On the market for 152 days and now vacant, the list price for the bank-owned 250 King Street #636 has just been reduced to $319,770 ($447 per square foot). The 715 square foot one-bedroom at The Beacon is now asking $9,230 less than a 587 square foot studio three floors higher (250 King #904) which isn’t bank owned but is seeking a short sale.
The one-bedroom had been purchased for $575,000 ($800 per square foot) in March 2006 before being taken back by the bank in August 2009 with $498,055 owed. A sale at asking would represent a 44 percent drop in value since 2006.
∙ Listing: 250 King Street #636 (1/1) 715 sqft – $319,770 [MLS]
∙ Listing: 250 King Street #904 (0/1) 587 sqft – $329,000 [MLS]
At some point these will make a lot of sense to buy and rent out. The location is convenient, and the building has amenities. The only issue would be the HOA fees.
As an aside, more listing recently came up at the Palms, specifically more 2/2s, with MUCH lower HOA fees, but higher asking prices.
Apparently parking is $450/month for this 1BR, which would help to explain the lack of demand(In addition to litigation, size, economy, etc, etc).
This place is such a joke. I did a walkthrough at the heigh of the bubble just to take a look – the “jr 1 bedrooms” (ie a studio) were starting at $699k and 2/2s were starting at $899k iirc and asking well over a mill for the decent onces. I laughed at those prices and called them delusional, they got pissy.
I sold this unit and was attempting the short sale for almost a year and had a buyer for it over $400,000 when the BPO came back over $500,000 (I have no idea how any broker could value or support with comps such a high amount).
Then suddenly after all those months of no response from the banks, we get a counter didn’t respond to the bank within 48hrs because the Buyer was out of the country and next thing we knew the bank closed the file and foreclosed on it.
That’s how crazy these banks are and now look at the unit?
There’s a pattern with the following buildings…
Beacon, Palms, Blu, 829 Folsom.
This could be it! My future shag pad … gotta go check it out this weekend.
Wait a minute… is parking $450/mo EXTRA on top of that $560/mo HOA fee?
WTF!? I’d have to pay $450/mo just to park the M3 … there goes my Cristal budget.
I told you!
^^^ Its Earth Day so much cooler to show up to your shag pad on a bike carrying locally produced Napa sparkling white.
If there is a $450/mo parking fee, I would be shocked. The listing for the studio say $100/mo for parking, so I am going to assume that is a typo.
Original financing courtesy of — WaMu.
@sfre
I think $450 is NOT a typo. I took a look at some of these condos awhile back and was told by the agents that all of the units in the building have a contract that runs in perpetuity with the parking operator for a $100/mo parking fee. However, if you’re late on a payment, the contract is breached and the parking operator can charge you “market rate” for the parking spot. Looks like the bank forgot to pay the parking operator and the contract — sucks for whoever buys this unit, good for the parking operator.
Let’s see … $350/mo extra, not tax deductible … hmmm (gets out calculator), that’s equivalent to a $100k mortgage at my current 4.5% IO ARM rate … so I’ll offer $220k and see what happens.
Then I’ll just park in a garage next door for $25/day when I’m in town, you know, shagging.
Jimmy: That’s why The Infinity gave Tower II buyers option to give up the deeded parking for $100K reduction from the unit price. In theory, a $450K 1/1 without parking could be had for $350K a year ago. Don’t believe there were many takers. BLU had the same offer but foregoing the stacker spot only resulted in a $60K discount.
These 40-50% discounts compared to peak start to (almost) make sense. These condos were bubble central with all buyers expecting a few 100Ks in their pockets after staying there 2 years.
Other bubble locales in CA have seen 60 to 75% collapses. I think that will the ultimate bottom for the condo market in SF. A 100K less and this unit will be a decent rental investment at 20% down.
I am no fan of the typical staging insanity and realize this is bank-owned, but come on! Pics from your janky mobile and you can’t even take a second to clear the junk off the kitchen bar? LOL!
I looked at the Beacon when units first came on the market, and the sales person didn’t even know how much the dues were going to be. Although it’s a convenient location, I was not impressed with the construction nor the detailing in the units. We ultimately passed because I didn’t get a good feeling about the building and I’m glad we did.
unit #636 a foreclosed unit which is totally trashed by the owner