More fun inside 2201 Baker
Today, one of our (we’ll just call him/her “readers”) had the chance to get inside 2201 Baker, the $2,490,000 fixer in Pacific Heights, get the scoop, snap a few photos, and open our eyes to a true diamond in the rough. And of course provide us with “before” photos, should we still be blogging when the “after” shots hit the market.
The scoop:
It is a foreclosure (not sure we mentioned that.) About an hour before it hit MLS, it received an all cash, non-contingent, over asking offer from a developer. (Offers were as they come, per the bank’s request, not sure we mentioned that either.) About an hour after it hit MLS, a second offer was received. As of today (we haven’t checked MLS) it should be ratified. Many more offers were attempted, but turned away.
The photos:
No wonder it went from 15 bedrooms to zero bedrooms
The fun:
You’ll have to see the next post for that.
We’re hoping some of you readers can go ahead and run the numbers on whether this thing would make sense for a developer. Assuming it needs EVERYTHING, and is historical.
-2201 Baker @ Jackson. Read the disclosures [theFrontSteps]
-Fixer Facing Foreclosure, Move Fast! [theFrontSteps]
-How to sell a home in Today’s Market [theFrontSteps]
-Good Bones [theFrontSteps]
-Real Estate P*rn, for real! [theFrontSteps]
November 8th, 2007 at 10:47 am
It is important for us to note (albeit late) that had this been handled more by the agent and less by the bank, it would most likely have sold for much more than it will. When there is a property in this type of disrepair, in this location, with as much interest as it is garnering, there is no way on earth they should have taken offers as they come. The agent tried to advise the bank of this, but the bank is plain stupid. If they received two offers within the first hour, imagine how many they would have received had they been able to market it for at least one week. I had a client that wanted to write an offer on this, and we were simply too slow.
Another lesson in the micro economics of our market and what applies to real estate wherever this bank is, does not apply here.