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Trouble at San Francisco’s Brannan?

by sfishome on February 9, 2010

219, 229 and 239 Brannan, the three towers known as The Brannan sports some interesting stats of late:

1 bedroom condos at The Brannan appear to be in trouble. Only 1 has sold in the past 6 months, and 1 in the 6 months prior to that. Yet there are 5 For-Sale right now or a 2 1/2 year supply. Part of the problem is that 3 of the 5 are “distress” sales. Both 219 Brannan #1C and 229 Brannan St #3H are REO’s (Banked Owned) and 229 Brannan St #7G is listed as a Short Sale and has an recent Notice of Default filed against it – a NOD is a precursor to foreclosure.

2 bedroom condos at The Brannan are doing much better. 10 have sold in the past 12 months (4 in the past 6 months) with 1 in contract now and 5 For-Sale. So essentially a 6 month supply. The one in contract is Banked Owned, and interestingly one of the 2BR’s For-Sale is owned by one of the most prolific Listing Agent’s in the building. Does that mean something? There’s no such thing as “insider trading” in Real Estate… but does he see a future for the building that he doesn’t like???

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