Advertising “Beautiful Bones” (i.e., in rough shape), the 1,565 square foot number five at 2111 Franklin sold for $799,000 ($511 per square) this past February having been taken back by the bank in May 2009.
Four months later the fully renovated and 1,565 square foot number two at 2111 Franklin sold for $925,000 ($591 per square) having been purchased for $1,095,000 ($700 per square) two years before in June 2008.
And yesterday, the 1,565 square foot semi-renovated number four at 2111 Franklin returned to the market for the first time as a banked-owned property asking $725,000 ($463 per square).
Purchased for $1,075,000 in September 2005 ($687 per square), number four chased the market down for two years, having first been listed for $1,100,000 in August 2008, last asking $849,000 as a short sale before losing the property to the bank last month.
The Pacific Heights property had been purchased in 2005 by way of two mortgages, one for $800,000 and another for $167,500, and ten percent ($107,500) down. It had previously sold for $759,000 in 2002 with a bit of remodeling in between.
∙ Listing: 2111 Franklin #4 (2/2) 1,565 sqft – $725,000 [Redfin]
Foreclosure? Every time a bubble buyer loses his entire downpayment, an angel in money heaven gets its wings. Rejoice.
– el bombero
Here are the cliff notes:
#5 02/10 Sold for 799k @ 511/psf Needs Renovation
#2 06/08 Sold for 1.1M @ 700/psf Fully Renovated
#2 06/10 Sold for 925k @ 591/psf Full Renovated
#4 ?/02 Sold for 759k @ 485/psf
#4 9/05 Sold for 1075 @ 687/psf (Semi-Remoldeld)
#4 12/10 4Sl for 725k @ 463/psf (Bank Sale)
So the #4 buyer in 2005 paid almost as much for a semi-renovated flat as the #2 buyer in 2008 paid for a fully renovated flat.
Omitted from the history is:
#2 sold for 880k @ 562/psf in 12/03
#2 sold for 810k @ 517/psf in 03/02
#1 sold for 1M for 618/psf 2007
#1 sold for 725k for 448/psf in 04/03
Not really sure what all this says other than it seems that fully renovated places command a higher price and condos on Franklin are back to 2002/2003 pricing. Clearly buying a condo in 2008 anywhere was not a great idea. And what is with #2 in this building getting flipped so frequently. Lot’s of Realtor commission on that place!
The best is #8 who paid 515k in 1996 @ 329/psf for probably the top floor best unit in bldg.
The link has the old ’05 listing. Many of the pictures are of things in the apartment – orchids in front of mirrors, for example. They were obviously selling a lifestyle and some poor fool bought the ambience of the stager.
Thankfully, it appears the mortgage was securitized here. No innocent banks were harmed in this transaction (well, except for the Greenpoint second). YMMV.
“Lifestyles of the Poor and Foolish”. Could be good TV.
From the old listing:
Open 8/21 2-4 pm
Offers reviewed 8/22 3 pm
Those were the days . . .
Is there a doctor in the house? Not any more.
Also from the old listing:
Listed for $899K
Sold for $1075K
Yes, those were the days . . .
What is the Franklin Street effect on all this? I assume that the identical property on Franklin is worth some amount less than one on Octavia or west. Is there any data on this?
@Conifer – I generally put Franklin and Gough is the LPH district for comp purposes. Not sure there is analyzed data on this impact, but there seems to be a general trend of -8 to -18% on homes/condos on or near these streets. Condos take the bigger hit, but SFHs aren’t that great either. It’s also exacerbated by the fact that the SFHs on these streets are generally pretty shabby. Some of the high floor condos, however, are well done and command more prime D7. I give these properties on these streets a 1.25x Location on the “Location, Location, Location” scale.
Happy Holidays.
Pitures of unit staged when offered at 849!?
http://www.movoto.com/real-estate/homes-for-sale/CA/San-Francisco/2111-Franklin-110_368204.htm
Am I the only one that thinks the layout of this place is ridiculous? The kitchen is tucked so far in the back corner, you have to go through the living room AND the dining room to access it. (Or you can enter by going through two bedroom doors and a pantry)
It’s a common Pac Heights layout. They may have put the door between the bedroom and the kitchen in.
I think I’d put the wall back up in place of the door between the bedroom and the kitchen and take back the closet space they got rid of. I assume they did that to make it easier to get from the front door to the kitchen.
With a small modification, I think the layout is quite uptown for this price. Shrink the 2nd bedroom slightly and create a hallway between the foyer/vestibule and the kitchen. If you wish (and possible), remove wall between kitchen and dining room.