Purchased for $2,400,000 in July 2001 and resold for $3,250,000 in May 2005 having been “exquisitely refurbished and renovated [to] perfection,” the Masten and Hurd designed villa at 200 Santa Clara Avenue returned to the market this past June asking $2,798,000.
According to the MLS, the sale of the 3,513 square foot St. Francis Wood home on a 8,938 square foot lot closed escrow three days ago with a contract price of $2,353,200.
Assuming the sale price is correct, and it was an actual sale (versus foreclosure), call it a 28 percent ($896,800) drop in value below its 2005 price for the home on an apples-to-apples basis, or 2 percent ($46,800) below its pre-renovated value in 2001.
∙ More Mediterranean Villas For Less Money In St. Francis Wood [SocketSite]
∙ While The MLS Reports A “Sale,” Public Records Report A Foreclosure [SocketSite]
on a $/ft², the price makes more sense than the original asking…It is a great lot, but Santa Clara is so busy…
That makes two short sales for the owners according to EBGuy’s comment on an earlier thread about this place, and perhaps a third strike soon:
The owner of 200 Santa Clara went on a buying spree in 2004/5. He also purchased 170 San Leandro Way at the beginning of 2004 (from the same seller as 200 Santa Clara… uh-oh!) for $1.63 million. It recently sold for $1.5 million. Also purchased was 423-25 35th Street for $1.7 million in Oct. 2005; it’s currently listed for $1.799 million.
Posted by: EBGuy at July 1, 2010 11:10 AM
The owners were similarly aggressive with 170 San Leandro, which was originally listed at $2.1M.
423-25 35th St is currently listed for $1.599M and was bought as new construction. The listing says one unit is rented for $4K and the other for $3.5K, and both are 3/2s, and there’s a 2/1 in the common area on the first floor apparently. For some reason, the total annual rent is claimed as $84K instead of the $90K that I get.
One more thing: the wife is a realtor.
Deleveraging is a mofo
that’s the way you make a small fortune in real estate…you start with a large one.
You have to wonder how many lives have been ruined because people ignored history and bought SF real estate above 1996 values. A $1.1M loss can devastate a family for generations.
You also have to wonder how many times this buer was told as long as he held for X years, “you’ll be fine.”
tipster: these aren’t the rubes you’re looking for.
NOD – August 4, 2010.
Affidavit of Death (wife) – Oct. 1, 2010.
Deed of Trust – Oct. 1, 2010.
Canceled NOD – Oct. 12, 2010.
Here’s some more pent up supply in Saint Francis Wood. The home at 33 Santa Paula (1666 sq.ft.) received a NOD on October 13, 2010. Bought for $1,395,000 in March 2007.
The home at 33 Santa Paula continues it’s march to the auction block. It received a NOTS on Jan. 18, 2011.