Purchased for $2,201,500 in March 2008 on the penultimate floor atop the Ritz-Carlton Residences in San Francisco, 690 Market Street #2301 returned to the market listed for $2,299,000 eight months later.
Reduced to $2,099,000 in February 2009 and then to $1,999,999 that April, the 1,660 square foot two-bedroom was withdrawn from the market that June.
It’s now two years later and 690 Market Street #2301 has returned to the market listed for $1,350,000. Recently rented asking $6,800 per month in rent, but delivered empty at close of escrow according to the MLS, it’s not a foreclosure, nor a short-sale. And if a reader is correct, the buyer in 2008 paid cash.
We’ll note 690 Market Street #2201, the same two-bedroom a floor below, was foreclosed upon in 2010 having been purchased for $2,173,000 in 2007 by way of a $1,500,000 loan.
And having been listed for $1,326,000 last November, the resale of #2201 closed escrow this past March with a reported contract price of $1,050,000 (52 percent below 2007).
∙ Listing: 690 Market Street #2301 (2/2) 1,660 sqft – $1,350,000 [Redfin]
∙ Reductions And Returns At The Ritz-Carlton Residences (690 Market) [SocketSite]