A Beacon (250 King Street) and neighborhood comp at $906,666 ($614 per square foot) in April 2006, the 1,476 square foot two-bedroom on the eighth floor of 250 King Street (#802) was bought off the courthouse steps for $527,077 this past November.
And while we don’t consider courthouse step sales to be apples to apples (all cash changes the equation), we will consider its resale to be so (assuming the banks are lending again).
On the market and asking $669,000 ($453 per square), 26 percent under its 2006 price.
UPDATE: A plugged-in reader adds:
This is a symbolic foreclosure as the (former) owner of Unit 802 was the lead plaintiff on the lawsuit against Catellus Development. I guess he decided to throw in the towel. Then again, I can’t blame him IF Property Shark is right; they claim a $799,900 variable first and $150,000 second (JPM was the loser on that one). Yes that’s a 105% LTV…