Purchased for $1,500,000 in June 2006 with two loans and $225,000 down, a year later a third mortgage for $200,000 was added to the property at 1825 Webster.
Taken back by the bank with no bidders at $1,242,890 this past March, the “prime” Lower Pacific Heights single-family home is now back on the market and listed for $999,900.
Yesterday, the sale of 1825 Webster closed escrow with a reported contract price of $835,000. That’s $665,000 (44 percent) below its 2006 sale price which hopefully was never used as a comp (but would have been included in average and median price reports).
∙ From $225,000 To $25,000 “Down” And Bank-Owned At 1825 Webster [SocketSite]