Close the Books on 939 Duncan & 617 6thPosted on Wednesday, July 7th, 2010 at 7:51pm.
Uh-Oh, Duncan" back in April, the 4br/4ba, 3950 sq. ft. home was purchased in Dec. 2005 as a rehab project for $2.53m.
Almost 2 years later, it was ready for market at a big markup, though it ultimately found only renters, no buyers:
- Oct. 2007: Starts at $3.895m
- Feb. 2008: Cut to $3.695m
- Sept. 2008: Canceled
- April 2010: Offered for $2.040m as an REO
- late May 2010: In escrow
The sale price is -$418k/-17% off the pre-remodel acquisition price. Looks like the rehab was essentially donated to the new owners.
617 6th (5br/5ba, 5725 sq. ft.) that also just closed.
The big Caliterranean with ocean views, home theater, etc., is a speckie that was never properly finished before hitting the market back in early 2008 – not so long after the 939 Duncan remodel.
A long-running (600+ DOM) listing for the almost-complete home crashed in late 2009 when the investors foreclosed.
Launched at $5.995m long ago, 617 6th just sold for $4.5m (-$1.495m/-25% from start). The lot was acquired in Feb. 2006 for $2.250m.
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