200 Santa Clara
Purchased for $2,400,000 in July 2001 and resold for $3,250,000 in May 2005 having been “exquisitely refurbished and renovated [to] perfection,” the Masten and Hurd designed villa at 200 Santa Clara Avenue returned to the market this past June asking $2,798,000.
According to the MLS, the sale of the 3,513 square foot St. Francis Wood home on a 8,938 square foot lot closed escrow three days ago with a contract price of $2,353,200.
Assuming the sale price is correct, and it was an actual sale (versus foreclosure), call it a 28 percent ($896,800) drop in value below its 2005 price for the home on an apples-to-apples basis, or 2 percent ($46,800) below its pre-renovated value in 2001.
More Mediterranean Villas For Less Money In St. Francis Wood [SocketSite]
While The MLS Reports A “Sale,” Public Records Report A Foreclosure [SocketSite]

Comments from Plugged-In Readers

  1. Posted by Geo

    on a $/ft², the price makes more sense than the original asking…It is a great lot, but Santa Clara is so busy…

  2. Posted by sfrenegade

    That makes two short sales for the owners according to EBGuy’s comment on an earlier thread about this place, and perhaps a third strike soon:
    The owner of 200 Santa Clara went on a buying spree in 2004/5. He also purchased 170 San Leandro Way at the beginning of 2004 (from the same seller as 200 Santa Clara… uh-oh!) for $1.63 million. It recently sold for $1.5 million. Also purchased was 423-25 35th Street for $1.7 million in Oct. 2005; it’s currently listed for $1.799 million.
    Posted by: EBGuy at July 1, 2010 11:10 AM
    The owners were similarly aggressive with 170 San Leandro, which was originally listed at $2.1M.
    423-25 35th St is currently listed for $1.599M and was bought as new construction. The listing says one unit is rented for $4K and the other for $3.5K, and both are 3/2s, and there’s a 2/1 in the common area on the first floor apparently. For some reason, the total annual rent is claimed as $84K instead of the $90K that I get.

  3. Posted by sfrenegade

    One more thing: the wife is a realtor.

  4. Posted by marko1332

    Deleveraging is a mofo

  5. Posted by anonee

    that’s the way you make a small fortune in real estate…you start with a large one.

  6. Posted by tipster

    You have to wonder how many lives have been ruined because people ignored history and bought SF real estate above 1996 values. A $1.1M loss can devastate a family for generations.
    You also have to wonder how many times this buer was told as long as he held for X years, “you’ll be fine.”

  7. Posted by EH

    tipster: these aren’t the rubes you’re looking for.

  8. Posted by EBGuy

    NOD – August 4, 2010.
    Affidavit of Death (wife) – Oct. 1, 2010.
    Deed of Trust – Oct. 1, 2010.
    Canceled NOD – Oct. 12, 2010.

  9. Posted by EBGuy

    Here’s some more pent up supply in Saint Francis Wood. The home at 33 Santa Paula (1666 sq.ft.) received a NOD on October 13, 2010. Bought for $1,395,000 in March 2007.

  10. Posted by EBGuy

    The home at 33 Santa Paula continues it’s march to the auction block. It received a NOTS on Jan. 18, 2011.

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