With the project team having successfully secured forgiveness for the under-permitted redevelopment of their rather spectacularly “reimagined” home at 3847-3849 18th Street at the end of last year, the property recently returned to the market with a newly reduced list price of $8.5 million, down $900K from its previous listing and versus an $11.85 million price tag in 2018.
At the same time, the Dolores Park West property, which was allowed to slip into foreclosure last year, is technically slated to hit the courthouse steps this Thursday.
But with around $6 million of debt on the building, including a first mortgage for $4.95 million (which had been an estimated $400K past due, including penalties, at the end of last year), don’t be surprised if the slated auction is cancelled, or at least postponed, considering the target sale price and potential equity.
As foreshadowed, the foreclosure auction was postponed.
And having been further reduced to $7.5 million in April, to $6.995 million in July and then to $6.495 million in August, the sale of 3847-3849 18th Street has just closed escrow with a contract price of $6.625 million, a sale which is officially “over asking” according to all industry stats and aggregate reports but roughly 44 percent below original expectations and likely at a very real loss.