The on-again, off-again saga of the modern, ocean-view short sale at 329 19th
(4br/4ba, 3625 sq. ft.) is now over.
Purchased for nearly $3m in March 2006 ($2.950m
), it was offered for a stretch in 2010 for a rescue price ($2.999m) and in early 2011 for the same number, before the downward cascade began.
First it was a cut to $2.599m. They posted a deal. But in August, the story behind the scenes began to come out. It would be a short sale. The bank had approved a short-sale price of $2.380m.
And yet, the buyer who had ground down the lenders was having second thoughts. As we said in "Ocean Views for Less
Behind the scenes, what's going on is that the buyer is playing chicken with the bank, dropping the offering price to try to get a better deal. That could be the smart strategy, unless new buyers can swoop in and take the last deal on the table. Stay tuned.
That buyer did flake out.
And so did the next one. (See "Ocean-View Shortie Returns – Again
Yes, 2 failed deals.
But in December, 329 19th came back again at $2.295m and with news that the property could flop over to foreclosure.
They found a buyer within a week, and in this case 3 times was a charm.
The final sale price: $2.295m (-$650k/-22% from the '06 acquisition).
Way back last year, we said "[a] 2.3-ish price for this fairly big architectural home could look like a steal and have ramifications around the neighborhood."
We'll stand by that "look like a steal" comment. As to the ramifications, time will tell.