A plugged-in tipster with camera in tow captures the slightly altered sign for 161-165 Collingwood (and of the times). Let’s keep the candids coming (tips at socketsite.com).
∙ Perhaps It’s Time For The Hard Stuff: 161-165 Collingwood Cuts Again [SocketSite]
Some more accidental landlords who have decided to feed the alligator while trying to ride out this little blip in the market.
My guess is one year before the new reality sinks in and they walk away from their loans.
I’d love to know how much…
2 of the 3 units are still for sale according to the public MLS. What happened to the 3rd one?
“My guess is one year before the new reality sinks in and they walk away from their loans.”
Have you seen these properties? Do you know how much they’re asking for rent? Do you know how much they borrowed? Are you following the Castro rental market? Do you know the borrower/builder’s history with lender(s)? Other projects built? underway? shelved?
“Walk away from their loans” eh? Real credible thing to publish on the internets there, broseph. “Guess” or not.
Yes, unfounded guesses aren’t particularly useful. Best to listen to the experts:
http://www.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877336,00.html
Without uninformed wild speculation the internet would be a pretty boring place.
Looks like some developers misjudged the market and so there will be more rental supply coming on line.
Posted by: Laughing Millionaire Renter in Marin at December 4, 2008 3:16 PM
Looks like LMRiM nailed it again.
From the earlier thread on this property:
Fluj:
“Do the math. They are now in mid 800s, so these units will at least be garnering attention. But this developer has ample room to negotiate. Selling agents are being offered four points at this point. My guess is that these will sell near their current pricepoints.”
Good guess, but no prize.
Anonn, if someone just moved to this city yesterday and saw the For Rent sign they might not think twice about it. But if you’ve seen properties for sale reduced, then reduced again, then finally going rental…. well, it isn’t a major leap to conclude that someone is in trouble.
A guess it was, not a wager, and nor is this a wrap.
Looks like wishing rent range from $5300
http://www.mcguireleasing.com/Photos.asp?PropertyID=969
to $3500
http://sfbay.craigslist.org/sfc/apa/1038529726.html
For a preview of what’s going to happen to rents in SF, one has only to go to Manhattan.
163 Collingwood asking rent is $3,500 + $200 parking, from craigslit
http://sfbay.craigslist.org/sfc/apa/1039491625.html
“Real credible thing to publish on the internets there, broseph.”
Yes.
Yes. (at least for the 2B, $3500)
No.
Yes.
No.
No.
No.
No.
Now, now, flanonn. You need to embrace the wild speculation.
Noe Valley? Since when is 18th & 19th streets Noe Valley?
http://sfbay.craigslist.org/sfc/apa/1039491625.html
“Walk away from their loans” eh? Real credible thing to publish on the internets there, broseph. “Guess” or not.
Do you still count the sun spots when the sun is burning out?
I’ve visited those (nice) condos at the end of the summer when they came on the market. I was tempted to buy the middle unit, but if they do rent at $3500/mo rent it’s a much better financial deal and allows me way way more flexibility being on a lease than being stuck with a mortgage, declining value and a very sluggish market. I could just watch the prices drop around while still holding my cash at 2% and therefor have all that security blanket in case things do get real ugly. Sure, no pride of ownership and all, but so what?
I’d jump on that if I were you, if you really like the place. you may be able to buy it for cheap down the line, would save them the cost of commissions, buy at lower market less 6%. At $3,500 it should go pretty quick for the product imo.
“Do you still count the sun spots when the sun is burning out?”
Krypton’s red sun? It died long ago. I fled in a rocket as a wee tike. Our yellow sun has embued me with super b.s. detection powers.
Please, Pete, do tell us all about the financial situation this developer is in.
The For Rent sign is gone and there are curtains on the windows.
Kal-el, your post reminded me of some dialogue from the first movie.
2nd Elder: [after Jor-El has told all of them how the Red Sun will destabilize and burst, causing Krypton to do the same] Jor-El, be REASONABLE.
Jor-El: My friend, I’ve never been otherwise. This madness is yours.
Honestly, diemos, it is you who has alligned yourself with General Zod and company. I mean here we have one local builder, right? And one guy thinks he countered me with a Time magazine interview with David Lereah. And again, the builder could be content to rent this out for 10 years at a small loss, and then sell at a profit for all you know. Yet you still went to the “walk away from their loans” card. Because you’re in the Phantom Zone with the other miscreants.