Purchased for $904,000 or $5,000 under asking in 2007, the bank-owned re-sale of 520 Chestnut Street #404 closed escrow on Friday with a reported contract price of $736,000.
Call it 2 percent “over asking” but 18.6 percent under its 2007 value for the two-bedroom North Beach condo.
∙ Latest Bank-Owned Listings: Pacific Heights, North Beach, And Lake [SocketSite]
∙ 520 Chestnut: “Grand Opening” (And Lower Prices) [SocketSite]
18.6% below 2007 is actually a pretty good result for the bank. I expect they did not require much of a down payment in 2007 as the problems then were clearly “isolated to subprime.”
This place a few blocks away is a veritable apple barrel:
http://www.redfin.com/CA/San-Francisco/1177-Filbert-St-94109/home/1152768
Sold for:
1,350,000 in 2005
1,410,000 in 2006
1,279,000 in Feb. 2009 (i.e. “the bottom”)
Listed for 1,299,000 in June and now at 1,225,000 a couple of reductions later. Let’s see how 2010 matches up with 2009 and 2006.