As we wrote about the San Francisco Postcard Row home at 722 Steiner in 2010:
First listed for $3,999,999 in February, reduced a few times, and last asking $3,199,000 before being withdrawn from the MLS in [September 2010], 722 Steiner has been relisted asking $2,950,000. And the listing now notes: “Seller MUST sell, will consider all offers.”
Once again, Matthew Kavanaugh developed the 700 block of Steiner Street between 1892 and 1896, now known as San Francisco’s Postcard Row. Originally the developer’s own home, 722 Steiner at Grove was slated for demolition in the 1970’s but survived and was restored.
In default since early 2011 on a $1,740,000 first mortgage from 2007 (hence the “Seller MUST sell, will consider all offers” note in 2010, a sale which never occurred), 722 Steiner is once again scheduled to hit the courthouse steps tomorrow with $2,046,876 now owed on that first alone. A courthouse sale would wipe out a $290,000 second as well.
I’ll make a wild guess that everyone will be made whole including the second mortgage.
The owner’s AirBnB guests are going to mighty disappointed if this sells tomorrow.
The foreclosure auction for 722 Steiner has been postponed to 12/3/12 due to a bankruptcy filing on behalf of the current owners.
UPDATE: Postcard Row Home Survives Another Threat, Returns To The Market.