A pair of commercial condominium projects started by George Hauser’s “HausBau SF,” the unfinished 216 and 224 11th Street were taken back by the bank on Friday according to a plugged-in source.
While the buildings had debts of almost two million apiece ($1,942,501 and $1,949,945), neither garnered a bid over a million.
As an aside, Hauser was the architect of 2739 Larkin.
UPDATE: No moratorium or wasting time here, from a plugged-in tipster: “…it might be interesting to note that they are listed for sale already by the bank for a combined price of “make offer” with a recent appraisal noted at $1,740,000.” From the flyer:
∙ 216-224 11th Street: Overview and Floor Plans [hauserarchitects.com]
∙ A Look Inside 2739 Larkin And The Russian Hill Contemporary Market [SocketSite]
UPDATE: No moratorium or wasting time here, from a plugged-in tipster: “…it might be interesting to note that they are listed for sale already by the bank for a combined price of “make offer” with a recent appraisal noted at $1,740,000.”
So the 10/2010 appraisal is $1,740,000 and the loan balance is almost $4,000,000. Maybe those idiots predicting 50% drops in SF real estate weren’t so out-of-touch after all.
They were either purchased for 1.25mm each, or 1.25mm total, hard to say (both buildings show sale on 01/16/08 for 1.25mm).
Let’s not confuse balance owed with purchase price or value.
They are either asking 30% less, or 40% more.
A.T., commercial real estate is very different from residential nowadays. Over 50% drop from peak is not unusual for commercial. There are some great deals to be had there for anyone with enough cash; with emphasis on cash because the financing is all dead. The commercial market is a reflection of what the residential market would be if there is no backing from the government.
“Instant Karmas’s gonna get you / Gonna knock you right on the head / You better get yourself together …” alas Mr. Hauser…Karma man finally caught up to you!
Although the parties were the same in both transactions, the properties transferred on different deeds that recorded on the same day – 1/16/2008.
That would make the total purchase price $1.25M x 2.
216 11th St, Document #I51847400
224 11th St, Document #I51847700