Refinanced in 2002 with a loan for $326,000, last August 946 Stockton #9C was taken back by the bank with no bidders at $308,000 on San Francisco’s courthouse steps.
Listed for $309,500 this past February, and then reduced to $304,500 in May, the sale of the Mandarin Towers two-bedroom closed escrow on June 8 with a recorded contract price of $309,500.
It’s now twenty-two days later and the 690 square foot condo is back on the market listed for $389,000 and touting “new kitchen, new bath, new paint…new carpet and more.” In terms of the extent of the newness, keep in mind that “no existing building permits were found for this address.”
∙ Listing: 946 Stockton #9C (2/1.5) 690 sqft – $389,000 [MLS]
Editor, did you make a cut-and-paste error?
Why would anyone close escrow on an REO place in early June for $309,500 when the asking was $304,500 in May after being reduced 1.6%?
[Editor’s Note: No error, the sale was both reported and recorded at $309,500. Keep in mind the reduction in May appears to have been more of a “look at me” move. And of course, it did sell for “over asking” following the reduction…]
Perhaps there was another bidder? I made an REO in January a week after it was reduced 20%. We got official notice that it were multiple offers, so we ended up increasing our bid to $3,000 over the new asking price (our final purchase price was still 57% under the 2002 price).
It would not surprise me if something similar happened here and the ‘winning’ bidder decided it was worth going back to the original offer price to hopefully get the place.
Editor, thanks for the answer. Rillion, you and the editor bring up a good point, the price reduction is known to all bidders, so of course the lower price could have attracted multiple offers and hence resulted in a higher closing price. Thanks for your comments.
Lack of interior photos is a reason for concern, but that’s a lot of view for the money.
The sale of 946 Stockton #9C closed escrow on Friday with a reported contract price of $375,000 for the remodeled two-bedroom.