Basilica Loft Buildings
Purchased for $599,000 in July 2005 having been “REDUCED TO SELL!” at the time, 1826 Eddy Street #203 has just returned to the market listed for “$375,000″ as a short sale but without any mention of being pre-approved at that price.
1826 Eddy #203
The 917 square foot two-bedroom and top floor Basilica Loft condo #203 features a lot of light and a seventeen foot ceiling in the living room.
This past April, the 920 square foot two-bedroom Basilica Loft #101 sold for $418,000 having been purchased for $635,000 in July 2005 and then taken back by the bank a year ago. While on a lower floor, 1826 Eddy Street #101 features high ceilings as well.
∙ Listing: 1826 Eddy Street #203 (2/2) 917 sqft – $375,000 (short sale) [Coldwell Banker]

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Comments from “Plugged-In” Readers

  1. Posted by Michael

    This is a fantastic listing… if only the $375k were a real price. It is almost tortuous to see such a great listing accompanied by a price that is affordable, only to know that the price is an illusion.

  2. Posted by Brahma (incensed renter)

    I say why not go whole hog.
    The seller knows they’re going to take a bath vis a vis their down payment, so set the short sale price to 80% ore more below the current market value and spark a pre-dot com implosion-esque style S.F. real estate bidding war. By the time the lender gets off of their hindquarters, who knows what might happen. You’d have potential buyers with offers outstanding on multiple properties, and then waiting for months on end for an answer. It’d be like making a reservation for a table at multiple three star Manhattan restaurants for Valentine’s day.
    The seller might end up with an approved offer more than the amount they owe on the note.

  3. Posted by Cha

    Gee, maybe if they didn’t buy so many tchotchkes they could have afforded the mortgage payments. Sort of sad to see a place that someone obviously tried to make a real home go the short sale route.

  4. Posted by EH

    Michael: Google “Horror Vacui.”

  5. Posted by A.T.

    EH, that is excellent! I simply thought the current resident was a madman.

  6. Posted by Rillion

    The $375k is a real price. It will likely go for a little more then that but not too much. It will probably go for a similar price to the other one that sold in April. I’ll have to keep an eye on this one and if it sells in the next couple of months I’ll have a good comp come property tax time.

  7. Posted by 49er San Franciscan

    I saw this building 2 years ago for the loft facing the entrance. It had its own patio and it was the one right next to the cathedral.
    Seems this apartment on sale now is on the back of the building.
    It is a decent building with parking and location is not the best, but the price makes up for it. It had however one fatal flaw: HOA sued the builders and so, no one can get a mortgage as long as that lawsuit is still going on.
    The reason the price is low is two-fold: it is a short-sale and buyer has to be cash only (if the lawsuit is still active). 375k actually sounds reasonable for all those issues.
    Anyway, for any one with cash, might as well wait for the foreclosure and bid on the steps of the courthouse rather than go through the hoops of the paperwork with the bank. I don’t see anyone wanting to be impatient on this property either to live on it or rent it out. It is not prime location.
    For what is worth I like the facade and the European style it has throughout the building.

  8. Posted by EBGuy

    Yikes, that price is lower than the 2002 sale when #203 was bought on the courthouse steps.

  9. Posted by Oceangoer

    Thanks EH. Also known as cenophobia, or fear of empty space.

  10. Posted by eddy

    I feel compelled to comment on this post.
    This places reminds me of a few locations on Broadway with much higher price tags, I’m sure:
    http://bit.ly/rTgYcU

  11. Posted by SausalitoRes

    Nice looking building with character. Much better than 90% of what developers passed-off as “luxury” condos during the past 15 years. 50 years from now, that building will probably still look interesting.
    The location’s somewhat gritty, but so is the Bay Bridge on-ramp.
    Does anyone know what the HOA fees are?

  12. Posted by sf

    I agree- this is a very handsome building and much more aesthetically pleasing than almost everything built in the city in the past 50 years.

  13. Posted by John

    #102 sold earlier this year for only $300K. So, actual sales price might yet be lower.
    The complex is kind of tacky, but appealing as a bargain. How’s the neighborhood?

  14. Posted by Robb

    But 102 is only a 1BR.

  15. Posted by Dodd

    “buyer has to be cash only (if the lawsuit is still active)”
    Went by today for the open house and overheard the realtor that the lawsuit has been settled. Let the bidding war begin.
    This place feels more like 750, not 917 sq.ft., once you walk through. The ‘second bedroom’ is essentially an extension of the living room. There is no private patio like on the first floor. Storage is very limited and amounts to a few large boxes, that’s it. Very cramped overall, including the common area outside which is very dark and looks like it has never been used by any residents.

  16. Posted by Rillion

    The neighborhood is so so but has been on a slow upward trend. I’ve lived a block away from here for 5 years. In that time they have upgraded the street scape on Divisadero. Redone Kimbel Field which is now being pretty heavily used almost every day of the week. The library (3 1/2 blocks away) has been renovated and they just redid the rec center pool at Steiner & Geary (4 blocks). So the city has put a lot of money into the neighborhood in the last few years. Meanwhile the gang injunction has had a noticable effect on how safe the neighborhood feels. The western addition is still far from being a great neighborhood but this little part of it has improved in the last few years.

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