February 29, 2012
Up, Down, And Back Again In South Beach
…this whole thread is about REO as indicator. Is it not? Socketsite said it "just might speak" to that. Baloney. It is an REO. REO as trend? LOL.
Having been purchased from the developer for $880,000 in December 2006, 41 Federal #42 had become bank-owned in September 2007 and sold for $700,000 the following May.
Purchased for $1,150,000 in October 2006, two months before the first sale of #42, 41 Federal #21 has just returned to the market listed for $1,149,000.
∙ Listing: 41 Federal #21 (2/2) 1,365 sqft - $1,149,000 [Redfin]
∙ Going Once, Going Twice…Going Five Times At Shore|Line: 41 Federal [SocketSite]
∙ San Francisco Bucks CA Foreclosure Trends, But Not In A Good Way [SocketSite]
First Published: February 29, 2012 12:30 PM
Comments from "Plugged In" Readers
Can't compare the two directly, but a 1bd/1.5 ba unit in the same building, #22, is on the market as an approved short sale asking $660,000 or $717 per ft.², so this place represents about a 15% premium.
Of the buyer could buy both of them, knock out the appropriate walls and expand.
Posted by: Brahma (incensed renter) at February 29, 2012 1:02 PM
I looked at this unit, and it almost felt like the room should have been turned 180 degees so that the kitchen and main room get the sunlight during the day. The way it is now the bedroom gets most of the natural sunlight, but who spends most of their day time in the bedroom? It also means that the sunlight will wake you up every morning, whether you want to get up or not.
Posted by: Robert at February 29, 2012 2:41 PM
That approved short sale has been listed at or very near that price for about 6 months.
Some of the approved short sale prices are just wishful thinking from banks who don't particularly need to do anything but borrow the money at 0% and let it sit.
Using an approved short sale price as some sort of market gauge is not always warranted.
Posted by: tipster at February 29, 2012 2:57 PM
Looked at this unit as well. Beautifully redone, for sure.
Posted by: Paul at February 29, 2012 3:00 PM
"a 1bd/1.5 ba unit in the same building, #22, is on the market as an approved short sale asking $660,000".
Hey SocketSite, wasn't their a post (back in 2006?) with a lot of traction around the pricing of this 1/1.5 at 41 Federal? Maybe pull that one up for an update as well?
Posted by: GoodBuyBadTimes at February 29, 2012 7:33 PM
The listing for 41 Federal #22 as referenced by a few readers above has been withdrawn from the MLS without a reported sale.
Posted by: SocketSite at June 25, 2012 1:17 PM