Bubble to Bust, the story of 8100, 8200, 8300 & 8400 Oceanview Terrace, aka Oceanview Village in San Francisco
8100 Oceanview Ter #104 was purchased for $575,000 with only 5% down in February 2005. The Listing said there were multiple offers. It re-sold in March 2009 for $300,000 apparently with an additional $21,000 going to the Jr Lender and $15,000 to the HOA which is the equivalent of 31 to 38 months of unpaid dues.
While I suppose there could be late fees in that HOA number, let's just assume the original buyer paid dues for just over 1 year and then stopped. And that just happens to coincide with a new $220,000 loan taken out in April 2006. This is a total guess, but it may have been a cash out re-fi of the $86,250 second loan - so at 100% financial an appraiser believed #104 to be worth $680,000 in April 2006.
That's just one story. Since Jan 2009 there have been 26 recorded MLS sales in 8100, 8200, 8300 and 8400 Oceanview Terrace. 9 2BR's, 1 3BR and 16 1BR's. The 1BR's ranged from $205,000 to $308,000, the 2BR's from $300,000 to $385,000 and the 3BR for $410,000. The highest price per SqFt was $478.79 with the average of all 26 at $397.40
In all of 2005 there were 27 recorded MLS sales among the 4 related buildings. 11 2BR's, 1 3BR and 15 1BR's. The 1BR's ranged from $389,000 to $521,000, the 2BR's from $497,000 to $575,000 and the 3BR for $637,000. The highest price per SqFt was $478.79 with the average of all 27 at $625.21
Comparing number over number we're looking at price drops of 33% to 47%. #104 was down 42.4%.
Prices have dropped so much, that now the "affordable" San Francisco Mayor's Office of Housing below-market rate condos like 8100 Oceanview Ter #122, a 3BR would probably barely be fetch it's $366,685 in 2003 price in today's market.