As we wrote about 236 States in July 2008:
“While 236 States #1 doesn’t look to be particularly large, it does look to make decent use of the space (although it’s tough to tell about storage).
And to be honest, it was simply the operable windows in the kitchen that caught our eye.”
Listed for $769,700 at the time having been purchased for $558,000 with no money down in 2003, the 923 square foot condo was withdrawn from the market after three months without a sale (and a “make me move” price of $849,000 on Zillow).
Today, 236 States is back on the market listed as a short sale for $619,000 having been refinanced in 2005 with $641,000 in debt.
∙ Listing: 236 States Street #1 (2/1) – “$619,000” (short sale) [MLS]
It’s always fun to watch people whose last experience with purchasing real estate was in 2005, come back into the market, thinking “Hey, I slapped in a couple of new appliances, where’s my $250K, like Dr. Evil in The Spy Who Shagged me asking for $100 Billion dollars ransom in 1969 and being told there isn’t that much money in the entire world.
Then, reality starts to set in, and it’s all about the short sale.
I was in this condo and it has 2 huge negatives that I recall. It has almost zero living room space and a strange built into the side of a hill feeling in the bedrooms.
refinanced in 2005 with $641,000 in debt
According to the SF Recorder’s site the fun did not stop in February, 2005.
Dec. 20 2005 – Deed of Trust, National City
March 16, 2007 – Deed of Trust, GMAC Mortgage and DiTech.com
As they say, extract early and often…
Wow, so you can actually open cabinets, dishwasher, oven, and fridge without hitting another surface? Is that a microwave on top of the fridge? I’m also not sure I fully believe that parking is easy up there on weekends.
They were gunning for almost $300K above 2005 at that “Make Me Move” price, tipster. The market for “starter” places was good when people believed in instant equity and pergraniteel, but the transaction costs will kill you in a normal market.
I live in the neighborhood and parking on States St in never an issue. Stopped by on Tuesday and I can’t believe this place is 923sqf, feels more like 750sqf.
The list price for 236 States has just been reduced to $588,050. Once again, purchased for $558,000 with no money down in 2003 and then refinanced in 2005 with $641,000 in debt.
The list price for 236 States has just been reduced to $558,000.
Once again, purchased for $558,000 with no money down in 2003, refinanced in 2005 with $641,000 in debt, listed for $769,700 in July 2008, and relisted as a short sale this past April for $619,000.
At some point they’ll run out of 8s and 5s. I hope they won’t have to touch the dreaded 4s. Maybe by going straight to 3s?
The list price for 236 States has just been reduced to $538,000.
Once again, purchased for $558,000 with no money down in 2003, refinanced in 2005 with $641,000 in debt, listed for $769,700 in July 2008, and relisted as a short sale this past April for $619,000.