October 9, 2012

Coming Up Short (In More Ways Than One): The Crib Crib Closes

As we first reported in July:

Listed as a one-bedroom for $765,000 when The Hales Warehouse first hit the market in 2007, 410 Jessie #603 was purchased for $749,700 that July.
Having been unsuccessfully listed for $815,000 in 2009 and $799,000 in 2010, the 1,130 square foot condo is back on the market and listed as a short sale for $699,000 in 2012.
While newly listed as a "two bedroom," however, there appears to be a bit of childlike listing license in play with respect to this San Francisco crib.

The resale of 410 Jessie #603 closed escrow on Friday with a reported contract price of $675,000, ten percent ($74,700) under its 2007 sale price. The old floor plan for #603 to which a wall has been added to create "the crib room":

First Published: October 9, 2012 10:00 AM

Comments from "Plugged In" Readers

I guess the question is whether or not these prices can be trusted as market / fair in the current environment. Interest rates are low and that is having an obvious impact. But these underwater transactions seem to be getting liquidated, this is the second one posted in a week here, and the sky is still blue, still overhead. It would be interesting to get more information on shadow inventory, short sales, foreclosure information. That information was regularly posted in the past. It's still helpful.

[Editor’s Note: We regularly publish foreclosure pipeline data on a bi-monthly basis. Our last report: Foreclosure Activity Falls In San Francisco, Pipeline Down 31 Percent.]

Posted by: eddy at October 9, 2012 10:36 AM

If the crib room is marketed as a bedroom, where is the window? To be a legal bedroom, the new wall would need to encroach past the first bank of windows in the living room.

Posted by: monkey bizz at October 9, 2012 1:48 PM

And the winner was... CITIMortgage.

Posted by: EBGuy at October 9, 2012 2:41 PM

Good point eddy. Glancing at CR, it seems pretty clear that nationwide short sales now rule the roost in the 'distressed sales' market. I don't believe many (any?) of the indexes factor out this type of sale, but you're right in that they're not a totally open market transaction (not to mention, cough, cough, any double dealing, though I think this is less a problem in Ess Eff than outlying locales).

Posted by: EBGuy at October 10, 2012 4:52 PM

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