As we first reported yesterday:
Purchased for $717,000 in February 2008 with a first mortgage for $417,000, a second for $264,150, and $35,850 (5 percent) down, this past April a Notice of Default (NOD) was filed on 425 1st Street #1308 with $14,809 past due.
Postponed last month, in an hour the 755 square foot One Rincon Hill one-bedroom is scheduled to hit the courthouse steps with a published opening bid of $437,793, call it $161,207 (27 percent) less than the current list price of $599,000 for 425 1st Street #808 which was purchased for $616,264 in February 2008 as well.
As a plugged-in tipster reports, an hour later 425 1st Street #1308 sold for $460,000 cash.
Once again, three months ago the Realtor owned 425 1st Street #1408 sold for $605,000 having been purchased for $655,319 in March 2008. Commentary on our original post.
∙ ’08 Apples To Apples And On The Courthouse Steps At One Rincon Hill [SocketSite]