A Banked Owned REO at The Watermark, 501 Beale St, San Francisco, just had another price drop. It didn't sell at $495,000, or at $470,250 so now it is $446,738. The news here is that according to tax records it sold for $725,000 in January 2007. That's roughly a 40% drop in just 3 years. What's more, per the tax records the owner did a cash-out refinance just 6 months after buying getting a $780,000 loan. So an appraiser valued it at least at $780,000.
Tough times at the Watermark.
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