December 20, 2011

Unhappy Holidays "In The Heart Of Pacific Heights"

2142 Franklin Living

Purchased for $910,000 in September 2006 with 20 percent down and a $728,000 loan, the buyer of 2142 Franklin was $41,636 past due on payments by the end of 2010.

Originally scheduled for auction earlier this year but postponed by "mutual agreement," this Friday the "charming two bedroom, two bath flat in the heart of Pacific Heights" (as per its prior two listings) is once again scheduled to hit the courthouse steps in San Francisco.

The 1,202 square foot remodeled condo traded for $750,000 in May of 2004.

First Published: December 20, 2011 11:15 AM

Comments from "Plugged In" Readers

When's the protest?

Posted by: occupy at December 20, 2011 11:47 AM

There is more going on here I think. The structure is a 2 unit bldg consisting of 2144 / 2142 Franklin. Both units have the same family listed as owners. 2144 is showing as sold in 2010 for 663k having previously sold for $610k in 2002. Meanwhile this unit is showing as having sold for the following on these dates:

8/22/2006 $910,000
5/7/2004 $750,000
12/12/2000 $435,000

I'm not following the whole story here and I'm not suggesting the Editor is leaving anything out; it just seems that this building and its two units are more perplexing given the ownership by the same family and the sale of 2144 last year around the time they stopped paying the bills on 2142. Or maybe they got out of 2144 with a small profit and decided to bail on paying back 2142 recognizing they are not going to make a profit on it.

[Editor’s Note: We believe a post-2000 condo conversion is in play, and keep in mind the year 2006 sale was a listed transaction.]

Posted by: eddy at December 20, 2011 11:54 AM

When I think of the "heart of Pacific Heights", I also think of quiet, tree-lined Franklin Street.

Posted by: gh at December 20, 2011 12:41 PM

DBI records show the condo conversion approved on 9/27/1999

Posted by: inmycountry at December 20, 2011 12:41 PM

Thanks for the redfin link. Wow. The market was crazy in 2006. I know the market continued to appreciate for the next 2 years, but the feeding frenzy that was out there in 2006 was really something special and produced some crazy overbids. Interesting the MLS listing in the link by Adam shows a sale of 895k but public records show 910k. I wonder if they got 15k back from the seller?

Still, I think there is something odd about them also owning the other unit that sold last year for 665k?

Posted by: eddy at December 20, 2011 1:05 PM

I agree that 2006 was psycho. Hence, the subsequent major correction.

But $910,000 for a 2Br 1200sf place in Pac Heights ($757/sf) certainly does not seem out of line for those heady times. Yeah, it's a "busy street" and an unremarkable place, but crap at the Beacon was going for more back then. And the 8.6%/yr gain over 2004 also seems right in line with the times.

Of course, at some point all pyramid schemes run out of players.

Posted by: A.T. at December 20, 2011 1:26 PM

postponed?

Posted by: Paul Hwang at December 20, 2011 1:37 PM

Worse than the cars on Franklin Street is the narrow sidewalk, no doubt done when it was made one-way, and the relative lack of trees, even where there is room.
On the downward slope north the interiors are unexpectedly quiet, with little street noise.
There are some architecturally interesting houses on Franklin.
One could do worse in this town.

Posted by: conifer at December 20, 2011 2:08 PM

$600K

Posted by: spencer at December 20, 2011 6:27 PM

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