Speaking of kicking the foreclosure can down the road, as we first wrote in May 2008:
Described as a “gut check for SF realtors” when it sold on 6/1/2005 (establishing a new Noe Valley neighborhood comp at $1,500,000), 869 Alvarado appears to have been refinanced a few times since closing escrow. And if PropertyShark is correct, the property is currently facing foreclosure with an unpaid mortgage balance of $1,497,746.
That balance due of $1,497,745 grew to $1,638,054 in 2009; to $1,800,473 in 2010; and to $1,878,099 as of three months ago. Keep in mind that’s simply the amount owed on the first mortgage which was written for $1,350,000 in 2006. There’s also a 2006 vintage second mortgage for $300,000 and a 2008 vintage third for $133,000.
Next Tuesday, 869 Alvarado is once again scheduled to hit the courthouse steps. While we’re not holding our breath, it’s always better to be prepared (and plugged-in, of course).