378 Park
As we wrote last April:

In March 2007 the south Bernal Heights single-family home at 378 Park was refinanced with two mortgages totaling $763,000 for which the home would have had to appraise based on comps at the time (whether or not said comps were on a busy street or their buyers had “overpaid” in retrospect).

Yesterday, 378 Park returned to the market listed as a short sale for “$499,000” but without any mention of being pre-approved. That being said, we will note that both loans were underwritten by the same lender which might make negotiating a bit easier.

The sale of 378 Park closed escrow this week with a reported contract price of $460,000.
Live By The Comp… [SocketSite]

Comments from Plugged-In Readers

  1. Posted by [anon.ed]

    The appraiser would have needed comps, sure. But since it was 2007 it very well might have been comps + driveby. Bernal is a very mixed bag both now and then, isn’t it?

  2. Posted by tipster

    Good to know that parts of Bernal are 40% off, so far.

  3. Posted by lol

    Market price and fantasy 2007 appraiser valuations are 2 different things. Glad this market has regained its sanity though. People are looking at what they’re buying.

  4. Posted by eddy

    A quick look at sales on that block show a surprising number of seemingly high prices from the 2006 era. I’d say there are some more folks going to take hurting on this one. I’d love to know what became of the funds extracted from this house.

  5. Posted by anon.ed

    Appraisal versus
    market sale. Why is fickle
    parsing accepted?

  6. Posted by lol

    victimless crimes
    no over-appraisal beef
    all got their pork

  7. pork ends up in bank
    sliced and minced into dark tranche
    steel vault… is it spam?

  8. Posted by [anon.ed}

    “victimless crimes
    no over-appraisal beef
    all got their pork”
    4 – 7 – 4

  9. Posted by Diemos

    Opinions vary
    Phantom equity departs
    On a gentle breeze

  10. Posted by jwb

    Half a million for a dilapidated shitbox is “sanity”?

  11. Posted by NoeValleyJim

    Half a Million
    For a Dilapidated
    Shitbox is Sane?

  12. Posted by Brahma (incensed renter)

    jwb, you must have not been reading socketsite all that long. This place (378 Park) is NOT really a “dilapidated shitbox”. The place profiled last week located at 469 Valley, now THAT was a dilapidated shitbox for half a million dollars (it’s 2010 closing price).

  13. Posted by ttu

    OMG. Ugly. Who in their right mind would buy this unless you are planning a complete teardown (and for that it’s about 260K too expensive)? Someone will lose a lot of money on this one.

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