As the all cash courthouse steps buyer of 108 Bronte looks to flip for $579,000 up in Bernal, the bank-owned sale of 726 Banks closed escrow yesterday with a reported contract price of $465,000, 17 percent under its original bank-owned list price of $556,900.
Purchased for $296,000 in August 1999, the 1,509 square foot Bernal home at 726 Banks was subsequently “split into a 2 bedroom 1 bath upstairs and a 1 bedroom 1 bath downstairs” and remodeled. The property was refinanced in 2004 for $487,500 and then again in 2005 for $630,000 before being lost to the bank in May 2008.
At $465,000 it’s $308 per square foot for the Bernal property and at least 26 percent under what it would have had to appraise for in 2005 (assuming 100 percent loan to value), 19 percent less than the $573,750 owned on its first as of 2008.
∙ Shhh…Bank Investor Owned In South Bernal: 108 Bronte [SocketSite]
∙ Six Of Sixty-Five Bank-Owned In Bernal Including Two On Banks [SocketSite]
Oh editor, you’re so negative. The real story is that it’s up 57% over the last 12 years or 3.8% per annum.
Let’s just agree to ignore what happened between now and then.
I’m glad to see these ugly shoeboxes returning to reality. Bernal has some charms, but this isn’t one of them.
the fact that its butt ugly and on banks makes this another ‘only in sf’ listing. where else would someone even contemplate buying this for this kind of price?
Oh come on. Everyone knows that when doing appraisals, appraisers only look at places where people “overpaid”. It’s in their SOP manual. This place would NEVER have sold for more than its 1999 price, so it’s actually up.
/snark off
– el bombero
“Oh editor, you’re so negative. The real story is that it’s up 57% over the last 12 years or 3.8% per annum.”
Maybe, but inflation alone would have suggested a sale for $389K. That’s 1.6% real increase, unless you agree to ignore what happened between now and then.