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St. Francis Wood Banked Owned REO

by sfishome on February 16, 2010

St. Francis Wood, known for it’s mansions, large lush green lots and exclusive family neighborhood, now has a Banked owned REO.

161 San Pablo Ave, taken back by Washington Mutual just 2 weeks ago, just got listed on the San Francisco MLS.

161 San Pablo Ave is a 4 bedroom, 3.5 bath 3,740 SqFt home on 4,316 SqFt lot. The home was built in 1956 so it doesn’t have the character or charm of the vast majority of homes which were built in the 1920’s (with a smattering of teen’s and 30’s). But this boxy-ish home is large, remodeled and has “panoramic ocean views”.

*Currently asking $1,485,000 – just shy of $400 per SqFt which is off the charts low
*Taken back by the bank for $1,748,904
*Listed at the exact wrong time – Sept 2008 just as the financial crisis was becoming national news – at an outrageous $2,650,000 price.
*Re-listed 3 other times with 2 other agents going through price drops of approx. $100,000 along the way until it’s last date and price just 3 weeks ago for $2,174,999.

*Sold in early 2006 for $1,825,000 after 7 months on the market starting in June 2005 at $2,390,000.

So it’s been a long ride down to $1,485,000. However, as shocking as it seems for St. Francis Wood to have an REO, this home appears to be 15% to possibly 25% under priced. I’ll go see it to confirm my opinion asap, but I’d be shocked if this home doesn’t fetch at least $1.7M, and $1.9M seems more like it. The only caveats is that it’s an average to undersized lot for the neighborhood – many are 1,000 SqFt larger with a number of double sized lots, and that the 1956 era look (and often quality) isn’t what buyers in this hood are looking for. But check back in for a video walk through.

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