Purchased for $646,594 in 2005, the 896 square foot one-bedroom #1007 at the Beacon (260 King Street) was taken back by the bank last October with no bidders at $333,480 on the courthouse steps (and versus a $517,200 note then past due).
Currently occupied (no word on whether or not by the former owner who put a prideful 20 percent down), the “well kept” unit is back on the market and listed for $293,000, a sale at which would break the 50 percent off its previous open market sale mark.
Last week the sale of 260 King Street #1007 closed escrow with a reported contract price of $338,000. Yes, that’s officially 15 percent “over asking” according to industry stats and only 48 percent ($308,594) under its sale price in 2005.
∙ Fifty-Five Percent Off Its Two Thousand Five Sale Price At The Beacon [SocketSite]
And to think I am buying a 2700 sq. ft. 4/3 in Newark for less than this … but its nice to see that 15% bounce off the bottom!
Down only 48% from a “peak-like” flujtastic price? Where are all those silly bears who were banking on down 50%?? Crickets. crickets….
It’s been said before, but the Beacon is a special case with some pretty unique circumstances (a lawsuit, a ridiculous HOA/Parking cost situation benefitting the commercial over residential owners, etc). Not to say that the general trend isn’t way down (see One Rincon above), but the Beacon should be the outlier, at least until the lawsuit is resolved.
It’s also a terrible building that never should have been converted to condos. It’s a better rental.
“own only 48% from a “peak-like” flujtastic price?”
Because ole f##* sure liked to talk about high rise developments were gonna continue to appreciate until kingdom come, riiiight? Ha. naaah, don’t think so.
No need to bash fluj. He left years this site years ago, probably in shame…
You’re getting fluj mixed up with 40YearOldRenter or COndos@SquawCreek or whatever. There were plenty of South Beach and SOMA propagandists on here, and fluj wasn’t one of ’em.
“You’re getting fluj mixed up ..”
Perhaps you’re thinking of a different fluj.
The main source of the fluj below’s infamy would appear exactly to be a SOMA condo:
“It’s over. Sorry. Scare tactics are dead. San Francisco never really took a price hit and it won’t, either. Gee, this one bedroom SOMA condo only got $1.3M and not $1.5? Boo hoo.
Posted by: fluj at June 23, 2008 9:57 AM
”
https://socketsite.com/archives/2008/06/a_concerning_comp_and_empty_shell_at_the_ritzcarlton_re.html
Yup. That was one among a lot of posts. A LOT of posts. Arguing with the “it is already panic in the breadlines” crowd. Pretty out of character, really. Talking about SOMA or South Beach, so it serves fluj right, there. Wonder if there was any goading happening over the days surrounding that one. You’d be the first to doubt that, right TC-SF ? Any which way, you can search for quotes about SOMA and Sout Beach supply and demand if you’re so inclined. And that post, as wrong as it was, didn’t argue for appreciation.
Here’s one:
“@ Jimmy,
Longtime fluj readers will know of my skepticism of the condo market. There is simply an abundance of shiny new condos. And I think the SF luxury high rise is where we have seen the most speculators, clearly.
Posted by: fluj at April 21, 2008 9:41 AM”
There’s lots more.
“I see all the new condos, and I’m just like anybody else when I wonder how can they all be filled. Surely at some point market saturation will have been reached.
Posted by: fluj at November 13, 2007 10:43 AM”
Etc etc. The record stands for itself. But guys like you keep on going back to that one well.
By the way, did anybody ever remember a thing you said TC SF? Other than not understanding the difference between “than” and “then” ? or haughtily telling folks to “note” things?
Doubt it.
Don’t forget this one in that SOMA condo thread from 2008:
“Spencer,
You’re seeing a 5% decrease, are ya? 2009 and 2010, huh?
suuuuuuuuuure
Posted by: fluj at June 23, 2008 11:56 AM”
Well, Spencer was waaaaaaaay off, that’s for suuuuuuuuuure! 5%, 50%, whatever . . .
Oh. Spencer is a veritable fount of knowledge without ulterior motive on here to be sure. And your ability to contextualize quotes and still keep their original intent is beyond reproach as well.
Please, dude. Look it up. Fluj said all sorts of things about condos being overbuilt, and being ripe for a push-back. ANd if you’re honest, you wont’ deny that.
^ really? clasic fluj.anon.ed talking about south beach in 2008:
“I receive NOD and NOT emails from three different title companies, weekly. I have been for years. There has not been an appreciable spike for San Francisco.
What evidence do you have that prices are falling? In this area, or any beside 10 and parts of 3? You guys are annoying. You know why? You assume too much. You assume post popular media consumption. Try finding a 2 br for a client in South Beach sometime. Try going out and actually seeing what’s happening. Try lowballing a property that is remotely desirable. You’ll see.”
