Originally asking $957,000 through the sales office in 2007, 310 Townsend #303 ended up selling for $850,000 in November of that year (a discount of 11.2%). Back on the market today after a two year hold and asking $785,000 (7.6% below it purchase price, 18% under the developer’s original list).
Let’s call it an effective rent of around $4,000 per month for the one-bedroom plus den condo over the past two years not accounting for transaction costs or any capital loss (assuming a sale at asking). Call it closer to $9,200 per month if you do.
∙ Listing: 310 Townsend #303 (1/1) 1,136 sqft – $785,000 [MLS]
∙ 310 Townsend: Available And Selling [SocketSite]
Very interesting. And good to see he lives on via tips.
Just in time for a Thanksgiving close: an oven in which you can cook 3 turkeys side by side!
I really dig the style of the building but this is way too much! Plus the HOA fees make no sense for 0 amenities!
I’ll try to remember to stop by the open house for S’s and G’s though.
Wow, that place is really tacky.
wish i could find last year’s thread where SS-ers blasted me for saying there was a glut of soma condos.
resp, it could be this one (searched for “resp glut”):
https://socketsite.com/archives/2008/08/the_socketsite_scoop_on_1840_washington_demo_and_26_new.html
I will leave it to interpretation as to whether you got “blasted” though. Both Brutus and spencer said that there would be no glut if prices were lower.
Geez, look at the stretching on that microwave and oven. Ridiculous. That practice should really be outlawed in real estate photos. So annoying.
The listing for 310 Townsend #303 was withdrawn from the MLS without a sale after 74 days on the market.
Once again, purchased for $850,000 in November 2007 and asking $785,000 when withdrawn.
Now down to $599k, and now it’s a short sale.
They were asking $749k at some point recently, then dropped it to ~$725k, once the other large 2/2 unit in the building came on at $749.5k (and it under contract).
Unit 303 was so overpriced it was ridiculous. Who was going to pay that price for a 1/1, even though it was large and in a convenient location? The price is much more reasonable, although I doubt it sells at $599k
They might as well drop the price even more since it’s a short sale now. They have nothing to lose!
What’s interesting is that I went to the 1st open house and the realtor mentioned that the owner had “substantial” equity. He must have been referring to the bank.
I heard there were multiple offers. Based on comps, my guess is that mid-600s is where it will land.