In 2006, the 1,286 square foot Opera Plaza two-bedroom sold for $612,000. A year later, the “Best in City Living for the Savvy Buyer” marketed condo sold for $665,000.
The 2007 purchase was financed by way of a $531,750 first mortgage, a $100,000 second and $33,250 (5%) down. By the beginning of 2011, the savvy buyer was already $34,945 past due on the first alone.
Having been listed as a short sale this past January, and with a list price that was changed to $465,000 last month, 601 Van Ness #75 is currently in contract but contingent according to the MLS. At the same time, 601 Van Ness #75 is also scheduled to hit the courthouse steps this afternoon.
We’ll let you know who (fore)closes first.
∙ Listing: 601 Van Ness #75 (2/2) 1,286 sqft – “$465,000” (short sale) [Redfin]
Anyone want to handicap this one? Looks like Wells Fargo owns the first and second.
The short sale IF IT IS CREDIBLE will win banks like to stay out of the chain of title where possible
The condo is worth significantly more than $362 PSF. Bank forecloses, eats transfer taxes, brokerage fees, etc., and still comes out on top.
The short sale is much more likely with the same FI owning the first and second.
Where does one look up who owns the mortgage?
WH, I agree that this place is worth more than $362 per ft.², compare against 851 Van Ness Ave #207, a 2 bedroom, 2 bath REO condo at $426 per ft.². But your scenario assumes that someone at the lender is competent, on the ball and actually keeping track of what’s going on. I don’t think that’s the case in general.
Of course if it actually went to the courthouse steps today then we’ll find out.
If 851 Van ness is currently worth $426/sq. ft., this unit is definitely worth more. I watched 851 being built. It was “Richmond Special” style construction–thrown up fast and cheap with wood framing. And it currently seems poorly maintained.
Opera Plaza is reinforced concrete and professionally managed by a top-notch onsite manager who has been there for over a decade.
To the extent that the two buildings are comparable, 601 is superior.
HOWEVER–601 does not have deeded parking–its CC&Rs guarantee the right to lease a space in the 2 levels of on-site underground parking at a below market rate. 851 comes with a deeded space in its ground-floor garage. So you probably need to figure in the value of that. Does $80 a square ft sound right?
Isn’t 851 Van Ness a type of seniors-only homes?
@condoshopper: No. You are thinking of a project up the street between O’Farrell and Geary. 851 is the yellowish building across the alley from Burger King–between Eddy and Ellis.
Hi BT, thanks for the correction, i will be on the lookout when i walk down the street next time. i didn’t realize there was any major condo building on that side of that stretch of VN, until you hit 601.
Do we know what happened here?
The courthouse auction of 601 Van Ness #75 was postponed to today.
If the short sale manages to go through before the auction at asking, it will represent a fall in value of a solid 30% since the 2007 purchase.
BT, I have no idea what the value of on-site deeded space in a ground-floor garage is, but your estimate sounds like its in the ballpark. Seems to me that that’s something that would take a whole lot of dedicated data collection to come up with an empirical guide for, in the same way that HOA dues can be wildly disparate (I realize that a lot more gets covered by a typical HOA).
“The condo is worth significantly more than $362 PSF”
It’s worth what someone pays for it. That’s the final arbiter of value.
What was the outcome of this one? Doesn’t show up in ForeclosureRadar.
UPDATE: A Savvy Buyer Loses The Race To The Courthouse Steps