In addition to 250 King Street #430, another twelve (12) condos at the Beacon are in pre-foreclosure with another seven (7) units currently scheduled to be auctioned on the courthouse steps over the next month. As always, we’ll keep you plugged-in.
Extensively Upgraded And Discounted 29 Percent [SocketSite]
Unable To Fund Loan(s) At The Beacon? Hmm… [SocketSite]

Comments from Plugged-In Readers

  1. Posted by badlydrawnbear

    Eh, no biggie … foreclosure’s aren’t real comps remember?

  2. Posted by lol

    Any news about mortgage financing issues in this building?

  3. Posted by Dubocian

    Last I knew there was still active litigation and most lenders wouldn’t touch the building with a ten-foot pole. Not sure if the situation has been resolved or not.
    It’s all pretty sad, because the building itself is nice and very well-maintained and managed. The location is great (right above Safeway, across the street from Caltrain, Muni Metro stop at your door, a block from AT&T Park…) The Mission Bay/Soma lifestyle isn’t for everyone, and there are more luxurious buildings out there, but the Beacon is a good property in my view.

  4. Posted by CondoShopper

    Checked out this unit today, as did many others. Don’t know if these were serious buyers or a bunch of curious lookers. Very possibly a combination of both.
    Very well maintained. Agreed that the building is nice. Still, HOA’s are ridiculous. Pool was most definitely in use by, at least, a dozen people. Anyone with the cash will snap this right up, litigation or no. I’m sure if there is “enough” cash/down payment offered, even if not for the full amount, with good credit, fully documented, fingerprints, DNA and a blood sample, there might be a lender at 60%(+) down.
    Talked to several tenants. The units are not unbearably hot, as I understand is the litigation issue (ventilation), nor is the Caltrains noise an issue (they live in a unit right next to the station). They said the trains go off at midnight. I’m a night owl, so that would suit me just fine.

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