The bank owned sale of 250 King Street #266 closed escrow yesterday with a reported contract price of $620,000. And yes, that’s 3.3% “over asking!” in industry speak. And likely with “multiple offers!”
At the same time that’s 17.3% under its recent tax assessed value ($750,000), 1.5% less than what the bank bought it back for in December ($629,142), and $524 per square foot for this two-bedroom condominium in The Beacon.
∙ Flash Back Forward To Beacon Two-Bedrooms Asking Under $600,000 [SocketSite]
No surprise, its the Beacon.
I hope the buyer gets a chance to enjoy it before the building’s water and electricity get shut off. They have a nice little HOA/COA dispute going on over there.
I remember last year someone snapped up a 1/1.5 REO @ 1000sf for 644k at the Beacon…can you say ouch?
Shutting off utilities to residences is not done except in the most extreme circumstances. Having lawyers argue about bills is more efficient and has far less liability.