The marketing materials for the newly minted 188 King Street noted “Sold” next to #207 and a price of $1,650,000 in 2006. In 2007, the 1,799 square foot South Beach condo hit the market as a resale asking $1,595,000 but failed to find another buyer.
According to public records, the sale price in 2006 was actually $1,450,000. And if we’re not mistaken, the purchase was financed by way of a $1,000,000 first, a $215,000 second, and $235,000 down. Relisted or reduced four times since 2007, and asking $1,150,000 this past December, by the end of 2010 the first mortgage was already $82,973 in arrears.
Tomorrow, 188 King Street #207 is currently scheduled to hit the courthouse steps in San Francisco with $1,118,835 owed on the million dollar first mortgage alone.
∙ 188 King Street: Sales Update [SocketSite]
∙ A Quick Resale At 188 King [SocketSite]
“Sold” next to a price of $1,650,000 in the marketing materials, but actual sale price was $1,450,000.
This is one of many deliberately deceptive things that drives me crazy about how realtors are allowed to buy and sell houses. A while ago, I was looking at a house on Washington Street on a well-known broker’s website. There was a list of previous sales with a “Sold!” next to the original list price. I took it at face value but later learned that over half of the properties listed as “Sold!” did not sell at the price right next to it– in some cases the price was very far off from the price listed. It deliberately paints a picture for the client that is not real. How is this kind of deception and lying even legal?
It’s a clearly and deliberately deceptive practice that is meant to prey on the fact that most home buyers and sellers are “amateurs-” in that people only buy or sell a house a couple of times in their lives usually. It leads homebuyers to believe that the market is better than it really is . .
I was listening to an interview with Jimmy Williams– a former lobbyist for the NAR: “The realtors are legendary- they’re legendary both at local communities but they’re also legendary in Washington. And when the realtors come to town, you see them– and they’re there and they swarm Congress. And most other trade associations and most other lobbying outfits and firms know that the week that the realtors are in Washington D.C. , you don’t come to Washington D.C.. Because there are just so many daggone people in town. I’m talking tens of thousands of these people come.”
Salesmanship makes the world go round. Misleading housing information (footage, comps, etc…) has to be verified, just like bra size and official gas mileage 😉
As always, due diligence and/or trustworthy buyer agent are necessary.
Opening Bid Amt: $1,207,502.74
Friday
2/17/2012 2:00:00 PM
Address: 188 KING STREET #207
City: SAN FRANCISCO
State: CA
Zip: 94107
County: San Francisco
APN: 25-3794-037-01
Sale Status: Postponed to 02/17/2012
TS Number: 10033875
ASAP Number: 3922470
Notice of Sale Amt: $1,118,835.66
Opening Bid Amt: $1,207,502.74
Sold Amt: 0
Sale Location: At the Van Ness Avenue entrance to City Hall, 400 Van Ness Avenue, San Francisco, CA 94101
Trustee: Default Resolution Network-FFT/Sac.
Trustee Phone#: (916)636-0114
Friday
2/17/2012 2:00:00 PM
Address: 188 KING STREET #207
City: SAN FRANCISCO
State: CA
Zip: 94107
County: San Francisco
APN: 25-3794-037-01
Sale Status: Back to Bene 02/17/2012
TS Number: 10033875
ASAP Number: 3922470
Notice of Sale Amt: $1,118,835.66
Opening Bid Amt: $1,207,502.74
Sold Amt: $1,207,502.74
Sale Location: At the Van Ness Avenue entrance to City Hall, 400 Van Ness Avenue, San Francisco, CA 94101
Trustee: Default Resolution Network-FFT/Sac.
Trustee Phone#: (916)636-0114
Friday
2/17/2012 2:00:00 PM
Address: 188 KING STREET #207
City: SAN FRANCISCO
State: CA
Zip: 94107
County: San Francisco
APN: 25-3794-037-01
Sale Status: Back to Bene 02/17/2012
TS Number: 10033875
ASAP Number: 3922470
Notice of Sale Amt: $1,118,835.66
Opening Bid Amt: $1,207,502.74
Sold Amt: $1,207,502.74
Sale Location: At the Van Ness Avenue entrance to City Hall, 400 Van Ness Avenue, San Francisco, CA 94101
Trustee: Default Resolution Network-FFT/Sac.
Trustee Phone#: (916)636-0114
“Salesmanship makes the world go round.”
Banks= evil. Wall Street = evil.
Realtors lying? it’s great marketing!!!