As we wrote this past October:
Purchased in April 2005 for $1,227,000 with 95 percent leverage and 5 percent ($61,400) down, the single-family home at 1688 Dolores was briefly listed this past March for $1,050,000 before being withdrawn.
Yesterday the Noe Valley home returned to the MLS listed for “$1,050,000” as a short sale and with one day on the market once again.
As a plugged-in tipster captures in a scene more commonly associated with Detroit than Noe, the short sale doesn’t appear to be going too well despite a reduction to “$975,000,” confirmed by the notice of default filed by the first mortgage holder four weeks ago.
And while we previously noted the 95 percent leverage at purchase, we just noticed what appears to be a third for an additional $500,000 two years after in July 2007.
∙ Listing: 1688 Dolores (2/2) 1,450 sqft – “$1,050,000” (short sale) [MLS]
∙ Highly Leveraged In ’05 And Now Selling Short? Certainly Not In Noe… [SocketSite]
∙ San Francisco Bucks CA Foreclosure Trends, But Not In A Good Way [SocketSite]
The 2005 listing agent had a great sense of value, listing this at $899. Too bad it had to get run up to $1.23M by the craziness.
sfrenegade predicted that this will sell for $825K. Now that the house is bank owned his/her prediction might come true.
They had $61K down and got $500,000 out two years later? Why did anyone sell anything?
No wonder prices held up for as long as they did. That was enough to make all of the payments for years.
Geez, you could work at McDonalds and own a $1.2M home and make the payments easily.
30th and Dolores is Noe? Only if you’re trying to incite panic in Noe. This is more of an indication of lower Bernal, outer Glen Park.
But the buyer got a good deal, down payment spread out over six years and an interest only loan paying out $4,500 a month, they took the tax deduction and likely went over a year without actually paying the mortgage, so over the course of 6 years their effective rent rate was around $3k… probably less.
[Editor’s Note: Don’t blame us, we didn’t draw the Realtor’s map.]
While I’m sure the mortgage holder’s goons will arrive in a few days to secure this property, there is *no way* they will have the guts to “winterize” it as well.
Mark my words. You heard it here first.
🙂
Is this a jingle mail property?
During boom years, Noe expanded in agent’s ads. Now the market recedes and so does Noe. How convenient…
I hang out at 30th and Church. This is NV.
Having just looked at a bunch of foreclosures earlier this month up in gold country, I’m now familar with “winterized” homes. LPS better hurry up and winterize this place before the pipes freeze! Unfortunately when they do, future home shoppers won’t be able to use the bathroom while touring the place.
The Post said:
> And while we previously noted the 95
> percent leverage at purchase, we just
> noticed what appears to be a third for
> an additional $500,000 two years after
> (July 2007).
LMRiM would have loved this one… It is amazing how many people were able to pull out hundreds of thousands of dollars of “equity” in the bubble years to have fun with…
It has already dropped to $975K according to MLS. Might take a look at it Sunday…
Working backwards, I would think this could rent for close to $3500 a month; with 20% down and prevailing interest rates that works out to a sales price of approximately $850,000. With the premium on ownership I suspect this will sell in the low 900’s.
What I actually said was:
Can’t believe someone paid $1.227M for this. This house needs a lot of work all over the place and is a good example of crappy houses getting good prices during the boom. This deserves a lowball closer to the 2000 price of $825K.
Closer to $825K, not $825K. The $75K reduction was in the right direction. A recent sale nearby, although on the other side of the street (still Noe according to SFAR, but in Triangle Below 28th St.) was 1505 Dolores at $960.5K. At the same PPSF, this place comes out to $905K.
If you’re going to argue Glen Park as some people said above, 3 Chenery went for $895K, and at the same PPSF, this place is $950K.
I think hangemhi made the closest to a prediction:
They had a buyer in contract from the earlier listing who walked and it was apparently at or close to their $1,050,000 price so expect it to get at a similar price.
Still, the current sellers will get the last laugh. They haven’t paid their mortgage in ages, and they’re the ones who took out $500K in recourse debt as a third mortgage and pissed it away, and the bank probably won’t go after them for it.
When pipes freeze in SF, it will be a cold day in HELOC notes. Every 20 years or so, there is a real (usually slight) risk of pipe freeze here. The bathrooms will function better if they don’t winterize.
“Might take a look at it Sunday…”
A short sale with three loans? Good luck with that.
I guess varicose veins don’t pay like they used to. The doctor is no longer in the house. It appears the refies may have been used to finance an MBA and start a business that did not make it off the ground. You can’t make this stuff up — ouch, that’s gotta hurt.
I really don’t think the sky is gonna fall if you call 30th and Dolores Noe Valley.
I hang out at 30th and church too; Dolores is only one block east for god’s sake.
Since we’re talking Noe, I see that 815 Douglass seems to be at the head of the pack in price per square foot (at $882/sq.ft. according to Redfin). I’ll nominate them for Worst Timing Ever. They closed in January of 2008 for $1.849 million and are now asking $1.65 million. I don’t normally comment on aesthetics and, uh, well, to my untrained eye… yikes. Good luck with that.
Bad timing for 815 Douglass indeed. Looking the history of sales makes my head spin. From 130K in 1995 to 1.849M in 2008. Of course there’s more than meets the eye, but that’s still a pretty crazy run-up.
I have to wonder about properties, like this one, that are sold and resold three or four times in quick succession.
sorry; above comment references the 815 Douglass listing.
Around the corner from this place, 111 Day (1585 sq.ft.) is scheduled to be auctioned off on March 10 according to PS. The home at 111 Day was purchased for $900k in 2003 with $100k down. There were a couple of refies, with the latest in June 2006 courtesy of National City Bank. The most recent NOTS was on Oct. 18, 2010. It appears the loan was securitized (no worries, it’s been sent overseas?)
This place is now down to $950,000.
Has anyone seen this place? (1688 Dolores, that is.) Given that not wonderful condos in my area of Noe are selling for this much, it doesn’t seem like a terrible price for a SFH. But I’m not sure of the consequences of 3 mortgages.
Sold for 928,000.
Smack in the middle of the two PPSFs comps I mentioned, although it wasn’t meant to be a prediction at the time.
815 Douglass that EBGuy mentioned is down to $1.549M. That’s very close to its $1.525M sale in 2004.