July 28, 2011

Off The Courthouse Steps But Back To 2003 For 170 Guerrero #F

Clinton Mews

As we reported in May:

One of ten Donald MacDonald designed petit townhomes that comprise the Clinton Mews urban infill development off Guerrero, 170 Guerrero Street #F was purchased for $507,000 in November 2003.
Refinanced in June of 2007 with a first for $517,500 and a second for $130,000, as of this past November the first mortgage was $43,976 past due and the home is currently scheduled to hit the courthouse steps in a month.
In the meantime, 170 Guerrero #F has been listed for $568,000 as a short sale.

Avoiding a courthouse steps sale rescheduled for tomorrow, it would appear as though the short sale of 170 Guerrero #F closed escrow yesterday with a reported contract price of $503,000 versus $507,000 in 2003 (or $647,500 in debt for which the property would have had to appraise in 2007).

On This Farm He Had A Short Sale (And Foreclosure In The Works) [SocketSite]

First Published: July 28, 2011 9:15 AM

Comments from "Plugged In" Readers

So down 0.8% from 2003? Not exactly a bloodbath. And the former owner pocketed ~$150k.

Posted by: Robb at July 28, 2011 9:27 AM

The former owner pocketed ~150K by reneging on the contract. Not a very sustainable way to profit from real estate.

Posted by: The Milkshake of Despair at July 28, 2011 9:51 AM

not exactly a bloodbath? Maybe not for this property...but the peak of the market was 2007/2008.

Posted by: curmudgeon at July 28, 2011 10:14 AM

8 year rollback to below 2003 prices is a pretty good start.

Posted by: * at July 28, 2011 4:05 PM

I saw this condo when it was up for sale and the interior and exterior needed a lot of cosmetic work, which I think is the reason for the low price. Several months earlier, a condo in this same complex sold for $615.000. I think the price is more indicative of the fix up needed to make the home comfortable.

Posted by: Condowatcher at August 1, 2011 10:55 AM

@ Condowatcher. You are correct on the the reason for price. There was a lot of differed maintenance on the property that was going to be the responsibility of the new owner. The new owner will also have to replace the decks and fence too.

Posted by: Erik at August 4, 2011 4:26 PM

In the same complex unit J just sold for $585K, down a bit from the $610K it sold for in December 2008. Interesting apple, as Mission Dolores has been so hot, and by Dec 2008 one would think a lot of the decline would have been baked in.

Posted by: curmudgeon at December 13, 2011 9:58 AM

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