449 Myra Way
Listed for $585,000 as a short sale and “delightful [starter] home with fabulous views in a terrific location” up in Miraloma Park, hopefully 449 Myra Way wasn’t a false start for the sellers who purchased the 970 square foot property for $790,000 in April 2007.
And then there’s the 1,561 square foot home at 660 Myra Way which isn’t on the market.
Purchased for $760,000 in December 2003 with two loans totaling $760,000 and since refinanced with a first for $650,000 in 2005 and a second for $300,000 in 2007 (for which the comp setting sale of the smaller home at 449 Myra Way might have helped pave the way for the appraisal), a month ago a notice of default was filed against 660 Myra’s first.
∙ Listing: 449 Myra Way (2/1) 970 sqft – “$585,000” (short sale) [MLS]

11 thoughts on “A <strike>False</strike> Starter Home And Shadow Inventory On The Myra Way?”
  1. Yet another reason why the starter home concept hasn’t made sense in SF in recent years. Starter homes only make sense if you can offset the massive transaction costs, which means either that your total cost of ownership needs to be less than renting or you are getting bubble appreciation. Otherwise, you’re just buying into the marketing hype, no pun intended.

  2. Any idea where the money went on 660 Myra? If they borrowed a total of $950K in 2007, did they sink it into renovations or just walk away with the $190K over what they paid for the house?

  3. Any idea where the money went on 660 Myra? … did they sink it into renovations…?
    There were no permits pulled after 2002. The prior owners did some repair work and made additions between 1986 to 2002, although many of the permits weren’t finally closed until 2002 and just kept getting renewed every few years. Not sure if that implies sweat equity or not; even the most delaying contractors I’ve heard about didn’t take 16 years!

  4. those pics are terrible. It doesn’t look like anything has been done or improved in 15 years at least.
    I bid 300k, because you are going to spend 100-200k upgrading the place in the first couple of years anyways.

  5. Do you have to pay extra for the backyard mudslide?
    Don’t you mean: ‘Excavation has already begun for backyard addition’. Seriously, though, it is a nice sized lot (8000+sq.ft.). Stabilizing the hillside is probably a non-trivial task, I imagine. Is there a geotechnical engineer in the house?

  6. That isn’t mud, its a highly folded metamorphic rock formation. Acutally fairly stable on I think. somethin like radiolarian chert. (disclaimer I’m an engineer and not a geologist)

  7. It looks like 660 Myra Way hits the auction block on May 15. The owner already lost 1116 Naples to the bank on 02/11/2011 (bought for $817.5k in 2005). I guess that’s what they call “throwing in the towel”.

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