As we reported with respect to 17 Costa six months ago:
Listed for $599,000 in July 2005, and having been purchased for $319,000 four years before, the 900 square foot cottage with an unwarranted bedroom in the garage of 17 Costa sold for $645,000 that August.
A year later the property appears to have traded for $641,000 in 2006. And in July of 2010 the Bernal Heights home returned to the market priced at $699,000.
Withdrawn from the market after four months and two price reductions (last listed for $649,000), 17 Costa has now returned to the market as a “short sale” for $399,000 but missing any reference to being pre-approved, a sale at which would represent a 38 percent ($242,000) haircut from both 2005 and 2006.
With permits for expansion approved in 2003 then cancelled in 2004, but not before the foundation was poured, the sale of 17 Costa closed escrow on Friday with a reported contract price of $439,000, roughly 30 percent below its sale price in both 2005 and 2006.
∙ A Few Steps Back For 17 Costa Over In Bernal [SocketSite]