As we reported this past March:
Purchased for $2,500,000 in 2006, the renovated “Mediterranean Revival jewel” at 3737 Broderick Street, “just steps from the Marina Green and the St. Francis and Golden Gate Yacht Clubs,” returned to the market four months ago listed for $2,649,500, a list price which was dropped to $2,292,000 as a “bank approved” short-sale in January.
With a sale pending per the MLS, the four-bedroom Marina property is currently scheduled to hit the courthouse steps tomorrow being $279,777 past due on the $2,000,000 first mortgage employed in 2006 when 3737 Broderick was purchased with 10 percent ($250,500) down.
The short sale of 3737 Broderick Street has closed escrow with a reported contract price of $2,160,000, fourteen (14) percent or $340,000 under its 2006 purchase price, an outcome to which at least one mom is likely to toast and cheers.
The seller was an attorney specializing in representing clients charged with a DUI.
∙ The Race Is On Down In The Marina [SocketSite]
The “bank approved short sale price” was, as usual, a joke, and not necessary to get the property.
A truly bank-approved price can/will make all the difference in the world. What, do you think posters believe you’ve been tracking such outcomes? You’ve got a big wall with listings and strings of yarn, depicting a narrative of listings that used the “bank approved” language? Lol. In reality approved short sales can mean the difference between a normal timeframe and half a year, or something never closing at all.
Thanks anon1, as a Realtor, I know I can look to you to look out for my best interests.
Fortunately, the buyer of this place didn’t do that and put $132K in his pocket, and will also save $1500 per year, every year, on property taxes and insurance, and $5200 in interest. Over 10 years, that’s an additional $67,000, for a total of $199,000.
The realtors made $3300 less each, so I can see how you would think that way. I think I can wait six months for $200 grand. That’s bigger than most people’s retirement savings, and this guy saved it on one single purchase. The house didn’t go anywhere in the mean time.
Clearly your “interests” lie in acting up online. Don’t say I don’t assist you there. That would be another falsehood.
This place closed quickly enough so it looks like that “half a year” estimate was way off. And since that estimate was made after the fact, one would think it could have been much more accurate. Lesson: ignore any “bank approved” number, and get a new realtor if yours tells you it means anything.
And 14% off the early 2006 price is nice. 28% off adjusting for inflation. But I guess that’s just ’cause this place is such a dump, and in D9, and on a busy street and all.
estimate is not an applicable word here. Cases vary, and that is why the objection was made to dismissively saying “as usual + a joke” as if there was any understanding or insight. And your conclusion and snide Socketsite haterisms like “D9” and “busy street” are of course childish as usual.
It’s ironic that a home I was tracking on this street at 3426 Broderick just closed for over 750k over its previous sale price in 2010 with only minor modifications and some potential non-permited work. I brought it up on another thread. This one closes only a short few days later and I think the buyer got a good price here. Interesting to say the least. Smart buyers can make shrewd moves in San Francisco as we’ve all seen before (2507 Pacific).
walked by this house on Saturday, owners had moved in with new car in the garage. already working on landscaping in front.