February 28, 2011

While One Is Ready To Sell A Neighbor Seems A Little Less So

It’s a plugged-in tipster that notes a pair adjacent condos for sale at 3110 California. Purchased in November 2005 for $967,000, this past September 3110 California #2B returned to the market seeking $979,000.

Reduced and relisted a few times since, they’re now asking $849,900 (12 percent below 2005) for the Pacific Heights two-bedroom as the agent notes "seller ready to sell" and offers the "buyer’s agent" a $2,000 bonus for making the sale.

At the same time, 3110 California #2A which was purchased for $1,000,000 in September 2004 hit the market ten days ago listed for $1,200,000 (20 percent over 2004) and seemingly a little less ready to sell the three-bedroom.

∙ Listing: 3110 California #2A (3/2) 1,270 sqft - $1,200,000 [Redfin]
∙ Listing: 3110 California #2B (2/2) 1,059 sqft - $849,900 [MLS]

First Published: February 28, 2011 6:00 AM

Comments from "Plugged In" Readers

Who doesn't love a good race to the bottom?

Posted by: El Bombero at February 28, 2011 7:31 AM

The only rational way to explain this is that the owner of B is paying the owner of A to make unit B look much more attractive financially.

Posted by: gallileo at February 28, 2011 8:40 AM

something is extremely wrong with the kitchen in B, the realtor is intentionally hiding a corner and I don't see a refrigerator.

Posted by: EH at February 28, 2011 9:19 AM

"something is extremely wrong with the kitchen in B, the realtor is intentionally hiding a corner and I don't see a refrigerator."

Sold it to unit A for $350,100!

Posted by: Snowball at February 28, 2011 10:44 AM

Both overpriced. It will be a costly ending for the current owners. My condolences.

Posted by: eddy at February 28, 2011 11:13 AM

Maybe the fridge is gone. It might have been where that blank wall space is. Rare is it to find open bare wall like that in the middle of a kitchen.

Posted by: Rillion at February 28, 2011 12:25 PM

The issue is why the picture doesn't show the corner. I'll venture that there's an unsightly exposed ice maker water connector that's usually hidden by a fridge and that the photographer didn't want it in the pic.

Posted by: lol at February 28, 2011 1:12 PM

Yeah, I figured that might be fridge space...but why stage without a refrigerator?! It's just weird, that's all, I'm sure the unit is perfectly fine otherwise. :)

Posted by: EH at February 28, 2011 1:14 PM

I used to have that same cherry veneer floor in my place and ended up replacing it. There are two big problems. First, it's incredibly soft. Nudge a piece of furniture over an inch or drop your iPhone on it and you've made a permanent gouge. Second, it's incredibly light-sensitive. It starts changing color almost immediately. Within a few weeks all your large, light-blocking furnishings(rugs, sofas, etc.) have created big discolored areas on the floor. If you try to rearrange things a few months later it looks like a checkerboard. This flooring is sold as a premium product but it performs poorly.

Posted by: sunnyvalesteve at February 28, 2011 2:03 PM

I'm pulling from PS and the Recorder's website. YMMV.
Unit 2B - Purchase price, 2005: $967k (WaMu, $725,250 first). Refi in Dec, 2006 with WaMu. I'm betting they liberated some of their downpayment.

Unit 2A - Purchase price, [2004]: $1million (WaMu, $700k first). I'm not seeing any refi activity on the Recorder's website.

Posted by: EBGuy at February 28, 2011 3:05 PM

Unit 3B, which sold for $978k in Oct. 2007, also has a WaMu mortgage. Just sayin'...

Posted by: EBGuy at February 28, 2011 3:58 PM

> also has a WaMu mortgage. Just sayin'...

So this is the building that single-handedly took down WaMu? Argh matey ... :)

Posted by: SanJoseRenter at February 28, 2011 5:26 PM

The list price for 3110 California #2A has just been reduced to $1,099,500.

Posted by: SocketSite at March 23, 2011 2:28 PM

The list price for 3110 California #2A has just been reduced to $1,039,000.

Posted by: SocketSite at April 28, 2011 12:37 PM

The list price for 3110 California #2A has been reduced to $999,000.

Posted by: SocketSite at June 10, 2011 9:38 AM

The list price for 3110 California #2A has been reduced to $948,000.

Once again, purchased for $1,000,000 in September 2004 and having returned to the market in February listed for $1,200,000

Posted by: SocketSite at June 22, 2011 9:14 AM

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