As a plugged-in reader noted in July, 250 King Street #530 was taken back by the bank in June. And the bank owned resale of the 1,338 square foot Beacon condo closed escrow on 10/22 with a reported contract price of $600,000.
Yes, that’s 3% “over asking!” Then again, it’s also 31% below its purchase price in 2005 ($870,000) and $448 per square foot for the two-bedroom, two-bath condo with parking and “panoramic views of the City from the floor to ceilings windows.”
No word on whether or not the buyer at the $270,000 savings today had been “priced out forever” in 2005.

16 thoughts on “Bank Owned Price Discovery For A Beacon Two-Bedroom”
  1. That’s actually pretty amazing for that building. I would have expected lower, but I’m glad for the bank. I would take this as positive news the 2/2 market is not dipping below 600k

  2. BTW,
    Unit 957, 1100 square feet with all those uncovered windows that was featured here a little over a year ago, was banked owned and sold for $586 psf.
    Giving them a bump for a higher floor, it means they managed to lose over $100,000 in 16 months, even buying a “bank owned bargain”. So it cost the new owner about $9000 per month to live in a 2/2 at unit 957 of the Beacon.
    Hope they enjoyed it!

  3. If I remember, this unit has some serious flaws, the major one being no deeded parking. The unit had the option to lease one for something like $100/mo. Should add $75 – 100k to the price for an apples-to-apples comparison with other 2/2 condos in the area.
    Also, a lot of ink has already been spilled in previous comments about the high HOAs and pending litigation at the Beacon (and rightly so, as these are huge factors in the lower prices).
    [Editor’s Note: Association Battle Over Unpaid Bills Brewing At The Beacon?]

  4. How are falling prices for real estate a “Misfortune”? For anyone out there thinking of buying, falling prices are an opportunity, even if the one selling “overpaid”.

  5. Re “Please take a long vacation. Your enjoyment in other’s misfortunes is pathetic.”
    I disagree. When prices were rising rapidly earlier in the decade, real estate boosters on this site and others were sneeringly condescending and deeply nasty to those of us who had resolved to sit out the madness and not throw ourselves into a market that we knew we couldn’t afford and that we felt reasonably certain was not sustainable.
    While I don’t take pleasure in the misfortune of others, I myself feel vindicated by posts such as tipster’s. Notwithstanding the “buy now or be priced out forever” mantra of those years, I knew what I could reasonably afford back in 2006-2007, and I knew what I thought was a reasonable price for 2/2 in SOMA, and both numbers were significantly south of $860k.
    It’s unfortunate that so many people have lost so much money in SF real estate. But it’s not “pathetic” to point out that a great deal of money has been lost, and that those of us who stayed out of the market seem to have been right.

  6. Re Re “Please take a long vacation. Your enjoyment in other’s misfortunes is pathetic.”
    And when prices where rising very fast and many hard working families where being priced out of much of the bay area, forced to purchase homes hours from work or forced to take on complex risky mortgages the RE bull’s didn’t complain about the misfortunes of those families, it was posters like tipster raising the alarm bells that the RE mania, and resulting rise in prices, was the true misfortune.
    prices returning to historically supported affordability levels is a long term positive, unfortunately there is a short term negative impact and those who allowed themselves to get swept up by the mania of the mid ’00s are the ones paying, but you can’t say tipster didn’t try and warn you at the time.

  7. “Please take a long vacation. Your enjoyment in other’s realtor’s misfortunes is pathetic shared by plenty.”

  8. Say what you like about this property, it did inspire diemos:
    Beacon burning bright
    Cold autumn wind sends shivers
    Prices fall like leaves

  9. “Please take a long vacation. Your enjoyment in other’s realtor’s misfortunes is pathetic shared by plenty.”
    Yeah. That’s not how it works, but I recognize your name as someone who posts here fairly often. Two realtors whom you likely know nothing about actually grossed 18K each here. So go on ahead and continue to not understand how realtors are compensated even though you’ve probably glossed over similar corrections at least 20 times by now. Yawn.
    Also those of you singing Tipster’s praises right now are, for the sake of fairness, more than welcome to correct him when he makes stuff up out of the clear blue sky. Or not.

  10. I believe the former owner was a “property developer”, not a relitter. Ninety percent financing, what could go wrong? We all shine on on…

  11. We are all extremely happy the realtor’s made 18k on the sale–and even more on the original sale. Truly a net gain for our City-by-the-Bay community. I may be an interested party when these places are in the $500k neighborhood…

  12. This unit does not have “panoramic views” of the city. Although it is facing north, the views are obstructed by the 200 Townsend building.

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