A Short Sale at The Beacon: 250 King St #450
photo courtesy of socketsite.com (and I just noticed from a post referencing this unit when it first hit the market in oct '09)
40% drop in value if the sale goes through at the last list price of $360,000. 2006 purchase price was $599,000 according to tax records. That's some rough stuff for the struggling Beacon.
800 SqFt 1 bedroom Condo - leased parking and $550 HOA dues, but still, $360,000 looks like a BMR. In fact I came across 250 King St #450 when researching BMR's (San Francisco "Below Market Rate" Mayor's Office of Housing program). Unforunately among many terrible marketing mistakes on this particular listing, one is that the agent checked the "BMR" box in the MLS when it appears NOT to be a Below Market Rate unit.
Which leads me to my next post (above when it's ready) is how the BMR market is doing in San Francisco? Hint, not well.