While tax records suggest a purchase price of $1,575,000 in July 2007, a newly gutted 1130 Cole Street with “approved permitted drawings for 5 bedrooms, 3 full baths, 2 separate powder rooms, family room and 2 car garage” returned to the market five months ago asking $1,288,000.
Eight days ago the sale of 1130 Cole Street closed escrow with a reported contract price of $1,200,000. As a plugged-in reader pointed out last month, the seller had also gutted and lost 324 Day (and 352 Diamond).
No word on how “arms-length” the previous appraisals on any of these properties might have been.
UPDATE (7/16): A plugged-in reader digs up a related story on our aforementioned seller and a dozen or so other properties: Valencia St. Investor Falters.
∙ Calling All Contractors That Still Have Cash… [SocketSite]
∙ When Arms Length Appraisals Are “Too Far” Away [SocketSite]
∙ Valencia St. Investor Falters [missionlocal.org]