CFAH

325 Berry Street #602
As we wrote in April:

In default since January 2011 when already $34,633 past due on a $727,920 first, and originally scheduled to first hit the courthouse steps last month but postponed, 325 Berry #602 is once again scheduled to hit the steps this afternoon at 2 pm.

Purchased for $910,000 in August of 2007 with 10 percent down, the 1,117 square foot Park Terrace one-bedroom has been listed on the MLS as a short sale for $749,000 and “in contract” for the past 352 days.

As always, we’ll let you know who closes first.

Having successfully postponed multiple foreclosure proceedings, the short sale of 325 Berry Street #602 finally closed escrow last week with a reported contract price of $702,000, twenty-three percent ($208,000) less than the agent paid for the condo back in 2007 prior to the building coming down with a case of new construction litigation.
Agent Versus Auctioneer: The Race Is On At 325 Berry [SocketSite]
Park Terrace: From New Condo Smell To Litigation Discount [SocketSite]

Comments from Plugged-In Readers

  1. Posted by anon

    Only 23% below the 2007 price (33% down w/ inflation)! Wow, the market has picked up a bit.

  2. Posted by inclinejj

    Didn’t you see the memo. Real Estate never goes down. Those numbers are just “economicly adjusted.”

  3. Posted by J

    It seems like half the recent construction in Mission Bay is now pending litigation against builders… This could keep a significant portion of the shadow inventory tied up for a few more years.

  4. Posted by hangemhi

    “23% below the 2007 price (33% down w/ inflation”
    Except you’re essentially counting inflation twice – housing is in inflation stats at around a 40% weighting. Ironically you’re also saying that this weighting which deflated 30% really was inflation. Overall it is a confused argument that SS bears have been erroneously using for years.

  5. Posted by anon

    wrong. just because housing is a component of the CPI doesn’t mean that if you consider the impact of inflation on the price of a home you’re “counting inflation twice.” The CPI is the overall inflation measure.

  6. Posted by inclinejj

    “It seems like half the recent construction in Mission Bay is now pending litigation against builders… This could keep a significant portion of the shadow inventory tied up for a few more years”
    50%-75% built between 2000 and 2011 is either in a contruction defect lawsuit or the builder came back and made repairs.
    If you think Mission Bay [is bad,] google construction defect Las Vegas.

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