As we wrote about 330 Banks up in Bernal back in January 2008:
On the market without finding a buyer at $649,000 last fall, 330 Banks is back on the market (but not the MLS) with a list price of $599,000.
Included in the sale are approved plans to add an additional “art studio” and half-bath on first floor. And while it’s usually “showings by appointment only,” it will be open this Sunday (1/27) for just one half-hour (from 2:00 to 2:30) if you want to take a peek.
Keep in mind that this single-family Bernal Heights home was purchased two and one-half years ago for $700,000 (on 6/8/2005). And yes, the sale at $700,000 was likely used as a local comp a couple of years ago. And so on. And so forth.
And as we added this past February:
This past June the bank foreclosed with $558,053 owned on its first (the 2005 sale was financed with a first for $544,000 and a second for $57,500) and the little Bernal home returned to the market asking $534,900 in September before being withdrawn from the market in December…
Re- listed for $499,900, the re-sale of 330 Banks has now closed escrow with a reported contract price of $450,000, 35 percent ($250,000) below its year 2005 price.
a bernal dump for under $500,000. nice starter home . . .
how close is this home to the projects ?
Good point meep, I forgot about the Bernal Hill space-time warp that brought this property two blocks closer to the projects in 2009. That explains the quarter mil loss.
Not close at all, meep. That’s not the issue…problem with this property is it’s a tiny 1/1 with no charm. Whoever paid $700K for this was out of their mind.
BernalDweller is correct. Of course, the “out of their mind” comment applies to just about everyone who bought in SF from 2004-08, or anywhere else in California and most of the U.S., for that matter.
The comments from the listing realtor, Katy Dinner, in the 2008 thread on this place are just excellent, particularly how she mocked the “hysterical banter” of those questioning the then-599k list price and selling strategy – already a 100k loss with another 150k to go.
A.T–do you honestly believe this will drop another 150k?
I don’t just honestly believe it – it did drop another 150k! Listed at a 100k loss in 2008 and sold in 2011 at a 250k loss.
scare tactics
I think it is pretty clear that A.T. was talking about the drop from 599K list price from 2008.