January 27, 2012
Over Asking (But 24 Percent Below 2006) At The Watermark
As we reported last month:
Already $87,355 past due on a $652,000 loan by the time a notice of default was filed [in December of 2010], 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.
The bank-owned but apples-to-apples sale of 501 Beale #14E closed escrow yesterday with a reported contract price of $542,000. Yes, that’s officially 8 percent "over asking" but still 24 percent ($169,500) below its value in 2006.
First Published: January 27, 2012 8:30 AM
Comments from "Plugged In" Readers
This development certainly seems to have suffered quite a bit through the slump.
Posted by: Michael E at January 27, 2012 11:22 AM