The Beacon at 250 King and 260 King San Francisco has fallen on hard times with a growing number of Short Sales and REO's. Unfortunately many Short Sales are still not going through, and when they don't they usually become REO listings a few months later. One reason - unrealistic Banks.
250 King St Unit #636 appears to be one of those listings. The former Short Sale listing said "Lender has BPO of $565,000 and will not pay for back HOA dues."
Originally listed in April 2008 for $599,000 there were no takers for 3 months. 6 months later the same Listing firm re-listed it in January 2009, but this time as a Short Sale asking $525,000. It bounced around in price and in and out of contract over the next 6+ months it finally was removed from the MLS in August at $498,000.
A "BPO" is a Broker's Price Opinion. Usually banks get more than one opinion, and often they are not local agents. Regardless, the $565,000 BPO and the failure to sell at $498,000 isn't even the most shocking part of the story. It's that when it was re-listed as an REO in November at $413,325 it has now gone through TWO PRICE drops to $392,660 after 28 days, and now down to $373,027 just a couple of days ago.
More history - per tax records #636 was purchased for $575,000 in March 2006 representing a 35% drop in value at it's current asking price. The buyer appears to have put 10% down based on two loans adding up to $517,500.
Click here to view 250 King St Unit #636.