214 Arguello: Living
The sale of 214 Arguello Boulevard closed escrow this past Friday with a reported contract price of $1,137,500, just 5 percent under asking and an official two months on the market.
As we noted this past December, however, the Presidio Heights condo last sold for $1,600,000 in December 2007 (a drop of 29 percent). The property had been unable to find a buyer at an “unbelievable” $1,395,000 in 2008 and was subsequently taken back by the bank with no bidders on the courthouse steps at $1,259,306 in 2009.
214 Arguello: Two Years Later And Asking Twenty-Five Percent Less [SocketSite]
Perhaps It’s The Market That’s More Unbelievable To Some… [SocketSite]
An Absolutely Unbelievable Foreclosure As Well? (And Coming Soon) [SocketSite]

Comments from Plugged-In Readers

  1. Posted by tipster

    A year before it sold, I predicted it would be worth 1.1M in a year, because I knew prices would fall. It fell from 1.6 to 1.137 and I predicted the trajectory down almost exactly. I was off by only 3% with a prediction made a year in advance.
    A few weeks before it sold, I reiterated that same prediction and was ridiculed by anonn by how far off the prediction was from the then current asking price of 1.26, only to have it sell for nearly the exact price I predicted a year before.
    It’s encouraging to see the market unfold exactly the way the bears predicted. Further declines are inevitable.

  2. Posted by anonn

    Good job. On that one.

  3. Posted by J

    A good reminder that
    asking != getting

  4. Posted by El Bombero

    Hmmm, down 30% from 2007… the prior owners lost all of their 240k
    downpayment, yowza! But they only took half the loss, and some banks the
    other half. The owner of 212 Arguello tried to sell but couldn’t – they
    can’t be too happy about this sale since they bought for $1.2 and then
    renovated the whole thing.

  5. Posted by EH

    if 1.4M was “unbelievable,” what does that make this?
    [Editor’s Note: To quote the late great Vizzini, Inconceivable!]

  6. Posted by sparky-b

    You keep using that word, I don’t think it means what you think it means.

  7. Posted by Rillion

    I am the former owner of 214 Arguello, you killed my downpayment, prepare to die.

  8. Posted by SFRE

    You fell victim to one of the classic blunders – The most famous of which is “never get involved in a land war in Asia” – but only slightly less well-known is this: “Never *buy San Francisco Real Estate, when your savings are on the line*”! Ha ha ha ha ha ha ha! Ha ha ha ha ha ha ha! Ha ha ha…
    Awesome movie.

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