865 Duncan
As we wrote at the beginning of August:

Purchased for $1,329,000 in March 2008 with $140,800 (11%) down and currently listed as “Active” on the MLS with a list price of $1,385,000, last week the Noe Valley home at 865 Duncan was taken back by the bank with no bidders willing to pay $1,152,387 in cash on the courthouse steps. Someone might want to alert the Realtors.

Two weeks later the listing for 865 Duncan was finally withdrawn from the San Francisco Multiple Listing Service (MLS). And yesterday, the “lovely and large home” at 865 Duncan returned to the MLS as bank-owned and listed for $1,295,000.
∙ Listing: 865 Duncan (4/3) 2,159 sqft – $1,295,000 [Redfin]
Psst! It’s Now Bank-Owned (And The Other Is In Default) [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by dontgetit

    Does seem farly large, but “lovely?” I guess beauty is in the eye of the beholder, but lovely isn’t the first word that comes to my mind.

  2. Posted by Marten

    It doesn’t go at bid, so list it higher? That does not make sense.

  3. Posted by Idon'tThinkSo

    $1.3M for THIS? Good luck with that. Typical . . . out-of-touch banks.

  4. Posted by Jim T

    How could any buyer possibly have sufficient imagination to buy an unstaged home?? What nerve to list it unfurnished! Stagers should sue the bank-owners and listing agent forthwith! Such heresy interrupts the comfy realtor/stager relationship that plagues the San Francisco real estate market, leading every open house to reek of bland sameness.

  5. Posted by futurist

    This is hardly Noe V..It’s diamond heights. I mean the DH Safeway is a block away.

  6. Posted by EsEfGerard

    actually, technically speaking, it’s just inside Noe Valley as DH Blvd is the dividing line.
    The is one hell of a house, unusually well constructed on a huge lot (40′ wide?). It also has a nice in-law w/ separate entrance.
    Too bad the weather sucks up on this corner.

  7. Posted by lol

    It doesn’t go at bid, so list it higher? That does not make sense.
    Foreclosure sales are a very different animal than regular sales. You need to be liquid, have less opportunity to due your due diligence on the property, and there are probably a lot of other surprises that can hit you.
    As a bank owned property, a buyer can do inspections, have no surprises regarding the previous financing or other liabilities. It’s a clean slate.
    All cash “feels” like it’s price discovery when actually it is not.
    Financing has a big influence on price. How much do you think houses would sell for if there were no mortgages? The presence of mortgage financing does increase buying potential and therefore price but without this financing, very very few decent houses would ever be built.
    Financing brings many many more candidates to the table. It connects one particular social segment to a target neighborhood. Of course nothing is ever perfect and there are many flaws to that, including sub-par property going for mucho dinero (SF) or great value going for close to nothing (Florida).

  8. Posted by SocketSite

    The list price for 865 Duncan has just been reduced to $1,275,000. Once again, purchased for $1,329,000 in March 2008 but then taken back by the bank with no bidders willing to pay $1,152,387 in cash this past August.

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