February 16, 2012

188 King Street Number 207: Then, Now, And Tomorrow

The marketing materials for the newly minted 188 King Street noted "Sold" next to #207 and a price of $1,650,000 in 2006. In 2007, the 1,799 square foot South Beach condo hit the market as a resale asking $1,595,000 but failed to find another buyer.

According to public records, the sale price in 2006 was actually $1,450,000. And if we’re not mistaken, the purchase was financed by way of a $1,000,000 first, a $215,000 second, and $235,000 down. Relisted or reduced four times since 2007, and asking $1,150,000 this past December, by the end of 2010 the first mortgage was already $82,973 in arrears.

Tomorrow, 188 King Street #207 is currently scheduled to hit the courthouse steps in San Francisco with $1,118,835 owed on the million dollar first mortgage alone.

188 King Street: Sales Update [SocketSite]
A Quick Resale At 188 King [SocketSite]

First Published: February 16, 2012 10:00 AM

Comments from "Plugged In" Readers

"Sold" next to a price of $1,650,000 in the marketing materials, but actual sale price was $1,450,000.

This is one of many deliberately deceptive things that drives me crazy about how realtors are allowed to buy and sell houses. A while ago, I was looking at a house on Washington Street on a well-known broker's website. There was a list of previous sales with a "Sold!" next to the original list price. I took it at face value but later learned that over half of the properties listed as "Sold!" did not sell at the price right next to it-- in some cases the price was very far off from the price listed. It deliberately paints a picture for the client that is not real. How is this kind of deception and lying even legal?

It's a clearly and deliberately deceptive practice that is meant to prey on the fact that most home buyers and sellers are "amateurs-" in that people only buy or sell a house a couple of times in their lives usually. It leads homebuyers to believe that the market is better than it really is . .

I was listening to an interview with Jimmy Williams-- a former lobbyist for the NAR: "The realtors are legendary- they're legendary both at local communities but they're also legendary in Washington. And when the realtors come to town, you see them-- and they're there and they swarm Congress. And most other trade associations and most other lobbying outfits and firms know that the week that the realtors are in Washington D.C. , you don't come to Washington D.C.. Because there are just so many daggone people in town. I'm talking tens of thousands of these people come."

Posted by: Yay!theNAR at February 17, 2012 9:25 AM

Salesmanship makes the world go round. Misleading housing information (footage, comps, etc...) has to be verified, just like bra size and official gas mileage ;)

As always, due diligence and/or trustworthy buyer agent are necessary.

Posted by: lol at February 17, 2012 9:56 AM

Opening Bid Amt: $1,207,502.74

Posted by: formerly%whatever at February 17, 2012 12:22 PM

Friday
2/17/2012 2:00:00 PM
Address: 188 KING STREET #207

City: SAN FRANCISCO
State: CA
Zip: 94107
County: San Francisco
APN: 25-3794-037-01
Sale Status: Postponed to 02/17/2012
TS Number: 10033875
ASAP Number: 3922470
Notice of Sale Amt: $1,118,835.66
Opening Bid Amt: $1,207,502.74
Sold Amt: 0
Sale Location: At the Van Ness Avenue entrance to City Hall, 400 Van Ness Avenue, San Francisco, CA 94101

Trustee: Default Resolution Network-FFT/Sac.
Trustee Phone#: (916)636-0114

Posted by: inclinejj at February 17, 2012 2:45 PM

Friday
2/17/2012 2:00:00 PM
Address: 188 KING STREET #207

City: SAN FRANCISCO
State: CA
Zip: 94107
County: San Francisco
APN: 25-3794-037-01
Sale Status: Back to Bene 02/17/2012
TS Number: 10033875
ASAP Number: 3922470
Notice of Sale Amt: $1,118,835.66
Opening Bid Amt: $1,207,502.74
Sold Amt: $1,207,502.74
Sale Location: At the Van Ness Avenue entrance to City Hall, 400 Van Ness Avenue, San Francisco, CA 94101

Trustee: Default Resolution Network-FFT/Sac.
Trustee Phone#: (916)636-0114

Posted by: inclinejj at February 17, 2012 4:19 PM

Friday
2/17/2012 2:00:00 PM
Address: 188 KING STREET #207

City: SAN FRANCISCO
State: CA
Zip: 94107
County: San Francisco
APN: 25-3794-037-01
Sale Status: Back to Bene 02/17/2012
TS Number: 10033875
ASAP Number: 3922470
Notice of Sale Amt: $1,118,835.66
Opening Bid Amt: $1,207,502.74
Sold Amt: $1,207,502.74
Sale Location: At the Van Ness Avenue entrance to City Hall, 400 Van Ness Avenue, San Francisco, CA 94101

Trustee: Default Resolution Network-FFT/Sac.
Trustee Phone#: (916)636-0114

Posted by: inclinejj at February 17, 2012 4:20 PM

"Salesmanship makes the world go round."

Banks= evil. Wall Street = evil.
Realtors lying? it's great marketing!!!

Posted by: NARE at February 19, 2012 10:46 AM

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