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]

10 thoughts on “An “Exquisitely Refurbished” Masten And Hurd Takes A Mighty Hit”
  1. on a $/ft², the price makes more sense than the original asking…It is a great lot, but Santa Clara is so busy…

  2. 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. 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.”

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

  5. 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.

  6. 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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