As we noted two months ago, 140 South Van Ness #719 purchased for $553,000 in November 2003, was taken back by the bank in 2009, and returned to the market as a bank-owned listing listed for $589,900 in June 2010.
Reduced four times and then delisted this past December, the 1,075 square foot unit was relisted the same day at $499,900 but with an official “one day” on the market and then reduced to $477,900 two weeks later.
Five days ago the sale of 140 South Van Ness #719 closed escrow with a reported contract price of $460,000 (17 percent under 2003) and an official “59” days on the market according to industry reports and statistics.
∙ Two Floors Below But Asking 16 Percent Less Year-Over-Year [SocketSite]
$590k – listed on june 2010
$460k – sold last week
$130k price drop in 8 months. pretty impressive.
banks never used to drop prices that much that fast.
So, the apartments in this building are back to 2001 prices or so. That’s gotta hurt those people who bought here thinking that the place was going to appreciate 5-10% per year. And that was every single buyer.
The price of this 2/2 is about the same price that an 0/1 was asking at the height of the market.