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Beacon REO: 250 King St #810

by sfishome on March 4, 2010

250 King St #810, The Beacon, a banked own “REO” San Francisco condo with a past due offer date. What happened?

Per the San Francisco MLS “All offers due 2/25/10 @ 5pm”. Yet the condo is still “Active” on the MLS a week later. I noticed it because even for The Beacon it looks like a “deal”.

In 2006 it sold for $675,000 – this for a 1 bed, 1 bath with 822 SqFt. I called that “north end of town pricing” and told my clients when I could not make sense of values. But now? At $408,900 I would have at least expected someone to put in a low bid. So either we have “offer deadline-itis” where everyone stays away because they don’t want to compete for fear of over-paying or simply wasting time. Or we have an out of town Listing Agent without direct access to the MLS who can’t or won’t get the status changed a week after accepting an offer.

But if you’re in the market for a 1 Bedroom near AT&T Park, let me know and we’ll give them an offer appropriate for a failed offer deadline.

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