The short sale of 355 Santa Ana Avenue closed escrow on Tuesday with a reported contract price of $1,285,000. While the sale was officially “over asking” by 1 percent ($10,000), keep in mind it was also 30 percent ($565,000) below the July 2007 purchase price of $1,850,000 for the Balboa Terrace single-family home.
∙ Another Nice Home On Santa’s Short List (355 Santa Ana) [SocketSite]
Interesting comment from the prior thread:
“This is a herrera listing. he always lists his properties low to get a mini bidding war. this will go in the 1.35-1.4 range.”
Guess the market is even lower than herrera thought.
Wow. As time goes on, prices just continue to sink on nicer and nicer properties. Nothing will be immune from these sorts of drops, it’s only the timing that seems to be variable.
Like I said in the prior thread, 30% off peak in SF is not news anymore. Nevertheless, the fortunes lost on single peak SF purchases (yes, $565,000 is a fortune) continues to stun me.
Now, nearly 50% off peak is news, albeit no longer isolated events in SF, and we will see many more examples with the again-faltering economy:
http://www.redfin.com/CA/San-Francisco/647-Grand-View-Ave-94114/unit-4/home/17304595
[Editor’s Note: 647 Grand View Number One Falls To Well Under Five (Per Square).]
What a beautiful home. Congratulations to the buyer!