“I fully expect the market to take a 3 to 4% hit. You guys are almost all armchair economists and R.E. novices. Most of you aren’t even dabblers.”
a 3 to 4% hit according to the fluj. whoops.
https://socketsite.com/archives/2008/01/going_once_going_twicegoing_five_times_at_shoreline_41.html
OK, so the long lost fluj accepted the possibility of 3-4% price declines, but -5% was way out of line. Only off by a factor of 10.
To his credit, most realtors during that time wouldn’t accept the possibility of any decline at all, and 5% was considered laughably impossible, unprecedented, and inconceivable for SF because “everyone wants to live here” and “they’re not making any more land.” The latter is undeniably true, and we can debate the former. Regardless, time has proven that neither of these could immunize good ol’ SF from the broader trends just like it was not immune from the bubble that preceded the current decline.
I see a few trends trends emerging in the condo market. New is good, time to sell is when there is no negative history in the HOA, I would prefer to sell as the developer, location and comps will kill a resale, lawsuits can make loans hard, high HOAs can hurt a resale, one bedrooms sometimes get a bigger discount than the square footage would suggest (all things being equal-go with a two bed), some posters have an odd thing for fluj.
Right. So, people who don’t care about the present have a problem with somebody who every 1000 posts or so, when pushed, weighs in on the future to occasional ill effect? Got it.
Also, AT, you are fantastic at portraying emblematic items. Obviously.
they’re not making any more land
Maybe not land per se, but square footage they do. Take an surface parking lot, permit it for a 48-floor residential tower and voila. New square footage into the supply. Someone has to do it for a certain cost and with a certain risk/profit rationale. But demand can cause fiat supply under the right conditions as we now see with the new towers. I wonder what the rebuilding cost would be for failed resale buildings. The profitability floor has probably been hit on a few distressed products.
“so the long lost fluj accepted the possibility of 3-4% price declines, but -5% was way out of line. Only off by a factor of 10”
Can I see some numbers to back up these ravings? Not, you know, some easy bank owned condo somewhere showing 50% declines. (Well, yeah, start there, since we’re talking condos.) No, how about fluj saying “Condos will never go down 30%” (or more), and then your point.
Start there.
Or else, know that you’re once again talking out of place AT.
Seriously. Enough. Lots of things were said about the SOMA/South Beach condo market, by fluj. You and others like you have decided to seize upon an anomaly.
Whoa. Wait a minute.
Never mind.
“Right. So, people who don’t care about the present have a problem with somebody who every 1000 posts or so, when pushed, weighs in on the future to occasional ill effect? Got it.”
If I was a total loser, which I’m not, I would research Socketsite’s treasure trove for blessed material about future predictings from some of your colleagues, AT. For everyone’s fun and amusement. You know, put them next to ole fluj’s. See how they stack up. That would be a hoot. Tipster’s, (your former name) anon’s, Satchel’s, you name it. Any old kook’s versus fluj’s. Panic in the breadline versus better than average decline, you name it. Who was right, or who was wrong. Any old time, son. Bring it.
Never talked appreciation on here, dude. Never.
“Any old time, son. Bring it.”
You’re insane you know, don’t you?
are ya? do ya? Doubt it. wink wink know know random guy off the internet pipes up. hey. let’s argue with six or seven randoms, like fluj used to.
“ken” is it?
Larfing, is it?
Think ya know something, do ya?
hardly.
so fluj and anon.ed aren’t the same person? same argumentative style, same beliefs, and now anon.ed going to bat to save fluj’s reputation?
SS has become one strange site. if i were the editor i’d ban this kind of non-stop meaningless and pathetic bickering.
“if i were a loser, which i’m not….” really? you sound like one to me, and to everyone else who reads this site
no need to respond – i won’t be back to read any more comments. total waste
“”if i were a loser, which i’m not….” really? you sound like one to me, and to everyone else who reads this site”
If you do, know that you’ve got cooties.
And btw, hangemhi, if you were called out, apropos of zilch @ 2:36 p.m. December 7, and then two or three others piled on, getting everything utterly wrong, you’d leave it alone, right?
naaah. You wouldn’t. Seen ya in action, kid. But nice (fake) words nonetheless. Now you’re free to resume your previously scheduled buzz off.
I’m going to join hangemhi and stop pointing out fluj’s errors and inconsistencies. It’s like criticizing Herman Cain’s foreign policy – so easy that it’s no fun anymore and it starts to feel cruel.
Really funny thread!
I just wanted to chime in that I’m happy to see the price declines at the Beacon. Whether building specific or general market or a combination of both, price declines approaching 50% are to be celebrated. I hope the trend continues in 2012!
“I’m going to join hangemhi and stop pointing out fluj’s errors and inconsistencies. It’s like criticizing Herman Cain’s foreign policy – so easy that it’s no fun anymore and it starts to feel cruel”
AT, people do doughnuts on your grey matter daily in this forum. Here’s another one, easy. Herman Cain’s foreign policy, is it? Good job paying attention to what he had to say about that. Time well spent indeed. Kudos.