3157 Baker Street in San Francisco's Marina District had a scheduled for Foreclosure Auction on February 18th. Obviously that didn't happen because it is currently listed For-Sale on the San Francisco MLS.
Built in 2007 it had a recorded mortgage of $2,283,000 on April 23, 2007. Tax records show a default date of July 13th 2009.
It was listed for-sale in September 2008 for $5 million. That was probably an unrealistic number even before the financial crisis became national news later that month. It expired that December, and was just re-listed 3 weeks ago by what appears to be the owner of the property. This time at $3,695,000.
The home is 4,000 SqFt, but has no yard. It's also on Richardson - otherwise known as highway 101 - a very loud location nearly 24/7 but especially during rush hour.
In District 7 - Pacific Heights, Cow Hollow, Presidio Heights and the Marina - 5 single family homes have sold since the beginning of the year between $2 million and $5 million. 5 are in contract, and 15 are for-sale. That's a reasonable 6 months of inventory, but over $1,000 per SqFt seems severely over priced. I can't see a family spending over $3 million for a home with no yard and on a street you'd rather not have them crossing very often. And interestingly enough "Former residence to celebrity chef, CEOs, professional athletes". But how many wealthy, single or no-kid pro athletes are there - I hear Tim Lincecum lives in the Marina, but I doubt he wants to spend some of his $23 million on a 4,000 SqFt house on a busy street.
With a loan under $2.3 million, I'd try to get closer to the $2.6 million that 2312 Gough St is asking and walk away with at least a little cash - otherwise I think foreclosure will steal 100% of the equity.