December 23, 2011
Apples To Oranges To Apples (And Three "Free" Years) At 501 Beale
Already $87,355 past due on a $652,000 loan by the time a notice of default was filed last December, a past due amount which had grown to $115,828 this past July, last month 501 Beale #14E was finally taken back by the bank with no bidders at $477,000 in cash.
Purchased for $711,500 in April 2006, the Watermark one-bedroom has just returned to the market listed for $499,900, priced 30 percent below its comp setting sale in 2006.
∙ Listing: 501 Beale #14E (1/1) 759 sqft - $499,900 [Redfin]
First Published: December 23, 2011 9:00 AM
Comments from "Plugged In" Readers
A few years ago buying a unit in this building seemed like a pipe dream to me, taking out crazy loans notwithstanding. Now at this price and my increase in savings I could actually afford it but the combo of perpetual HOA+property taxes are always deterring me.
Posted by: condoshopper at December 23, 2011 9:42 AM
Gotta love 3 years of free rent.
Gather up all the credit cards you'll need, buy a new car, and stop paying your mortgage and there are essentially no repercussions outside of all the money you'll save. You can take that money and use it as a downpayment on an FHA loan in three years.
You can also see how the effects of the downturn in 2008 are just now being felt. That means the effects of the 2009 job losses will hit next year.
Posted by: tipster at December 23, 2011 10:06 AM
An econo-box with direct views of 10 lanes of freeway traffic. What a dream come true.
Posted by: Joshua at December 23, 2011 10:07 AM
Can we just agree that all non-foreclosure sales are "comp setting"? Although the MLS shows one other unit in the E (15E) stack selling in Oct 2006 for $702k there is a 2008 sale (17E) for $540k that most likely created a wake up for these speculators.
Personally, there are a whole host of speculators in at comp setting prices that got badly burned (15E) and this was a big part of the problem. We're still going to see the fallout from these situation for a while.
What a depressing building amongst some of the wonderful options available in San Francisco.
Posted by: eddy at December 23, 2011 10:09 AM
Such a totally dreary living space. It is hard to believe someone paid $700k for such a small, dark, uninspired box with a view of traffic.
Even now, at half a MILLION $, there are much better options.
Posted by: Cade at December 23, 2011 10:42 AM
looking at that apartment..i shed a little tear.
Posted by: Tacodeluxe at December 23, 2011 7:18 PM
Unimpressive unit and even more unimpressive marketing. Badly needs staging and decent photos. Is that dust on the black granite kitchen counters?
Posted by: Sausalito_Res at December 26, 2011 6:58 AM
Yes that's dust on the kitchen counter.
If there's anyone reading from a bank division charged with disposing of REOs then I'd love to know why banks won't invest even a little cash to market a half million dollar product. Here a hundred bucks towards a cursory cleanup and another hundred for a quick photo shoot would do wonders.
Posted by: The Milkshake of Despair at December 26, 2011 9:42 AM
I don't think I have ever seen a worse job of marketing a property. These photos are terrible. I'm surprised they didn't include a close up view of the toilet.
Posted by: Bill at December 27, 2011 5:12 AM
Pending as of 01/04/2012. Apparently good photos cleaning, and staging don't matter when it comes to collecting a commission.
I wonder how much the seller is leaving on the table.
Posted by: Sausalito_Res at January 5, 2012 12:09 PM
Posted by: SocketSite at January 27, 2012 8:33 AM