In 1989 the Ingleside Terrace home at 38 Alviso Street was purchased for $355,000.
Five years later, with the median sale price per square foot in the neighborhood having dropped by 13 percent (from $236 to $206), 38 Alviso was foreclosed upon and resold by the bank for $240,000.
In 2006, with the median sale price per square foot in the neighborhood hitting $617 (climbing to $681 in 2007), and having been expanded in 2005, 38 Alviso sold for $1,100,000 by way of an $825,000 first, a $165,000 second, and $110,000 down.
In default by September 2009, and having skirted a couple of forced sales since, 38 Alviso is once again scheduled to hit the (somewhat less collusive) courthouse steps in San Francisco this afternoon with $1,106,630 now due on that $825,000 first mortgage alone.
The median sale price in the neighborhood is currently running around $557 per square foot, down from $564 per square in 2010 and below the $571 per square recorded in 2004.
∙ The San Francisco Foreclosure Rigging Four [SocketSite]
Down 25% from 2006 would be about right for that sort of place in that neighborhood. With $1,100k due on the first mortgage, it sounds like the buyer used his downpayment as rent for a few years.
Postponed 11-17-2011 Bene request