Having last changed hands on 7/28/2006 for $700,000, 950 Harrison Street #202 was listed last week for $599,000 and is advertising “Great SHORT SALE opportunity.”
At the same time, 950 Harrison Street #210 (which is smaller by 104 square feet and last changed hands on 11/22/2006 for $679,000) and 950 Harrison street #123 (which is smaller by 276 square feet and a half-bath and last changed hands on 8/28/2006 for $605,000) have both been on the market for two months (and are currently asking $705,000 and $625,000 respectively).
∙ Listing: 950 Harrison Street #202 (1/1.5) 1,120 sqft – $599,000 [MLS]
∙ Listing: 950 Harrison Street #210 (1/1.5) 1,016 sqft – $705,000 [MLS]
∙ Listing: 950 Harrison Street #123 (1/1) 844 sqft – $625,000 [MLS]
for the neighbors sake, here’s hoping they don’t ‘have’ to sell and can wait out the slump or that a bidding war erupts over the 599k asking and drives up the price.
This is what happens when all of your neighbors over-paid in a high rise new condo development.
Low comps will be set by bank-owned homes and sellers with lower buy-in prices (e.g., pre-2001) that can still lock in huge gains, but spell bad news for top of the market buyers.
What happens if #202 doesn’t sell and the new short sale price? $550 looks cheap on PSF basis, but I always discount loft square footage anyway.
E.
950 Harrison Street #110, 2 bedrooms, 1331 sq. ft, recently sold for $690,000. I think the other two listings are over priced and this short sale is priced fairly.
Either I’m missing something…or there’s another short sale in the same building:
http://sfbay.craigslist.org/sfc/rfs/475012432.html
I saw 202 yesterday. At least it is relatively quiet considering its window faces Harrison and 101 is only half a block away. I hate the loft with non-loft aesthetic — worst of both worlds.
The more expensive unit isn’t just smaller, it’s darker in the kitchen and in the sleeping area. That listing is doomed.