As we first reported in January:
As plugged-in people might recall, while the Marina development at 3208 Pierce hit the market in 2007 with printed marketing materials touting “SOLD” for unit #407, the unit quietly hit the MLS listed for $1,279,000 once the rest of the building was in contract.
The two-bedroom condo ended up selling for $1,249,000 that October by way of a first mortgage for $999,200. A month later a second for $80,000 was added and a third for $124,000 the month after that. Call it a 96 percent Loan to Value ratio for the property within two months of purchase and at the end of 2007.
So why do we mention it now? Well, while the original notice of default was filed in November 2009, and the notice of trustee sale was finally filed a year later, the December 2010 auction being postponed due to the million dollar condo buyer’s bankruptcy but the property is currently scheduled to hit the courthouse steps again in a week.
Postponed a few times since, 3208 Pierce Street #407 is once again scheduled to hit the courthouse steps this afternoon. At the same time, 3208 Pierce #102 has hit the market listed for $1,085,000 having been purchased for $1,200,000 in June of 2007.
∙ Listing: 3208 Pierce #102 (2/2.5) 1,277 sqft – $1,085,000 [3208pierce102.com] [MLS]
∙ From “Sold” To Actually Sold To Facing Foreclosure At 3208 Pierce [SocketSite]
∙ 3208 Pierce: New Website And Photo Gallery [SocketSite]
∙ Another Chance To Buy In The “Sold Out” 3208 Pierce [SocketSite]
Is there a website that shows the local “courthouse steps” auctions?
i always thought this building (and the one a few blocks to the east on lombard) was going to be a poster child for the bubble. location has gotten even worse with the King George project a block away.
nothing irks me more than agents claiming to have “sold” units before they go to market with a multi unit building, especially TICs. buyers should always do due diligence. at least look in the windows for furniture. a few agents are notorious for it.
I never understood how something on Lombard could be marketed as a ‘luxury’ condo. 3208 Pierce is across the street from the IHOP, diagonally across from an old gas station, a few blocks away from the Bridge Motel and the King George project is always lingering in the background. In a few years that ‘art institute’ will gobble these up and rent them out four to a room.
Thats Academy of Art Jane…not the art institute there not gobbling anything up
I’m not sure it’s as gloomy as that. One of them sold in March for $914/sqft
I’m not sure it’s as gloomy as that. One of them sold in March for $914/sqft
http://www.zillow.com/homedetails/2298-Lombard-St-203-San-Francisco-CA-94123/82785297_zpid/
I’m ok with the location/neighborhood, but the price/sqft seems high. Plus, $667 in HOA? yeowch, that’s high for a $1M asking price.
Assume the courtyard is public, so you’ve got a public courtyard (but private access) looking into your family room.
Ugh. Know the owner of one of the two units (would rather not say which right now). Have been there on a couple of occasions. While I have no doubt the neighborhood can be sketchy at times, the location is actually pretty amazing if you like the Marina scene; everything is walkable. Unit I was in was nice; not huge, but liveable. Only negative I remember was the garage; very, very tight.
I wish everyone involved all the best.
i agree about this being a poster child for the bubble. i was shocked to see the prices these things sold for in ’07 – i steered clients away due to what felt like ludicrous asking prices – and then they all sold – so no surprise to me these are way down.
overall the location is amazing – but this is truly a Lombard address and THAT is the problem. the idea that Bridge, King G and iHop are an issue is mostly wrong – it is Lombard noise an annoyance.
3190 Scott is similar – this time around it isn’t selling since buyers no longer have their rose colored ‘i don’t see lombard’ glasses on. plus 3190 Scott is right across the street from King G so it really does have that problem.
either way, it will be interesting to keep track of how many hang on to their well under water condos here, and how many sell.
Does anyone know if this sold at the courthouse steps last week?
[Editor’s Note: Postponed once again, now scheduled for a 08/22/11 sale.]