1365 Portola Drive
As we wrote about 1365 Portola Drive this past January when listed for $1,149,000:

The property failed to sell in 2008 when listed for $1,950,000 or $1,699,000 in 2010. And at the time of its foreclosure this past August, open loans on the property totaled $1,795,000 and included a first for $1,120,000, a second for $425,000, and third underwritten in 2009 for $250,000.

Sure, that “Grand Curb Appeal” is from a busy street, but that’s why the 3,000 square foot remodeled St. Francis Wood home only fetched $1,325,000 back in May of 2002 (15 percent more than its current list price).

The sale of 1365 Portola closed escrow yesterday with a reported contract price of $1,180,000. Yes, that’s three percent ($31,000) “over asking” but ten percent ($145,000) below its sale price in 2002 and fifty-two percent ($615,000) below what was borrowed against the property by the end of 2009.
1365 Portola Drive: An Apple In The St. Francis Wood Of Trees [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by El Bombero

    Busy street…. Cue the realtor spin…

  2. Posted by badlydrawnbear

    it was an ugly house and a busy street in 2002 and in 2009.
    Also, it can’t really argue that the 2002 buyer over paid while the bay area was still reeling from the dot com bust and the credit bubble hadn’t really formed yet.

  3. Posted by sparky-b

    So the editor notes busy street, then the firt post is about the busy street and then the next post is about the busy street.
    It’s as if you are fabricating realtor posts that you are responding to.

  4. Posted by A.T.

    10% below a 2002 sale price (far lower in real dollars) is pretty astounding. The declines continue to steepen city-wide, beyond what I expected.

  5. Posted by El Bombero

    ^ When you’re a realtor you can’t emphasize enough any flaw that can be used to spin away the fact that typical houses in SF are back to 2002/03 levels, give or take a little.

  6. Posted by El Bombero

    Those streets must be getting a lot busier in St. Francis. Check out this one, previously noted I think on ss, back below its 2001 price:
    That’s a nice spot 200 Santa Clara is on – actually behind a small park that really reduces any perception of Santa Clara being “busy”.

  7. Posted by sparky-b

    Is it busier there than in 2001, I don’t know. I can confirm I drive by it several times a day now and I didn’t in 2001. So it’s probably a little busier.

  8. Posted by fred

    A power wash and coat of paint will do wonders. Convenient location – 1 block to West Portal muni and stores. Good room for a hoop in the driveway as well. A neighbor house has a sliding driveway gate to keep the kids and balls in.

  9. Posted by The Milkshake of Despair

    “A power wash and coat of paint will do wonders.”
    Though a power wash is a super fast and easy to get the dirt off of a paint job, make sure whoever is wielding that power washer knows to be careful around anywhere there might be a tiny crack in the exterior (window&door frames, etc.). A power washer is also a great way to inject water into wall voids and nurture mold.
    Better yet do the caulking first, then carefully power wash, then repaint.
    Anyone want to guess how quickly the new owner tears out those ugly window coverings in the addition that protruded from the front ? I’m kinda interested to see how the new owner rehabilitates this place. Nice location and plenty of room for improvement.

  10. Posted by lol

    52%? Percentages should always be used from the starting reference price, not the finish. Otherwise this implies the price was more than divided by 2 compared to he last refi’s appraisal.
    It’s more like a 35% loss for the bank(s).
    I hope the seller did something really cool with the temporary equity extracted. You get to see this kind of free money only once in your lifetime and that was it.

  11. Posted by Geo

    You should see the remodel on this one; much much better looking. will be interesting to see if/how much it lists for on the re-entry…

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