Scheduled to hit the courthouse steps at two this afternoon, it’s a plugged-in tipster that notes the previously published opening bid of $1,407,739 has just been dropped to $1,144,024 for the two-bedroom Ritz-Carlton condo known as 690 Market #2003.
Purchased for $1,890,000 ($1,320 per square) in September 2007 with what would appear to have been a $1,322,978 loan and 30 percent ($567,022) down, the 1,431 square foot luxury unit was listed for $2.35M in 2008, reduced to $1.9M in 2009, and then reduced to $1.69M before being withdrawn.
We don’t consider courthouse auction prices to be “apples-to-apples” on account of their all cash and no contingency nature, but as our reader notes, it will be a 39 percent haircut in value if it sells for its opening price of $799 per square.
That being said, 690 Market #1502 which was purchased for $1,481,000 in October 2007 ($1,239 per square) and then taken back by the bank is currently pending having last been listed for $949,905 ($795 per square), a sale at which would represent an apples-to-apples 36 percent decline in value for the luxury unit over the past three years.
And once again, while “still not cheap” at almost $800 per square, we’re guessing that’s of little solace to those who were sold on
$1,200 $1,300 per square or more.
UPDATE: While still noted as pending on the MLS, a plugged-in reader reports that 690 Market #1502 actually “sold for $805K, plus the auction fees, in early December.” Once again, the condo originally sold for $1,481,000 in October 2007.
UPDATE: With no bidders yesterday at $1,144,024 ($799 per square foot), 690 Market Street #2003 is now bank owned. Once again, the luxury two-bedroom Ritz-Carlton condo had originally been purchased for $1,890,000 ($1,320 per square) in September 2007.
∙ Puttin’ On The Ritz (And Pressure) At Under Eight Hundred A Square [SocketSite]