3190 Scott St (um, Lombard) hits the market

3190 Scott St hits the market in San Francisco Cow Hollow district.



Note the entrance just a few steps from Lombard


3190 Scott is a 12 unit building, and so far 2 units are on the MLS, but you can bet all 12 are for-sale. I'll get a price sheet on Tuesday Tour.



3190 Scott St reminds me of 3208 Pierce pictured here:


Back in mid 2007 when 3208 Pierce was selling I thought 3208 Pierce was way over priced, but to my surprise it sold quickly. They were small for the money, many of the tiny balconies were facing Lombard making them virtually unusable. And even the main living quarters in many units were right on Lombard. Despite extra thick glass, you could definitely hear Lombard traffic quite well as I recall.


Looks like commercial space at the base of the building




3190 Scott is the same Vanguard agent as 3208 Pierce. No idea about the builder, but until I see it on Tuesday morning I'm expecting more of the same... except the price already appears a bit lower than 2007 as you would expect.

Pacific Heights Foreclosure Auction: 224 Presidio Ave

224 Presidio Avenue in Pacific Heights had a scheduled for Foreclosure Auction date of February 19th.

Unlike yesterday's story about 3157 Baker, 224 Presidio is not on the San Francisco MLS, so presumably it sold at Auction. The rest of the story is otherwise very similar. There was a mortgage a year in '04, '05 and '06. It's impossible to tell from tax records, but it looks like a $2.25 million first loan from 2005 and a $250,000 2nd from 2006. The judgement amount was $2.4 million.

Like 3157 Baker it went onto the market at well over $1,000 per SqFt right around the time the financial crisis became national news. Pulled 3 weeks later they re-listed it in January '09 at the same $3,995,000 price but then reduced by $345,000 3 months later, and withdrawn 4 months after that in August '09... and the default date was one month later.

Like 3157 Baker it appears 224 Presidio either has no yard, or a very small one. And while it's Presidio Ave location is a lot quieter than Richarson Ave, it's not exactly the most sought after Pacific Heights location. And like 3157 Baker I'd put the fair market value closer to it's default amount than it's attempted 2008 sale price.

The bottom line.... another "District 7" luxury San Francisco foreclosure.

Marina District Foreclosure Auction: 3157 Baker St

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.

$545,000 Price..... er, reduction

$545,000 isn't the price of this home, it's the price reduction.

28 Presidio Terrace, San Francisco, came onto the market in January at $5,395,000. As of yesterday it was reduced to $4,850,000 for a $545,000 price drop.

A private priced sale in March 2007, extrapolating from tax records it looks like a purchase price of approximately $4.96 million. So it will be interesting to compare a "peak year" purchase to today when this sells. We'll see a $545,000 price reduction does it or not.

Ritz Carlton rental - same stack as Short Sale

San Francisco's Ritz Carlton at 690 Market - one rental, one Short Sale.

Yesterday I wrote about the new Short Sale listing at one of San Francisco's most prestigious addresses - 690 Market #2201 asking $1,588,000.

Today I got an email from a colleague advertising #2301 asking $6,900 in rent.

According to the NYTimes Buy vs. Rent tool the unit would need to sell for $1.1 million for Buying to be better than renting within 15 years with a 5% interest rate. Those $2,425 HOA dues are probably the reason.

Boiling over at 3368 Jackson "Manse Elegante"

For a great write up on 3368 Jackson St, San Francisco check out this SocketSite.com piece.

But I got a completely different impression of this $4.495M home than many of the commenters. I got a kick out of touring this house. Normally I get a little creeped out by seeing a lifetime of "granny's" things where you feel like you're stepping all over some recently deceased person's life and they're watching you. Not here. I was giggling the entire tour and walked out with a huge smile on my face. This was part museum, part fun house tour (emphasis on fun).

With 35 photos on the MLS listing I didn't need to take much - but I really got a kick out of the boiler and what appears to be a water tank.