As we wrote this past May:
104 Funston was purchased for $2,750,000 in May of 2007 and returned to the market this past March asking $3,150,000. Reduced to a “lucky” $2,988,888 on April 15, the price was further reduced to $2,875,000 eight days later. On Friday it was reduced to $2,750,000.
According to the listing the property “appraised at $2,850,000” and you can “move in with equity.” Who are we to suggest that its three weeks on the market at $2,875,000 without a sale would suggest otherwise. It’s for cases like this that you should always use an online calculator to find out how much equity you can actually release from a home, and not take anybody else’s word for it. When it comes to dealing with finances and finding out about equity release as a whole, there is so much that you need to consider. Perhaps, your best bet is to hire a financial advisor for help and support when knowing whether an equity release is the best option. If you are a financial advisor then you can you can refer your client for equity release with Key Partnerships. In any case, whether you are a professional advisor or trying to figure it out on your own, it is best to do some research into this, just so you have a basic understanding of what this includes and how you can make the most out of it before you start thinking about retirement. If you aren’t sure about what you’re options are there many places online where you can find out if an equity release could help with your worries.
As we wrote last month:
Yesterday the listing for 104 Funston was withdrawn from the MLS after 155 days on the market without a reported sale or buyer capturing the aforementioned “move in equity.”
No word on whether or not 104 Funston will soon return to the MLS at a lower price and touting “even more move in equity!”
And yes, yesterday 104 Funston returned to the market with an “original” list price of $2,600,000 and “one” day on the market. No mention, however, of any “move in equity” this time around (nor that “$400K” figure in terms of recent upgrades).
Perhaps the aforementioned “appraiser’s” name started with a zed.
? Listing: 104 Funston (4/3.5) 3,963 sqft – $2,600,000 [MLS]
? Instant (Appraiser’s) Equity At 104 Funston [SocketSite]
? Will 104 Funston Return With Even More “Move In Equity?” [SocketSite]
Loved your “appraisers” link.
When I first moved into the heighborhood I assumed a crazy old lady lived there, what with the painted shut windows and gold foil door and all. From the listing there appears to be an event tomorrow : ‘You are invited to “Champagne & Chocolate”, a summer event with speakers, Supervisor Eric Mar & CPA Joan Zawaski, Music, Refreshments, tour this luxury home. RSVP Rafael 415-321-7000’. Anybody going?
baycitizen.org has a great story about this house and the owner:
http://www.baycitizen.org/real-estate/story/predictors-predictions-miss-close-home/
“Bruce Bueno de Mesquita has been dubbed “the next Nostradamus,” after the 16th-century French apothecary whom some have credited with the ability to predict coming world events. (…)
But Bueno de Mesquita, a political science professor at New York University and a senior fellow at the Hoover Institution at Stanford University, did not foresee one thing: the inadvisability of spending $2.75 million on a 1913 Edwardian house in San Francisco in early 2007 and then spending $400,000 more renovating it.”