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Pacific Heights Foreclosure Auction: 224 Presidio Ave

by sfishome on March 2, 2010


224 Presidio Avenue in Pacific Heights had a scheduled for Foreclosure Auction date of February 19th.

Unlike yesterday’s story about 3157 Baker, 224 Presidio is not on the San Francisco MLS, so presumably it sold at Auction. The rest of the story is otherwise very similar. There was a mortgage a year in ’04, ’05 and ’06. It’s impossible to tell from tax records, but it looks like a $2.25 million first loan from 2005 and a $250,000 2nd from 2006. The judgement amount was $2.4 million.

Like 3157 Baker it went onto the market at well over $1,000 per SqFt right around the time the financial crisis became national news. Pulled 3 weeks later they re-listed it in January ’09 at the same $3,995,000 price but then reduced by $345,000 3 months later, and withdrawn 4 months after that in August ’09… and the default date was one month later.

Like 3157 Baker it appears 224 Presidio either has no yard, or a very small one. And while it’s Presidio Ave location is a lot quieter than Richarson Ave, it’s not exactly the most sought after Pacific Heights location. And like 3157 Baker I’d put the fair market value closer to it’s default amount than it’s attempted 2008 sale price.

The bottom line…. another “District 7” luxury San Francisco foreclosure.

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