Listed as 219 Brannan #212 on the MLS, we’d be willing to bet it’s actually 219 Brannan #1C that’s now bank owned at the Brannan and back on the market asking $594,900.
Public records would suggest the one-bedroom condo was purchased in 2003. And a tax assessed value of $533,268 would suggest some premature equity withdrawal might have been involved. The property has been listed and relisted at least six times since 2006.
∙ Listing: 219 Brannan “212” (1/1.5) 875 sqft – $594,900 [MLS]
∙ Bank Owned Hits The Brannan (239 Brannan #11E) [SocketSite]
∙ Another Bank-Owned Anomaly At The Brannan (229 Brannan #3H) [SocketSite]
How is it an anomaly? Not following the logic. The Brannan is a nice building, but it’s not immune to statistics.
It isn’t logic, its ironic/sarcastic.
If the property were listed to compete the first time there would be no need to keep re-listing.
P.S. Im loving all the information on your blog!
What’s the irony?
Paul, check this out: http://en.wikipedia.org/wiki/Irony
Specifically,
“…or the irony of sarcasm or litotes may involve the emphasis of one’s meaning by deliberate use of language that states the direct opposite of the truth, or which drastically and obviously understates a factual connection.”
That about sums up this post.
c’mon paul..you’ve got to look at sf re like the editor and his bearpack do. having missed the run-up they now NEED to talk it down to make themselves feel better. in their world every property will return to ‘pre-bubble’ pricing.
see, nobody made any money. we were right to sit in our rental apts. we were smarter than those risk takers…etc,etc..
Thanks Willow,
Oh, I see, that’s sarcastic / ironic.
Paul
kid char,
Do you think values are headed back up?
http://3.bp.blogspot.com/_pMscxxELHEg/S2IEgB-C1qI/AAAAAAAAHX0/oVj0KlBYw8g/s1600-h/FannieMaeDelinquencyNov.jpg
FormerAptBroker,
My old boss (multifamily broker from Sacramento, you may know him) told me, “Real estate is easy Paul. When people ask you to sell, you sell. When people ask you to buy, you buy.”
Your question is not the right question. I think the real question(s) you are asking is: how many people will be living in the Bay Area / San Francisco in 5 years and how much income will those people be bringing in. i.e. jobs.
Paul
^and more importantly, whether that income will ever make up for bankers willing to lend to anyone with a pulse with nothing down and instantly negative amortizing payments.
FAB,
eventually, yes. but i think downcycles last five to eight years.
i believe many got caught up in the frenzy. for some it was not such a big deal to overpay for a place b/c they were able to sell a previously bought property for more than it was worth in order do so. for others it was foolish to overpay and they will regret it.
BUT the editor and many of the most frequent posters on this board think that everyone who bought was “a sucker” to quote mr. make believe “millionaire renter in marin”. that is the ever present editorial bias on ss and it is tiring…
and tired. all the more so b/c it typically comes from those who have no experience in real estate apart from bloviating about it on the internet.
Nice strawmen, kid char. It doesn’t really sound like you have anything substantive to say beyond random sniping, so why do you bother?
No one doubts that some people made money. But there were a lot of suckers nationwide during the recent boom, and in San Francisco too.
Furthermore, it’s not “editorial bias” just because someone has a viewpoint. The editor has never promised to be “fair and balanced” or whatever people want to call it. Moreover, the data haven’t been “fair and balanced” recently either, so I’m not really sure what you’re getting at. Realistically, if you want a housing bull blog, go to some realtor’s site.
Maybe you’re just some dude who made a windfall because you happened to get the timing right. But that sort of short-term thinking is gambling — not investment or anything principled. And that’s all many folks here have said, despite the way you would like to caricature a small and vocal minority of commenters here.
“Nice strawmen, kid char.” the strawmen are named
satchel, diemos, tipster, fronzi, adam…i could go on.
“Furthermore, it’s not “editorial bias” just because someone has a viewpoint. um, yes, it is.
look at 104 collins as an example; the editor highlights the listing, tells us when it is removed from the mls w/out a sale, yet neglects to mention it when it sells. why? b/c it sold for frickin’ $815/sq.ft in THIS MARKET!
