February 23, 2011
The Quintessence Of Russian Hill Living Or The Market As A Whole?
Purchased for $2,550,000 in December 2007 and unsuccessfully listed for sale five times since with prices ranging from $2,700,000 to $1,900,000, the Royal Towers (1750 Taylor) #1803 is now back on the
market MLS and listed for $1,995,000 as a short sale.
The new listing at 22 percent below its 2007 price touts "Quintessential Russian Hill Co-Op." And yes, the listing now includes an obligatory reference to the America’s Cup.
∙ Listing: 1750 Taylor #1803 (3/3) - $1,995,000 (short sale) [MLS]
∙ Royal Towers (1750 Taylor): Columns, Views, And Comps [SocketSite]
∙ Overused Listing Descriptor Of The New Year: "Stunning" [SocketSite]
First Published: February 23, 2011 8:30 AM
Comments from "Plugged In" Readers
ugh. short sale shmort sale, just walk away already.
The idea of someone who thought they could own a $2.5M dollar condo pleading hardship is ludicrous.
Posted by: diemos at February 23, 2011 8:37 AM
@diemos, I totally agree. While I recognize that unforeseen circumstances do arise, I'm more apt to be sympathetic when the property is on the lower end of the market, aimed at people who just wanted to own a home. These multi-million dollar short sales or foreclosures just reeks of hubris and extremely poor financial management to me.
Posted by: Austin at February 23, 2011 8:54 AM
Would your sympathy change if I told you that the banks will give you three more months of living rent/property tax/maintenance/HOA free if you list as a short sale. It's worth 18,000 to the owner to do this.
Six months from now, the day before the trustee sale, the owner will file for bankruptcy, which will halt the sale. Ten months from now, the sale will occur. Total out of pocket for the owner will be $1500 for all ten months. I'm guessing this would rent for something more than $150/ month.
I'm thinking no real sympathy is actually being requested.
Posted by: tipster at February 23, 2011 9:10 AM
If it didn't sell at 1.9MM, what make them believe it can now sell at 1.995MM? America's cup premimum, please.
Let the bank take it back, and price it realistically for today's market.
Posted by: marko1332 at February 23, 2011 9:12 AM
Oh man, does this mean every property with a view of Alcatraz is going to entice buyers with the America's Cup ? Surely anyone wealthy enough to purchase this is also smart enough to realize that they could simply rent a place for the duration of the races for far far less.
Sell the property on its enduring merits rather than an ephemeral event. A reference to the AC signals either weakness in the property's offering or the agent's skills.
Posted by: The Milkshake of Despair at February 23, 2011 9:14 AM
The most interesting element of this...it is a Co-Op. Meaning that the buyer owns a percentage of the building as an investment share. Very limited number of lenders, buyers supposed to be dipped in gold and the best of the best. Lots of reserves and at least 20-25% down at time of purchase. How are they able to pull off a short sale. Cannot imagine the lender or Co-Op board will allow it.
Anyone have more insight to Co-Op short sale situations?
Posted by: john at February 23, 2011 9:15 AM
@tipster, You definitely make good points. I guess I just want to believe that some people are not out to game the system, and truly did not expect to have to go into a short sale or foreclosure process.
Though truth be told, I recently purchased a loft in SoMa, short sale from a seller who was also a real estate agent, and I firmly believe that he was one of those people you described.
Posted by: Austin at February 23, 2011 9:19 AM
Ok, I am less interested in the politics of short sales / strategic walk aways on this one. What I'd like to know is the market price of something like this.
location. view. prestige. rich neighbors. view. view. bedrock.
rich neighbors. coop. HOAs (don't know them, but assuming something REAL high).
$/sq ft anyone? Don't be crazy bullish/bearish!
Posted by: suspicious at February 23, 2011 9:39 AM
lol@$2500 for HOAs.
Posted by: lolcat_94123 at February 23, 2011 10:06 AM
I'm sure the Royal Tower's Co-Op board just loves the idea of a short sale. This is one of the first in the building if my facts serve me correctly. Units in this building sell for much more than this a few times a year. The building is desirable. Even in this climate. The hard sell here I think is that the unit is in almost original condition and hasen't had an uber remod like a lot of other units, that have sold recently, have had done. Didn't a remodeled unit in this stack sell within the last year for ~$3.5MM?
Posted by: Ryan at February 23, 2011 12:34 PM
They also own 188 Minna Unit 36A. Wells Fargo is in for $3+million on that one (bought for $4.1 million in 2006). According to the SF Recorder's site they are current on their loans with Wells.
Posted by: EBGuy at February 23, 2011 2:49 PM