12 Auburn Comes Up Short On Nob HillJanuary 28, 2011
So there’s no deeded parking and Nob Hill, but it is a rather cute little two-bedroom at 12 Auburn that’s just returned to the market after a one-month hiatus, only it’s now listed as a short sale for “$699,000” having been purchased for $700,000 in May 2005.
The property had been listed for as much as $898,000 just four months ago prior to three prices reductions and then being withdrawn from the MLS at the end of December.
We might suggest structuring any offer to include the contents of the “wine cellar.” If you’re successful, don’t forget those invitations to the housewarming. And as design aside, we are rather enamored with their urban gate.
∙ Listing: 12 Auburn (2/1) – “$699,000” (short sale) [MLS]
Comments from Plugged-In Readers
The big drawbacks are the tiny lot and the lack of parking but it is a SFH. It’s in a good location too although these narrow side streets can feel a little claustrophobic.) I imagine this is also under 1000 square feet…
Love the gate too. Does anyone know where you can buy them or get them made? How much do they cost? Most security gates that you see across the city are really unappealing.
710 square feet according to Zillow. So they built the white house on the back of the lot and then filled in the backyard with this box. I wouldn’t want to take any square footage from the inside, but roof access would be ideal.
I wonder why it is a short sale if they paid $700k and are selling for $700k? Zero down or some such craziness?
On the MLS, a couple of months ago, the agent wrote that the owner would be renting it out if no offers came in by Dec 1st. Surprise..it stayed on the market, reduced two more times, until now. Location is decent, wonder if a roof deck can be added.
the agent wrote that the owner would be renting it out if no offers came in by Dec 1st. Surprise.
The good old: “buy it now, or else”.
That trick doesn’t work anymore. Neither does renting at a wish price.
The original mortgage in 2005 was for $630k. It was subsequently refinanced a couple of times:
May 2006 NCB.
May 2007 WaMU. Need I say more?
Willow – From the looks of it that gate is constructed mostly from standard steel stock, mostly 2×2 square steel tube and that mesh. It was probably a custom job designed to fit that portal.
I’d guess that any competent steel fencing shop would be able to create something similar.
I’m also baffled with the same question as Skirunman. Perhaps this was zero down + neg-am loan that the owner let ride ?
^^^ well there’s the answer. Thanks EBguy.
“I’m also baffled with the same question as Skirunman. Perhaps this was zero down + neg-am loan that the owner let ride ?”
Or cash-out refi, they did buy it in 2005.
For the record, I was not baffled about what most likely happened.
I’m surprised nobody has mentioned that the owner is the real estate agent who’s selling it…
~not a good house for mormons
jane, Nice catch! So does this joker actually get paid a ‘commission’ if the short sale goes through?
I saw this with my agent when it first went on the market. Extremely claustrophobic but well designed for the space. I could only see it as a vacay rental or pied a’ te (however that is spelled). The street leads into the cable car garage so a bit noisy, with leased parking 3 blocks away at Grace Cathedral.
“Jewel box” A title stolen from the real jewel box on California opposite Huntington Park.
wow, i never knew about that house before. crazy!
This agent sales almost exclusively in this neighborhood. He just sold his place on the filbert steps for a big profit. I wonder how this will effect his business doing a short sale on a property he can obviously afford to sell out right.
Isn’t this practically in Chinatown? I checked it out on Google maps and it did not strike me as Nob Hillish. Cable Car Museum aside.
Auburn Street is one block street between Jackson/Pacific & Mason & Taylor
I wouldn’t call this Chinatown at all.
12 Auburn Street is located on Nob Hill per San Francisco Association of Realtors map. The property is three and a half blocks from Huntington Park and the best hotels in SF – it’s a AAA location by any standard. There are currently three single family homes on the market (in MLS) on Russian Hill and only ONE on Nob Hill. Can you say opportunity? This property is amazingly unique and would make a great home or vacation rental. Are buyers really willing to spend $700K + on cookie-cutter highrise condos and pass up the only opportunity they may ever have to own a single family home on Nob Hill?
single family home
Yes it is.
No it is not. what are you going to do with a tiny lot? Expand up? In $/sf + hassle of getting it permitted and built, this is probably not worth it.
Which means it is what it is: a small place in a good location.
It could fit into the vacation rental pattern, but good luck on making a decent buck at the current asking price. Your fixed costs will be north of 4500/month. You really have to micro-manage it at this pricepoint. Not worth it until it drops under 400K.
The best option is a pied-a-terre for a family that doesn’t mind the outlays.
“There are currently three single family homes on the market (in MLS) on Russian Hill and only ONE on Nob Hill.”
Nob Hill, or Nob Shill?
“He just sold his place on the filbert steps for a big profit.”
Is that 263 Filbert? 263 Filbert has an odd sale history. Redfin says:
Jun 19, 2009 Sold (Public Records) $800,000
Jun 19, 2009 Sold (MLS) (Sold) $859,000
Jun 09, 2009 Delisted
Apr 30, 2009 Listed $859,000
Jun 30, 2004 Sold (Public Records) $610,000
May 30, 1996 Sold (Public Records) $199,000
The first thing to note is the obvious discrepancy between MLS and Public Records. The second thing to note is that the 2009 seller, who is the current seller of 12 Auburn, bought it in July 2006 for $730K, which isn’t listed on Redfin for some reason.
He did not list it himself for the 2009 sale, and his listing agent tried to pass it off as a sale at asking, but public records disagree. NAR and CAR’s stats will say something different from reality in this case.
Was it an apple? I don’t see any permits pulled by the former owner other than a condo association dry rot fix. The tax record disagrees that it’s an apple, because the 2009 valuation was 798K, and Prop 13 on a $730K price only suggests $775K. Where’d the extra $23K come from? If it’s an apple, that’s a pretty good result for him on a 2006 apple.
Fact: 263 Filbert was one of the best apartments on Telegraph Hill and the property sold quickly, and for top dollar.
Fact: 12 Auburn Street was listed on VRBO in 2009 as a vacation rental for $250-$300 per night in the low season and $450-$500 per night in the high season with a very high occupancy rate. The property would indeed make a great investment in the current market.
Thanks Milkshake. Definitely got to get one of those gates!
According to the listing, it’s a “custom entry”, so I’m guessing they had the gate made. Still nice to see something a little better than the usual prison fence.
Listing also says it was used as a furnished vacation rental with high success rates. I wonder where the closest carshare is? It is possible to survive without a parking space, although it does lower the value of the property.
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