As we wrote in July:
Speaking of distressed listings, the list price for the bank-owned 647 Grand View #1 has just been reduced $60,600 to $1,153,200 ($498 per square foot). Once again, the 2,316 square foot Noe Valley condo was refinanced in October 2007 with loans totaling $1,870,000.
647 Grand View #2 and #4 appear to have sold in October of 2007 for $1,100 and $764 a square foot respectively. And the sale of the 1,068 square foot 647 Grand View #3 closed escrow last week with a reported contract price of $610,000 ($571 per square foot).
This past Thursday the sale of 647 Grand View #1 closed escrow with a reported contract price of $1,043,200 ($450 per square foot). That’s 14 percent under its last original list price, 44 percent under what it was refinanced for in 2007, and 52 percent under the average sale price per square foot of its sister units three years ago.
Don’t forget, “This property originally came on the market in spring of ’07 for $2.4 million.”
Also closing escrow last week, the sale of 1471 Francisco on 10/13 with a reported contract price of $905,000. That’s 1 percent over asking, 3 percent over its 2004 price, and 11 percent under what was owed.
∙ Now Asking Under Five Hundred A Foot For Three Bedrooms Atop Noe [SocketSite]
∙ A New High For Distressed Listings In San Francisco [SocketSite]
∙ A Grand Fall For 647 Grand View Atop Noe Valley [SocketSite]
∙ A (Grand) View To A (Comp) Kill [SocketSite]
∙ Who’s Down With OPM In The Marina? [SocketSite]