Not too long ago we reported on some properties that were near and dear to our wallets, literally. True to our word, we report the good, the bad and the ugly.
So we again, bring a sad story on what can happen in this market.
The property is 869-879 Grove, a 6-unit building in the Alamo Square district, and the story (shortened) is as follows:
Actually, we’ll make it really short. Hit the market 9/6/07 for $1,695,000, had tons of activity, some very serious buyers circling, but none that wanted to take on the daunting task of the tenant issues associated with this building in order to be able to maximize the use of the property. So… it is still available, and on the Fast Track to Staledom. For the savvy buyer that would like to owner occupy this building, you might like to take a look. For the developer looking to evict and flip, maybe not.
–What Happened? Redfin got it. [theFrontSteps]
–Nothing Special, Just $421,000 over asking, that’s all (1809 Diamond) [theFrontSteps]
–Reasons for my Absence, Market Activity on Three Levels [theFrontSteps]