The sale of Watermark (501 Beale) penthouse #2B closed escrow on 10/19/09 with a reported contract price of $950,000. While still “not cheap” at $932 per square foot, it is 31 percent cheaper than its “buy, sell, repeat, retire” resale price of $1,375,000 in December of 2006, 24 percent cheaper than its purchase price of $1,250,000 in October of 2006.
It’s also 27 percent cheaper than the identical “penthouse” unit a floor below (#PH1B) that sold for $1,300,000 in October of 2006 and was likley a supporting comp for the flip of #PH2B. And so on. And so forth.
No word on whether or not it was our plugged-in reader who had offered $950,000 in cash to the bank for #PH2B prior to its last list price reduction (at which time they wouldn’t “even take a look at it”) who ended up with the condo. If so, one word: housewarming.
∙ A Pair Of Bank-Owned Penthouses Atop The Watermark (501 Beale) [SocketSite]
∙ From Flippy To Floppy For Watermark (501 Beale) Penthouse #2B [SocketSite]