the City that rise up above the din of the constant traffic would be far more appealing than the poor little run down victorians that remain, IMHO...

Posted by: "Dave" at January 1, 2011 9:23 AM

I live close by and am hoping that these homes will be completed soon. The ones on Bosworth are almost done but the two on Rousseau will need to be torn down completely and rebuilt from scratch. The design of these condos is no doubt uninspired and the San Jose off ramp feel is going to be challenging to sell to prospective buyers but these homes will appeal to those who want to live in a transit rich location. (e.g. GP BART, J Church, 280/101) Prices however are going to have to come down significantly...

Posted by: Willow at January 3, 2011 12:09 PM

Construction on this development restarted about 2 weeks ago. The property was purchased by Encore Housing Funds who focus on developing distressed properties. Expect a completion date of June/July.

Posted by: Willow at April 21, 2011 10:03 AM

Looks like they are back on the market a little later than June/July. #404 just hit at $1,075,000 for 3270 sf 5 bd/4.5 ba and they're calling it 12 units now. I'm assuming the Rousseau units are going to be torn down and re-built too. One can only hope - they are an eyesore!

Posted by: Watcher at September 28, 2011 6:11 AM

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