From the listing for 324 Day over in Noe Valley:
Contractor special! Construction stopped during renovation and was foreclosed. Seller/lender anxious to sell, very motivated. Bring your best offer, don’t worry about the listing price. Seller/lender will finance with reasonable down payment.
No recorded previous sales price that we can find, but tax records would suggest a purchase at a little under around a million in September 2007.
∙ Listing: 324 Day Street (3/1.5) – $760,000 [ERA Golden Gate Properties Via Pacific Union]
The supplemental tax bill (bill #704595) implies that this place changed hands in 2007 for $1,053,000. (Previous assessed value for tax purposes was $48,935.)
Propertyshark shows only one mortgage for $700,000, but no record of the foreclosure from what I can see. (Data is often incomplete I’ve found.)
Congrats to the 2007 seller for finding someone to overpay for this!
I’m sorry, Mr. Planning Commissioner, but the week after I bought it, some “homeless people” moved in and started a fire. Guess I’ll need to rebuild.
While they were there, they burned down the POS next door on the right, too. Kind of hard to sell something for very much money with that catastrophe sitting next to it.
Listing for 3/1.5 seems to include the permitted new bedroom, office and bathroom (maybe-I couldn’t access the full permits), but the 848 sqft does not seem to reflect the addition. Anyone have any additional info on the size/layout post remodel?
I don’t think I’d “worry about the listing price” on this one either unless I was the “seller/lender”
A million clams for a 850 sq ft tear down. And people wonder why the whole country is on the express line to Hell.
“A million clams” isn’t worth anything really. IMO, that’s what the govt says when it loans out cash at near 0%. $1M invested in my Cal AMT-Free Muni fund will net you a whopping $150/month (0.018% annual interest).
PS: Yes, I know that “AMT-free” doesn’t matter much when the rate is this low :-).
That’s pretty neat… I’d need $100M in the Cal AMT-Free Muni fund just to equal my current salary.
In that sense, I’m “worth” $100M!
Woohoo!
I have been expecting to see a lot more of this. Bought for $1M in 2007/08 was half built (or just got permits) and then sold at a loss. There should be more to come based on how many tear downs/fixers went for that price.
I think this place would have sold for $1.75M if was finished and sold in 2008, but now that market is one of the worst, and this place will only be worth $1.35M. If the cost of the work is $400K and the carry/close is $150K, then break even is $800K purchase. Let’s say “I don’t worry about the asking price” and offer $600K, then it seems like a decent project. But, since basically nothing in Noe sells under $700K I don’t think it will happen.
I’ve seen the owner’s name on bunch of properties in that condition, aggressively over paying to all of them. He also was involved in a house in Cole Valley that was featured here a year ago.
As Sparky said here many times, you can’t really make it work till prices head back to $600k-$700k levels per lot.
4322 25th street is ’05 vintage deal at $800K that took forever to go through the permitting process with a $2.6M possible exit.
If you only plan to add a little square footage w/o going to a 3 story mega home forget making money at these levels.
For spec I would pay about 300k to 350k tops. Otherwise let the lender move in.
I have ten bucks cash.
I bid 11 dollars. (Sorry BobbyD)
^^^^
Is everyone seeing this? Multiple bids on a property in an hour! The market is WHITE HOT!!!
50 quatloos!
based on his portfolio of disasters, my bet is Mr Muhawieh becomes a local poster child for young, dumb cocky r.e. investors that bought at the top.
^^^^^^ Looks like he found a few takers for his other properties; curious to see if they close and at what price.
1130 Cole St (Contigent)
352 Diamond (Contigent)
resp- then what will the lenders that enabled him to do this be remembered as?
Interesting how sparky-plan-B said multiple times that he was looking for good projects but that numbers for gut-outs didn’t really add up. Now we have the answer.
I’ll bet the previously assessed value or $48,935.
unearthly:
we looked at 1130 cole, and if I recall correctly, this one was interesting because they started doing all this work (taking off the roof etc) that was not part of the permit, and were shut down by the neighbors…
so we stayed away.
Geo,
See page 6.
What are y’all waiting for? MLS says “bring your best offer, don’t worry about listing price”.
i say 51 simoleons.
The foreclosure price on June 8 was $770,926.
I guess there are two ways to a financial meltdown: cooking the books and not having any books at all.
Apparently, Maher Muhawieh did both.
he’s going to jail – any defenders above have to admit they were fleeced:
“Mission district Madoff charged with $25 million scheme
By: Brent Begin
Examiner Staff Writer
09/17/10 3:02 PM PDT
An avalanche of charges came down Friday morning on a 31-year-old San Francisco real estate investor indicted in a $25 million ponzi scheme that victimized more than 80 people in the Mission district and the Haight.”
http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2010/09/17/state/n154425D39.DTL
http://www.sfexaminer.com/local/blogs/law-disorder/Mission-district-Madoff-charged-with-25-million-scheme-103169739.html
background: http://missionlocal.org/2009/05/on-valencia-a-story-of-real-estates-boom-and-bust/
Here is the indictment. The US Attorney does not mess around. If they get the grand jury to indict you for something like this, you’re going to prison (unless he skips bond and flees the country).
http://www.justice.gov/usao/can/press/press_documents/Muhawieh%20Indictment.pdf
“Mission Madoff” Promises He Will Not Flee Before His Trial Ends
http://www.sfgate.com/cgi-bin/blogs/inthemission/detail?entry_id=72930