3208 Pierce
Purchased for $1,200,000 in June 2007, the 1,277 square foot Marina condo known as 3208 Pierce #102 hit the market listed for $1,085,000 this past July.
3208 Pierce #102 Living
Reduced to $995,000 in August, this past Friday the sale of the “light filled townhouse [with] direct courtyard access and a private entrance” closed escrow with a reported contract price of $990,000, eighteen (18) percent ($210,000) under its 2007 sale.
At the same time, the foreclosure sale of 3208 Pierce #407 has once again been postponed, it’s now scheduled for the 25th of this month.
Apples To Apples (And Foreclosure) At 3208 Pierce In The Marina [SocketSite]
3208 Pierce: Foreclosure Redux And Apples To Apples Reduction [SocketSite]
3208 Pierce: New Website And Photo Gallery [SocketSite]

16 thoughts on “An Apple Falls At 3208 Pierce While A Foreclose Is Postponed”
  1. Still seems awfully high for a townhome on a highway. Oh and you still have to do your laundry at a laundromat because there isn’t a dryer vent.

  2. We’ve seen much much worse on here. I take this as more of a good sign that such a property found an owner. I liked this place actually and think the buyer here will do OK. Lombard is no busier than West Side Highway or many parts of Broadway, 6th Ave in NYC. There are better locations in SF than Lombard but it’s not as big a drawback as many assume. A SFH on Lombard would not be idea but being a floor or two up make a huge deal.

  3. You naysayers are funny. I visited this place and it was gorgeous. Much of the building may front Lombard, but this condo is around the corner, and I listened intently for traffic noise – it was surprisingly quiet. Great space, high ceilings. And what a great, walkable location to stuff I love. If I could afford it, I would have bought it in a second.

  4. Yes, I agree, it is actually rather bullish. An 18% decline for a condo bought at the peak of the bubble; condos in these somewhat problematic locations should have been taking much heavier hits.

  5. Yes, nice better-than-average result. The 2007 buyer only lost about a quarter-million dollars in 4 years.
    This place does look very nice, and it is a great location.

  6. as i recall the main bedroom was on top of Pierce St and just around the corner from Lombard. Anyone who didn’t want to hear a non-stop hum of traffic with the occassional Harley would never buy this.
    The general area is down 10% or so, so an 18% decline for this unit is because of its problems. You can find plenty of nearby apples that are down a lot less than this one.

  7. everyone is focusing on the amount of the loss, but i’m more interested in the fact that prices continue their slow, steady decline.

  8. it’s an 18% nominal decline. I don’t know the official rate of inflation between 2007-2011 but even modest inflation of 2% a year increases the real decline another 10%.

  9. The unit is acoustically isolated from the Lombard noise and you hear nothing.
    Bosch makes ventless condensation dryers which work perfectly

  10. Steve, you’re insane. Those Bosch dryers are terrible. Firsthand experience here.
    Also, nothing is “acoustically isolated” when you have the windows open…like you would 80% of the year in SF.

  11. I also have a Bosch ventless dryer. I’ve never had a problem with it. It takes about 15% longer to dry than a regular dryer and you have to do a heavy cleaning of the vent and interior of the dryer every 6 months but it works fine. I’ve owned one for over 5 years now.

  12. At almost a cool million for a condo, I’ll be damned if I’m going to do some “heavy cleaning” on the vent and interior of the dryer.
    Unless the HVAC system is something that’s going to allow you to keep the windows closed year round, you’re gonna get noise from Lombard.

  13. I was the owner of #102. I had to sell it because I moved, and relocated out of the city. Too bad I had to take a loss, but honestly, I loved the unit and would have kept it if I wasn’t relocating.
    For all those nay-sayers out there, I just want to say it was amazing living in that condo. I used the courtyard all the time, and no one else is ever there. My Bosch dryer works perfect. And I can’t hear any traffic noise. My only complain was the lack of an A/C for the hot days in the summer. Otherwise, it was an amazing place to live for the past 4 years.

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