700 46th Avenue
In 2005 the two-unit Outer Richmond building at 700-702 46th Avenue sold for $1,200,000 by way of a $900,000 loan. This past March the property was taken back by the bank with no bidders at $765,000 in cash on the courthouse steps.
Quietly listed for “$332,500” on the San Francisco MLS by GoHoming.com, “an online bidding marketplace” for bank-owned properties, it would appear the property sold for $356,824 ($143 per square foot) last week.
And a reader wonders, does something smell fishy or is this the one that got away?

8 thoughts on “Something Fishy Or The One That Got Away?”
  1. $143 per SqFt and 29% of it’s 2005 price? definitey something fishy. plus this wasn’t “quietly marketed on the MLS”. It was entered AFTER the deal was done. Had this hit the MLS it should have sold for twice that price even if it were a major fixer with protected tenants.

  2. i thought it might have been one unit too – but the other unit isn’t listed on the GoHoming.com site, or on the MLS.

  3. I’ve seen several desirable bank owned properties in Oakland and Berekely listed on MLS that have turned out virtually impossible for potential buyers to view and/or purchase. Often the listing agent (often out of town) is unreachable. The property then turns up sold a couple of months later at an enormous discount. Not surprising at all…

  4. Something definitely stinks here. This is no where near FMV, and wouldnt be surprised if there is some collusion here bwtn parties. Lesson #1, dont use out of town absentee brokers.

Leave a Reply

Your email address will not be published. Required fields are marked *