The sale of 2111 Franklin #4 closed escrow yesterday with a touted seven (7) offers and an official twelve (12) percent over asking. And with a reported contract price of $815,000 ($521 per square foot), it’s only twenty-four (24) percent under its September 2005 sale price of $1,075,000.
As we wrote last month:
Purchased for $1,075,000 in September 2005 ($687 per square), number four chased the market down for two years, having first been listed for $1,100,000 in August 2008, last asking $849,000 as a short sale before losing the property to the bank last month.
The Pacific Heights property had been purchased in 2005 by way of two mortgages, one for $800,000 and another for $167,500, and ten percent ($107,500) down. It had previously sold for $759,000 in 2002 with a bit of remodeling in between.
As we also noted at the time, the same sized unit #2 in the building sold for $925,000 ($591 per square) seven months ago having been purchased for $1,095,000 ($700 per square) in June 2008.
∙ The Short Sellers Come Up Short As 2111 Franklin #4 Returns REO [SocketSite]
Surprising sale price to me–I saw the unit and it needed a lot of work. The floors were buckling from water damage, it looked like the electrical needed to be updated,the windows needed to be replaced, kitchen needed updating, etc etc. It had pretty bones but someone will need to pour a lot of money into it and the location isn’t great.
I remember this one. So many ‘artistic’ pictures you’d think they owned an orchid farm.