“Realistically, if you want a housing bull blog..”
why do you think i want a bull blog? do you think i’m bullish? i’d actually like to read more input from those who have good info to share (sleepiguy,eddy,fluj,45yr old,paul hwang, rillion)rather than the same old tripe from the bitter renter types who dominate most threads (egged on by under the basket passes from the editor..).
“Maybe you’re just some dude who made a windfall because you happened to get the timing right. But that sort of short-term thinking is gambling — not investment or anything principled.”
wow. where do i start w/that comment. maybe i have been intimately involved with sf re for over 20 years. maybe i’ve got real hands on experience
(and i don’t mean hands on the keyboard experience). maybe i have personal experience with buying and selling sf re, fixing, converting, trading, holding sf re. maybe i have extensive knowledge of the in and outs of rent control, omi, ellis, tic and condo conversion. maybe if you read any of my posts you might glean some of that..or maybe not.
“It doesn’t really sound like you have anything substantive to say beyond random sniping, so why do you bother?”
only b/c i feel like i have something to offer. and i believe there are lots of smart folks reading (even writing) this blog who can offer
good info/perspective/gossip/knowledge. i think that the ‘popular crowd’ around here are happy sniping from the sidelines and i just figured i’d have a go at trying to challenge the rote conventional wisdom that results. maybe its worth it, maybe not. whatever.
i have personal experience with buying and selling sf re, fixing, converting, trading, holding sf re.
Basically extracting equity and profiting from rising prices. In short: speculation.
These are homes where people live, or are supposed to live: many flipper homes sit empty during the work and the sale period.
You make a buck on homes while regular people are kicked out of this highly speculative market. This makes the average SF dweller really angry. Not me, I can afford this market.
But many people I know hate the speculators’ guts. One’s got kids and can’t move into anything decent because a 50-something is probably building his retirement with an empty house that was supposed to house a family. Especially so when it’s other people’s money and incidentally you need to bail out the biggest fool of the bunch! That’s what has people going at the throat of the flippers.
Just keep it low key and enjoy your money, you have no reason to complain. Well played!
whoa whoa whoa,
so many assumptions there grasshopper.
“Basically extracting equity and profiting from rising prices. In short: speculation.”
capitalism=speculation.
“These are homes where people live, or are supposed to live: many flipper homes sit empty during the work and the sale period. ”
no broken eggs=no omelets.
remember that these are 100 year old houses built of wood that used to waste resources
(e.g. w/out insulation, w/single pane glass,insufficient electrical service,and water wasting plumbing).
its very difficult, expensive and risky to attempt to provide updated and safe housing in this city (whether for rent or sale). but there is great demand for it. striving to meet that demand does not make one a bad guy.
plus, doing the job with good design, respect for community and history, using sustainable materials and practices, heart, soul and passion is actually beneficial to those who practice it, live in it,buy it or see it. and that is true in up markets or down.
“But many people I know hate the speculators’ guts”
that’s a pretty broad brush they are using. and i think i see/smell a luddite’s reasoning there.
“Especially so when it’s other people’s money and incidentally you need to bail out the biggest fool of the bunch! That’s what has people going at the throat of the flippers.”
just b/c michael vick was involved in dog fighting does not give you the right to hate all quarterbacks.
“while regular people are kicked out of this highly speculative market.”
plenty of ‘regular people’ have adapted in crowded metropolises worldwide. deal with it or move to other places that are less ‘speculative’.
life is not static. rather, being dynamic is what makes places like the city attractive.
The list price for 219 Brannan #1C has been reduced $25,000 (4%), now asking $569,000.
Still overpriced. Its hard for people to shell out $770/month in HOA fees, thats more than the taxes on this place.
Still overpriced. Its hard for people to shell out $770/month in HOA fees, thats more than the taxes on this place.
Subsequently reduced down to $529,900, the listing for the bank-owned 219 Brannan #1C was just withdrawn from the market without a reported sale.
Once again, public records would suggest the one-bedroom condo was purchased in 2003 and its tax assessed value of $533,268 would suggest some premature equity withdrawal might have been involved.
The property had been listed and relisted at least six times since 2006.
Whoa. Even on the first floor, the Brannan is one of the best buildings in SOMA. Yet, it couldn’t even hit 600 psft! Amazing!
The sale of 219 Brannan #1C ended up closing escrow on 5/31 with a reported contract price of $525,000, exactly $600 per square foot.