September 22, 2011

The Miraloma Apple At 99 Marietta Finally Falls Into Our Cart

99 Marietta

As we wrote in February:

Speaking of single-family homes for sale up in Miraloma Park, when we last checked in on 99 Marietta the four-bedroom home had returned to the MLS as short sale listed for $685,500 having fallen out of contract when previously listed for $612,500.
Once again, the 1,966 square foot home was purchased for $850,000 in September 2005 with a rather reasonable 20 percent down and a $680,000 variable rate loan. Not previously mentioned, in February 2007 the property was refinanced with a first for $750,000 and a second for $149,000 (for which the property would have had to appraise).
A few minutes ago the list price for 99 Marietta was reduced to $675,000. At the same time, the property is currently scheduled to hit the courthouse steps on March 18 with $41,355 past due on Washington Mutual’s first (as previously noted by a reader).

The courthouse sale was cancelled. And yesterday, the non-foreclosure sale of 99 Marietta Drive closed escrow with a reported contract price of $650,000, twenty-four (24) percent or $200,000 below its sale price in 2005.

The Courthouse Clock Is Ticking For 99 Marietta Up In Miraloma [SocketSite]
A Modern Miraloma Apple Returns At 801 Teresita Boulevard [SocketSite]
99 Marietta Comes Up Short (For The Sellers) In Miraloma [SocketSite]

First Published: September 22, 2011 9:30 AM

Comments from "Plugged In" Readers

It came in higher than its lowest list price of $612.5k where it was in contract. It's funny how different homes fare in different parts of the city. 350 Valley is up 18% over 2003 price, this place is down 24% over its 05 price. I think A.T. called it really well on his first comment on the original thread about the previous sale price not making any sense. No justification, and probably no comps to support this place at 850k, up from 550k in 2000. One thing is clear, this isn't going to see 850k again for a long time.

[Editor’s Note: Don’t confuse the price at which it was in contract with the price at which it was listed at the time.

You might also want to keep in mind that the median price per square foot for homes around 350 Valley increased 35% from 2003 to 2005, up 41% from 2003 to 2007. It then fell 12% from 2007 to 2010.]

Posted by: eddy at September 22, 2011 10:41 AM

So much for the neighbor's comment on a prior thread that there is "zero chance" this closes at less than 750.

On the plus side (a very weak "plus"), neighbors who bought in the last 6-7 years can now go to the assessor with compelling evidence for a pretty steep reduction in taxes. 24% below the 2005 price is steep but not way out of line with SF generally. As I mentioned on the other thread, this looks like a pretty decent buy for a family of 5 or so given today's mortgage rates.

Posted by: A.T. at September 22, 2011 2:14 PM

"One thing is clear, this isn't going to see 850k again for a long time"

I disagree. I looked at this place last year and it was a shambles. The Realtor never made any attempt to clean up the place and I think that's part of the reason the short sale didn't fly. It needs a lot of work but it has a lot of expansion potential and it's in a great location.

I think 650k is a good buy for this property. The home next door sold for 800k in 2009.
a much smaller place across the street (86marietta) is in contract (was listed for 685k) and it's a total piece of crap (2/1) with no expansion potential.

Professionally renovated, this property could easily fetch 850k, today.

A.T. - btw. appreciate your final comment on the mission dist. thread.

Posted by: EsEfGerard at September 23, 2011 11:39 AM

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