Purchased for $1,850,000 in March 2004 just ten months after having sold for $1,687,500 (the good old days of money for nothing once again), 2040 Broadway #301 has been on and off the market four times since February 2008.
Now asking $1,900,000 as a “short sale” which might suggest the remodeled kitchen and marble baths are new. Or perhaps it’s a case of mismanaged market expectations along with premature appreciation withdrawl.
∙ Listing: 2040 Broadway #301 (3/4) – $1,900,000 [MLS]
As the baby boomers start to retire and downsize, have the demographics turned on this type of investor with a family-sized home to unload at a time when not that many people want them and more and more people are starting to unload them?
Or is this a problem with not being under the FHA limits, thereby requiring the buyer to put real money down, with a shortage of people both willing, and able, to do so.
Or is it both?
We’re starting to see short sales in areas where that was really unheard of before. I’m wondering if the first problem listed above is having a greater and greater effect.
Good luck. Similar unit, same building, with the dining room still separated from the LR by an arch and the kitchen not as updated (but not heinous), for rent for $5100/month on Craig’s List for AGES now.
Oops sorry, my error — the for rent unit is 2 bed.
Is this being rented right now? The Redfin listing says:
Rental Information
* Monthly Rent: $7,900
* Rent Type: Month-to-Month
* Rent Source: Owner
According to listing:
Tenant occupied, short term thru April 2010.
The mls listing says tenant occupied, which means no sale until said tenant is gone.
I may have already pointed this out on another thread, but this unit recieved a NOTS on November 13. The condos in Pac Heights are going to provide quite a show…
The mls listing says tenant occupied, which means no sale until said tenant is gone.
Why? Was there already a few OMI evictions in the building?
err. Scratch that. It’s a condo. It could sell.
the listing is terrible.
who knows if this place is worth buying or not with pics like that?
it looks like a cheap 1980’s econobox with some views. maybe that’s what it really is, or maybe it’s just the pictures.
they could at least put some effort into it. (I know I know, short sale)
1.9M and 925/sq ft hardly seems like a bargain even though it is a short sale
WaMu, Cal State 9 Credit Union… the financing on this place reads like a who’s who of the big names on ml-imploder.
Short sale price was raised to $2.1 million. Oh, and another vintage of NOTS on 2/8/2011.