The list price for 2040 Franklin #1008 has been reduced to $494,900. As we wrote in April:
Looking a little less empty (and staged) than when purchased for $610,000 in October 2004 (“Beautifully renovated condo…Granite counters in kitchen, top of the line appliances, remodeled baths, excellent outlooks, & peeks at the Bay”), the now bank-owned 2040 Franklin #1008 on the border of Pacific Heights is back on the market and asking $532,900. And yes, those appliances remain in place.
A sale at asking would represent a 19 percent drop in value below its 2004 sale. At the same time, 2040 Franklin #708 (“All new spectacular remodel“) is now in contract but still contingent (and hopefully plugged-in), last listed for $629,000.
∙ Listing: 2040 Franklin #1008 (1/1.5) 772 sqft – $494,900 [MLS]
∙ 2004 To 2010 (And Bank-Owned) For 2040 Franklin #1008 [SocketSite]
One owner with more than 10% of the units and so condos in this building don’t qualify for fannie/freddie loans thus making these both harder to buy and the loans more expensive.
While a huge fan of 1/1.5 plans, just can’t handle a pedestal sink in the master. Totally appropriate choice for the powder room but really, where are you going to store anything that you need to use on a daily basis in that master – doesn’t even look like it has a medicine cab?
Pricey HOAs to have a coin-op laundry. Wonder if there is any way to retrofit with a stack W/D — and whether the HOA would allow?
2040 Franklin #708 has fallen out of contract and its list price has been reduced to $599,000.
The list price for 2040 Franklin #1008 has been reduced to $482,900. Once again, purchased for $610,000 in October 2004.
Almost 600 in HOA fees makes this an expensive proposition at this price point.
Even with proper financing, you’re stuck with 3K+ in fixed costs to live in a small 1BR one block from Van Ness.
Sorry, not buying it. Lower the price some more and you’ll get serious buyers.
The listing for 2040 Franklin #708 has just been withdrawn from the MLS after 466 days on the market without a reported sale.