As we wrote last August:
Asking $1,875,000 [in early 2007], or a little over $800 a square foot, 647 Grand View Avenue #1 appears to have been refinanced [by the developer] in October of 2007 for $1,870,000 with nothing down and two variable rate loans, one for $1,500,000 and the other for $370,000.
Unit #3 appears to have been refinanced around the same time as well, but 647 Grand View #2 and #4 appear to have sold in October of 2007 for $1,100 and $764 a square foot respectively.
And a plugged-in and on the foreclosure ball “EBGuy” notes on our update on 601 Grand View down the block, 647 Grand View #1 now has (or perhaps had) a date with the courthouse steps. Seeking an opening bid of $1,500,000.
647 Grand View #1 ended up going back to the bank this past April. And yesterday the 2,316 square foot Noe Valley three-bedroom condo returned to the MLS asking $1,213,800 ($524 per square foot).
∙ Listing: 647 Grand View #1 (3/3.5) 2,316 sqft – $1,213,800 [MLS]
∙ From The Top Of Noe To The Courthouse Steps: 647 Grand View #1 [SocketSite]
they really should fix that ridiculous aztec tile theme in the kitchen, all around this place looks like it was done “on the cheap”. Pretty good location though
The photographer sucks big time.
Beyond that, the front of this place is ugly.
But beyond that, I think I would offer $1M for this place and I think I’d feel good about closing near that price. I like the interior, size, and views. Thoughts on actual sale price and time-to-sale?
Please tell me I am not the only one shaking their head?!? This is just one in a string of properties that I have coveted (including the recently profiled 1420 Douglass) that now have gone by way of the bank. Stupid me to think that people’s wide eyes matched their wallets.
This is a great grab for someone. Oh and should serve as an example to STAGE a house.
Didnt another unit in this building also fall into foreclosure? I had an appraiser buddy say he had to go appraise it a few months back. I think it was the smallest lowest unit?
Is this a TIC or a condo? I assume that would make a difference to potential buyers.
Regarding the earlier comments; I doubt that there was a photographer involved. My guess is that they photographs were quickly snapped on a cell phone or point and shoot by someone who didn’t particularly care. Front of building is quite plain, but I wouldn’t call it ugly.
HOA: $1
Classy!
True, these are hastily shot amateur photos. The listing agent isn’t doing the seller any favors here.
Still as a buyer I’d prefer fuzzy, poorly cropped and exposed images to photoshop trickery any day. The images here are adequate to get an idea of the property and determine whether it is worth touring. I’m glad this is not staged either.
As for the one buck HOA dues, I’m guessing that the seller is sponsoring the first N months of HOA fees. Perhaps the MLS software prevents agents from entering HOA=yes, HOA_fee=0. Surely the true HOA fees will be disclosed to buyers.
I lived three doors down from this property from 2002 to 2007 and it was vacant and under construction for the vast majority of that time (with Port-a-John in the driveway).
My guess is that the developer had cash flow problems for a long while before this went to the bank. Add that to the odd look of the place inside and out, made me think this project was done by an amateur who was in over his head.
But that’s just a theory. Could be he’s rolling in cash because of long a string of high quality, high ROI projects.
…
Or not.
Yea, that casual brick applique in the kitchen is just plain stupid..and very amateurish.
RE: Didnt another unit in this building also fall into foreclosure?
Yes, unit #3 is for sale too, but not on the mls. 2br/2ba, 1068 s.f. for $599,900. Current owner – Wells Fargo. You can see the listing and pics on http://www.hotpads.com. There’s a link to a realtor’s website there too, but I cant find any info on there.
[Editor’s Note: Link to listing for Unit #3 at $599,000.]
Here is a link when the property was staged and was listed for $1,875,000.
http://647grandview1.com/
I believe this was the second broker to attempt to sale the property in 2007. Original asking in spring ’07 $2.4 million. Even at 1.2 million, it remains an odd property with lots of dead space, steep stairs, and we all know that this part of Grandview has some of the best weather in the city!
@TwinPeaks: Re the weather on Grand View:
http://www.ellenshaw.com/images/disneyart/collaborations/WTPVeryBlusteryDay.jpg
Didnt another unit in this building also fall into foreclosure?
Here is the link for #3 priced at 599K
http://www.647grandview.com/
in my opinion, i think this would be a great grab at a million bux (or slightly higher). unit #3 went back to the bank and is in contract for a solid price (solid for the buyer). this is a good development and from what i understand, this building was not done “on the cheap” and instead, they did some major high-end upgrades.
Anyone want to handicap units 2 & 4? They’ve got a clean bill of health (no NODs, NOTS), but WaMu mortgages.
Or not.
I guess this wasn’t one of their grand slams…
Garret:
True this is obviously a good deal under 500/sq ft, but I still don’t think quality parts and craft were used in this place, (Viking fridges can be had on ebay, and the doors/fixtures/trim just look flimsy…..fine for the mish but not for new (or complete gut/rehab) construction in Noe IMO
With respect to the sale of 647 Grand View #3: A (Grand) View To A (Comp) Kill.
The list price for 647 Grand View #1 has just been reduced $60,600 (5%), now asking $1,153,200 or $498 per square foot.
The list price for 647 Grand View #1 has just been reduced $57,600 (another 5%), now asking $1,095,600 or $473 per square foot.
UPDATE: 647 Grand View Number One Falls To Well Under Five