As we wrote this past November:
Purchased for $1,212,000 with ten percent down and two variable rate loans in November of 2005, 773 Rhode Island returned to the market in March of 2007 seeking $1,395,000. It was taken back by the bank in September of 2008.
It’s now fourteen months later and the Potrero Hill view property has finally made it back onto the MLS as official inventory asking $909,900 (25% under its 2005 sale).
Yesterday the sale of 773 Rhode Island closed escrow with a reported contract price of $1,115,000. Yes, that’s “23 percent over asking” but 8 percent under its 2005 price.
∙ Speaking Of Million Dollar Foreclosures (And “Shadow Inventory”) [SocketSite]
Still, $200k over asking in this market is pretty shocking. Was this a multiple offer, bidding war situation? wow.
What’s amazing is that not a single buyer was willing to bid anything more than an 8% discount off the price of 4.5 years ago. Wow.
I think it would be less amazing if you looked back at early fall 2005 Potrero Hill SFR sales, and how they rank all time in the area.
“Still, $200k over asking in this market is pretty shocking.”
You mean $280K UNDER asking is shocking? The original asking price was in March of 2007. And what about almost $100K under the prior 2005 sale? I’m scratching my head on sanfrantim’s comment, other than to say that if you underprice something, you might get a bidding war.
Btw, $1.212M in 2005 is $1.345 adjusted for inflation in 2010, so call it a 17% real loss vs. the 8% nominal loss.
No I meant what I said. This was of course “priced to sell,” but I nonetheless am surprised at how aggressively over the list price the bidding went for this modest home. I hoped my comment might garner an explanation from someone with inside knowledge of the situation. But clearly you’ve got nothing.
Wow, what an attractive facade!
Oh wait, that’s the reflection of the house across the street.
1.1 million to have your kids get beat and robbed by kids from the projects?
I guess you can afford this you drive them to their private school too?
“1.1 million to have your kids get beat and robbed by kids from the projects?”
I am sympathetic to your concerns, Zig, because I often have trouble understanding some of these valuations. But Rhode Island (if we’re to go by the usual “SF is block by block” platitude) is a lot better than the lower parts of Carolina, Wisconsin, and Arkansas and other streets that directly border the projects. Funny how the riff-raff get slightly lazier when it involves going uphill. Still, it’s enough to keep me wary.
Fantastic views from the back yard. I’d guess there is potential to add another level up top. Odds of getting mugged at that address are equal to most SF neighborhoods. Nice crack in the foundation next to the garage door. Nothing some duct tape won’t fix. I’d live there if I had a spare million.
“Funny how the riff-raff get slightly lazier when it involves going uphill. Still, it’s enough to keep me wary.”
Your kids are riding the same bus as far as I can tell when they are of age.
Although I wouldn’t be surprised if people like this drive their kids everywhere
“1.1 million to have your kids get beat and robbed by kids from the projects?”
Hey, this is SF. You have to pay for amenities like that.
My friends used to live in the top floor condo across the street which is visible in the reflection…I’m sure the wish they’d held out for $1M
Wow a little racism made it on Socketsite. huh, well I guess you could not control yourselves
Hmmm? I don’t see anyone mentioning anyone’s race except you.