Having been purchased for $1,800,000 at the end of 2005 and then returned to the market listed for $2,200,000 in 2008, 2243 Greenwich was handed back to the bank in 2009 with $2,405,000 then owed.
Yesterday, the six-bedroom bank-owned home resold with a reported contract price of $1,293,000, roughly 28 percent ($507,000) under its 2005 sale price on an apples-to-apples basis, a little more than half of what had been owed.
∙ A Little Extra Perspective On The Listing: 2243 Greenwich [SocketSite]
∙ Déjà Vu This (More Tightly Cropped) Cow Hollow View Before [SocketSite]
∙ A Little Extra Perspective On The Listing Market? (2243 Greenwich) [SocketSite]
Whoever the asset manager is at Deutsche Bank that approved this sale should have been fired by now. $596 per ft.²? That’s fire sale pricing.
[Editor’s Note: The most recent sale was actually at $470 per listed square foot.]
I posted this on another thread here on this place, but found it interesting / relevant:
Neighboring property just down the street on the same side of street and within 3 lots of the fire house just sold for $2.68. 2269 Greenwich. Fairly surprised. $802/psf
http://www.redfin.com/CA/San-Francisco/2269-Greenwich-St-94123/home/1348570
The firemen are going to bummed about losing all that free parking.
It looks like a rental property. I think anybody who would be intending to live in it would need to gut the kitchens and all bathrooms, redo the floors, and probably reconfigure some of the rooms. 6 beds in 2700 square feet seems a little strange. And after all that it would still have low ceilings.
$2.4M owed.
$1.3M sale.
i wonder who took the $1.1M bath.
nice.
When this was on the market last time, they retouched out the firehouse next door. That seemed idiotic because anyone who went to view the house would see it. (Duh.)