Earlier this year a duo of unfinished spec homes on the cusp of St. Francis Wood hit the market for $10,700,000 and $12,700,000. And it was but a few months later that a plugged-in tipster noted: “the developer ran out of money…notices of default have been filed for both properties…[and it] seems like this opportunity may be coming for sale soon at City Hall.”
Unfortunately for the developer, neighboring residents, and most everybody else involved, it appears that our tipster was at least half [see UPDATE below] correct: “A nonjudicial foreclosure sale of the property is scheduled to take place October 4, 2007, at 2:00pm at the Van Ness Ave. entrance to City Hall.” Over $3.5 million is owed on the project. And it has yet to be finished.
And if the New York Times is correct, the timing isn’t great (“A jittery economy stirs second thoughts about ostentation”).
UPDATE: 166 Yerba Buena might just be in contract for $9.5 million while 168 Yerba Buena is headed for the auction block.
UPDATE (9/21): In what looks to be a last ditch effort to avoid foreclosure, 168 Yerba Buena has been listed for $6,500,000. Yes, that’s $6,200,000 less than the original asking but doesn’t include “approx. $2mil-$2.7 mil. more to complete.”
∙ The SocketSite Scoop On “Solaria” (166 Yerba Buena Ave) [SocketSite]
∙ The Scoop On 168 Yerba Buena Avenue (And St. Francis Court) [SocketSite]
∙ It’s Not Always Fun And Games At The Top (166-68 Yerba Buena) [SocketSite]
∙ Suddenly, a Hesitation About Splurging [NYT]
Aren’t these places just exercises in overconsumption and self absorption? We don’t need them.
Sure it’s not $9.5MM for both houses? IMO even that would be very rich….
In situations like this it really is too bad that houses (even half-finished ones) are so permanent. So even though anyone can see these are totally inappropriate pieces of crap, still they stand. And while there is some justice in the developer going belly-up (and has some value as a deterent), we’ll still be stuck looking at these in perpetuity.
Where the hell was the planning dept. on this one? I can’t believe how many people I know who’ve been jerked and put through the grinder with the planning dept., all for a deck and a small addition, and here is this double-your-horror monstrosity.
Even my absolute delight at the foreclosure can’t make this better….
Apologies for the rant – this just is so wrong!!!
[Editor’s Note: We’re sure (about the $9.5M being for only one of the houses).]
In what looks to be a last ditch effort to avoid foreclosure, 168 Yerba Buena has been listed for $6,500,000. That’s $6,200,000 under the original list price but doesn’t include “approx. $2mil- $2.7 mil. more to complete.”
When this goes to auction do we think it’ll be asbsolute or minimum start bids? Does anyone know if Absolute auctions go on in the city much?
With auctions or foreclosure sales, the property is sold ‘AS IS’ and a Home Inspection is not allowed. Food for thought!
166 Yerba Buena got into contract two minutes after it went on the MLS. Whatever.
Also, that NYT article is talking about $50M historical Hamptons estates and Upper East Side penthouses for $30M. I don’t know how relevant that is to two overbuilt SF spec houses.