While not nearly as large nor ornate at the Spanish styled Mediterranean villa at 299 Santa Paula (the list price for which has been reduced to $4,699,000, $700,000 under which it was rumored to have been in contract in 2009), the Spanish Mediterranean home (not villa) at 355 Santa Ana has hit the market as a short-sale listed for “$1,275,000.”
In July of 2007 the four-bedroom Balboa Terrace single-family home sold for $1,850,000, 31 percent more than its current list.
∙ Listing: 355 Santa Ana (4/2) 2,835 sqft – “$1,275,000” (short sale) [MLS]
∙ Ay, Caramba As 299 Santa Paula Avenue Cuts Again [SocketSite]
31% isn’t anywhere near the 50% that’s been seen in Stockton so SF hasn’t gone down.
unless something is structurally wrong, it should move quickly at that price.
Maybe LMRiM will finally come back to live and SF and stop wasting his 3Ks/month on a house in Marin.
This is a herrera listing. he always lists his properties low to get a mini bidding war. this will go in the 1.35-1.4 range.
“31% isn’t anywhere near the 50% that’s been seen in Stockton so SF hasn’t gone down”
Cheap + occasionally thoughtful = cheap
Never fear my old friend, after Jan 1 2012 I shall plague you no more.
I’d have probably moved on by now but someone once complained that none of the bears would be around to be “accountable” for their predictions so I promised to hang around until then.
Oddly enough, they are long gone (at least officially), I’m still here.
Of course many of them are gone. Nothing has turned out like they said it would. I do appreciate your accountability and your voice. But Stockton? LOL.
“Nothing has turned out like they said it would.”
How true. San Francisco never really took a price hit and it won’t, either.
As for this place, I’d be surprised it it sells for much more than the asking as it’s already priced at the high end for this area and just about average for $/sf. Down 30% (or more) from 2007 peak is pretty commonplace all over SF. And this place is decent-sized but no showpiece, with some of it looking like a Mexican hacienda and some looking like a suburban tract home.
Astounding that it went for $1.85mm just 3 1/2 years ago. Madness all over town.
Hmmm… I probably should have sold my WF shares last week (first and second position on this short sale).
“Nothing has turned out like they said it would”
Withholding comment about specific posters that I may be unaware of, it seem in general that the price declines being witnessed now are far greater then many believed possible.
A large portion of the lay public during the boom seemed to believe that real estate prices would never go down by any significant amount, there is some polling data to this effect.
One reason for the severity of the crisis is that the “experts” who rated and priced mortgage bonds also far underestimated the severity of price declines.
Short sales aren’t comps anyway.
I think conventional wisdom on the “bull” side several years ago was that we would see perhaps a 10% hit at most, and then perhaps a long period of stability. That, after all, was the experience of the last real estate downturn in the early/mid 90’s.
short sales are comps for people who can pay cash.if you don’t have a lot of cash it’s not a comp for you.
@meep — not true. I bought a short sale using conventional financing (20% down etc.).
Foreclosure sales on the courthouse steps require “all cash.”
As a civilian in these real estate wars, I love this and the price seems very good.
“short sales are comps for people who can pay cash.”
That’s absolutely not true. Who told you that and what was their motivation for doing so?
Not sure if I could dig up my posts, but I was pretty vocal in 07/08 about pending declines and this was based on 06 observations, so implied was that we would see prices drop below 06 even when prices were continuing to increase. It boggled the mind that people were buying at those insane prices. Prices have come down, way down. There is consistent demand and there will always be consistent demand in SF. Supply matters, but so long as demand, and competition for prime homes exists (it does) it should / will offer price stability when you are talking about very nice homes in good locations. This house at this price seems ok, but it certainly could use some ownership pride.
FWIW, I think LMRiM is now in Florida.
Short sales aren’t comps anyway.
i always love realtor bs like that. such tripe. alas…
Wow this has totally gone off the deep end. It’s bulls pretending to be bears and other bears not getting that it is a joke so they respond to it like it’s really bulls.
[realtor.ed] is tipster pretending to be fluj didn’t you guys get the funny.
short sales are comps for people who can pay cash.if you don’t have a lot of cash it’s not a comp for you.
Posted by: meep at February 18, 2011 1:06 PM
Is this also tipster?
sparky-b, I got who [realtor.ed] is, but I clearly responded to meep who gave wrong information.
As to this house, does anyone find the transition from the main floor common space to the kitchen or the upstairs hallway to the upstairs rooms somewhat jarring? The kitchen is rather awkward in design too, and that fridge location is strange. Bathrooms look like they might need to be redone too. The 4th bedroom (in pink) seems like an afterthought or re-adapted room.
It seems like you might be able to make this into something. The permit history doesn’t indicate any major work done any time recently. The only substantive thing, beyond multiple termite issues, seems to be new windows in 1983 ($2500!).
no but it’s not fluj either. It is somebody confusing short sale and court house sale. Probably not even one of those devilish realtors.
“no but it’s not fluj either. It is somebody confusing short sale and court house sale. Probably not even one of those devilish realtors.”
that’s what happened
Oak to lino and fridge… All probably like that from new (1927). And upstairs all the rooms save the baths have oak so..? Baths and kit look to be redone on the last decade or so, although the kit is a little to Mill Pride and green Formica for my taste. Pink br may have been re-purposed but trim looks identical to the boys br.
All in all, looks like a west side SF family home. Priced okay but no bargain.