501 Beale#14D
As we wrote in March of 2009:

Originally listed as a Watermark resale for $1,585,000 [in July 2008], from a listing later [that year]: “Views Galore 501 Beale #14D Offered at $1,499,000 Extraordinary price reduction!”

From a listing after that: “Buyers and Agents, now is the time to take advantage of this price!” Asking $1,399,000 at the time.

From the listing [in March 2009]: “Great Opportunity!! Take advantage of HUGE PRICE REDUCTIONs and 1 yr. HOA concession. Motivated sellers!!” Now asking $1,365,000.

And from public records: purchased for $1,303,500 in September of 2006 (not including any incentives). Cognitive listing dissonance (TM) is the first thing that comes to mind.

Last week the short sale of 501 Beale #14D closed escrow with a reported contract price of $932,150. That’s 28.5 percent or $371,350 under its purchase price in 2006 (and 33 percent under the “Great Opportunity!!” asking price in 2009).
Cognitive Listing Dissonance At The Watermark (501 Beale #14D) [SocketSite]

13 thoughts on “Buyer Misses “A Great Opportunity” Last Year And Saves 30 Percent”
  1. gee, who knew living above the freeway would be a drag? could not have seen that one coming. still, this is a bargain at ~$800/sq.ft….right??

  2. AND unit #15D is in contract, list price was $899,000. Neither of which can be good news for #16D, currently listed for $1,299,000 and on the market 69 days. $400,000 is quite a premium for one floor higher…

  3. Listing Agent for #16D (asking $1.299M) was the Buyer’s Agent for #14D’s sale. What do you tell prospective buyers????
    16D sold for $1.6M in 2007 with a $1.1M loan (per tax records). So it too will be short when it finally sells. $500k loss, ouch. Amazing that someone would pay $300k more for 2 flights up one year after #14D sold for $1.3M
    And looking at photo 8 of 16D’s listing – your bedroom is eye to eye with the bridge. I personally wouldn’t buy this unit at any price with all that noise.

  4. Unit #22DPH-1D is also sale-pending with a listing at $1,018,880:
    Same floor plan as the other D units, it looks like, but it doesn’t have as much of the cheap apartment with marble in the master bath and views look of the other D-units mentioned here, mostly because of superficial things like a little paint and the warmer cabinets. No idea how 16D is justifying the price when 6 floors above is almost $300K cheaper.

  5. Interesting, that Penthouse unit had a 2006 sale of 1.1 million. So there’s presumably not a huge change in value there (compared to the 14-D unit highlighted here). Is that because that 2006 sale was some sort of “early bird special”? I seem to recall that some people bought in early and flipped these units before the market crashed?

  6. Did they add the freeway between the 2006 sale and today? I thought the bay bridge was built in the 30s, but maybe they didn’t put the freeway in until after the 2006 sale?
    Oh, I just checked. It was there during the 2006 sale. Any noise was there too. The same unit. More than a $420,000.00 loss for a two bedroom.
    You can lose a lot of money in real estate, for sure.
    And yes, $800psft is still very high. So, you’re right, this is still too high of a price, and therefore prices will continue to fall, and people’s life savings will continue to be lost.

  7. crumudgeon,
    The floor plate changes on 22, PH-1D is a different floor plan and orientation.
    15D is the North east corner with views of the Bay Bridge and water PH-1D is Northwest and does not have view of the Bridge.

  8. Thanks for the correction, Paul. PH-1D sold for $1.18M in 2006. Like several other “penthouse” owners at the Watermark, the former owner of PH-1D got foreclosed on. In this case it was Kondaur Capital taking it back at $912,815. The current listing is almost 14% below the last sale.
    PH-1B was also a foreclosure. It sold for $1.3M in 2006, and then got taken back at $1,063,407, then resold in February for $893K. The loss was eaten by Chase.
    PH-1E was a foreclosure. Sold for $1.523 in January 2007, then taken back by the bank at $1,349,628, and then resold for $1.23M in April. It was in one of Wamu’s infamous Alt-A portfolios of a 2007 vintage.
    PH-1A and PH-1E are still hanging in there.

  9. Geeze, enjoy the eyesore, traffic noise, and fumes while out on that balcony…
    A view of girders while sipping wine with friends, how quaint…
    this is a sub-prime floor IMO

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