Odeon Penthouse Avoids Foreclosure (But Not A Big Loss)

As we wrote in November 2009 with respect to the Odeon at 181 O’Farrell:

And then there’s the penthouse (#513) which was purchased for $2,000,000 in March 2007. An attempt to sell it off as a fractional over the past two years failed and it’s been the market as a whole for the past 172 days. Originally asking $2,349,000, it’s been three months at $2,099,000 with an owner that “says make an offer!!”

Relisted anew in February 2010 asking $1,899,000 and then this past September asking $1,725,000, the sale of the 2,516 square foot Odeon penthouse known as 181 O’Farrell Street #513 has closed escrow with a reported contract price of $1,450,000, 27.5 percent ($550,000) below its 2007 sale.
As a plugged-in reader had noted, a notice of default was filed on the property in November with $38,567 past due on a $1,400,000 first mortgage (there was a seond for $200,000 as well) and the property was scheduled to hit the courthouse steps this Friday.
And yes, while it’s “apples-to-apples” in terms of the property and its past two sales, as plugged-in people know, the streetscape in front of the building is being improved.
∙ Oh My (And Bank Owned) At The Odeon On O’Farrell [SocketSite]
∙ On Tour As New Déjà Vu: Odeon Penthouse (181 O’Farrell #513) [SocketSite]
∙ Top Floor Sir, Going Down (181 O’Farrell #513) [SocketSite]
∙ Powell Street Promenade Making Progress [SocketSite]