CFAH

2030 3rd Street
Having sold as new for $459,000 in the year 2000 and refinanced in 2007 with a $525,000 first, 2030 3rd Street #9 returned to the market in November 2010 listed for $649,000 with the seller in default and over $30,000 past due on that new note.
Failing to find a buyer despite being reduced to $589,000, the two-bedroom condo was foreclosed upon and sold on the courthouse steps for $440,001 in cash that December.
Flipped with conventional financing in place for $535,000 three months later (March 2011), today the Central Waterfront condo returned to the market listed for $599,900 ($566 per square foot) having been spruced up a bit but otherwise looking rather apples-to-apples.
2030 3rd Street #9 Living
∙ Listing: 2030 3rd Street #9 (2/2.5) 1,059 sqft – $599,900 [obeo.com]
15-Year Mortgage Rates Hit All-Time Low As Purchase Activity Drops [SocketSite]

Comments from Plugged-In Readers

  1. Posted by Averagejoe

    Thank you Socketsite for posting something under 2million dollars for readers to dissect.

  2. Posted by J

    I would want more than a glass door separating my (child’s) bedroom from 3rd street.
    Otherwise, seems decent.

  3. Posted by R

    Have there been a lot of home invasions in Dogpatch?

  4. Posted by Brahma (incensed renter)

    HOA dues of $397 are quite reasonable. Dues are $436 for 1 bd/1.5 ba’s for phase 2 at Esprit Park.
    Talk about making your money on the buy…the seller can afford to take under asking, although they probably won’t have to given the other choices on the market in the central waterfront for a 2/2 in this price range. Looks like they’ll make out quite nicely here.

  5. Posted by Cade

    Is that glass door on 3rd Street into the ground floor bedroom the main entry door into the unit?
    oh, dear.

  6. Posted by redseca2

    Mommy! that man peed on my door again1

  7. Posted by Bernie Hill

    Question for editor (or others), why don’t you post the link to Redfin for listings? The agent sites are slow and painful to flip through. (Serious question).

  8. Posted by snider

    440k ->535k in three months-congrats to someone.
    and the 535k->600k owner will likely bring a little something even with commissions/expenses.

  9. Posted by guest

    agree with Bernie Hill

  10. Posted by Alex in Santa Clara

    What does $397 HOA pay for, exactly, with no elevators, or a pool?
    Down south (well, 45 miles south), I’m paying $200/mo HOA dues for a similar 3-level 2/2.5 townhouse, with a small park inside our complex. The HOA dues cover cold water, exterior lighting, exterior/roof maintenance, grounds maintenance, reserve, etc.

  11. Posted by Fishchum

    “Down south (well, 45 miles south)”
    – You just answered your own question.

  12. Posted by mike

    welcome to SF alex in santa clara

  13. Posted by Mole Man

    For an actual loft user having a ground floor space with glass on a busy street to show off works and invite people in is worth a huge amount. Lofts are not oriented toward people who have finding a precious space for their snowflakes as a top priority.

  14. Posted by Brahma (incensed renter)

    Hmm…let’s do a back of the envelope calculation…cash is…what happens if you deploy it?
    If the information provided by Trulia.com is correct, Unit #11 in the same building is a 1 br/1.5 ba unit that rents for $2,900 per month. Let’s be conservative and estimate that #9, this 2/2.5 with 1,059 ft.², would rent for $4,000 per month. That suggests that if you happened to have about $600,000 cash sitting around (probably earning < 1.1% in a bank CD) you could use it to buy the #9 condo at asking to live in as an owner/occupier and benefit from $48,000 in imputed rent per year.
    That’s a rough implied yield of 8 percent purely of imputed rental income.

  15. Posted by anon

    Yeah, but you add in property taxes, HOAs, and insurance, and now you’ve got 5%. Not terrible, and definitely a huge improvement over the bubble years when buying made no sense at all, but there are lots of better investment options given the big downside risks. And that’s assuming no maintenance costs and a $4000 (too high) rent.

  16. Posted by The Chief (tm)

    Perhaps I’m out of touch — but would someone actually pay four grand a month to live here, on that street?

  17. Posted by 2030 Resident

    I currently live in this building and quite enjoy it. (Have lived here for 1+ year)
    Rent: $2,500 for a 1br/2ba bi-level unit.
    Regarding some of the previous comments:
    – Haven’t heard of any home invasion/security issues, but have heard of 1 or 2 instances of car break-ins presumably from people slipping into the garage behind cars.
    – 3rd street is (obviously) a pretty busy street. This building is directly in front of the KT-Mariposa Southbound station. But, there isn’t a lot of foot traffic.
    – (If I was ready to buy) I’d definitely consider “upgrading” from our current 1bd/2ba unit to #9.

Comments are closed.

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