In recent posts, we looked at the trends in foreclosures in San Francisco. For this post, we’ll take a deeper dive into the micro data. What properties defaulted, how many, what price did they pay, etc.
For April, there were 45 Notices of Default and 21 Notices of Trustee Sales but only 51 unique parcels that received these notices, meaning some addresses share an assessor parcel number that parcel number was served with these notices multiple times.
Of these pre-foreclosure filings, the overwhelming property type was single family residential, which led the way with 43 recordings.
After SFR, multi-family residential had 10 filings, commercial had 5, and industrial had 1.
Instead of looking at just the numbers, we’ll look at the biggest defaults for month of April. Each of these properties sticks out for one reason or another.
2310 Divisadero St
Date purchased: Unknown
Price paid: Unknown
Square feet: 3,150
Analysis: Since we don’t know the specifics of the last transaction, this property has likely been in the hands of the owner for a very long time. Redfin and Zillow both show this address being sold in 1997 for ~$840k, but while these properties share the same street address, they have a different APN. The likely case is that this is a two unit condo building and the city does not have the unit listed.
4130 3rd St
Date purchased: $189,000
Price paid: 06/02/1994
Square feet: 2,750
Analysis: This duplex was purchased nearly 25 years ago and unfortunately, I think this a case of taking out a cash out refi and being unable to service the debt. On February 6th, 2017, the owner took out a mortgage from Yosemite Capital LLC and a pair of individuals. According to the SEC, Yosemite and its founders did a poor job supervising when they allocated clients money to a ponzi scheme back in 2010. This time around it looks like they’re investing the money directly.
431 Tehama St
Date purchased: $4,995,315
Price paid: 10/21/2014
Square feet: 3,162
Analysis: This looks like a classic case of purchasing an expensive property and then being unable to service the debt. Unfortunately this owner hit hard times and hasn’t paid their mortgage in nearly 4 months.
Love this? Want to find more foreclosures? Take a look for yourself. Just add the Notice of Default and/or Notice of Trustee Sale filter to your search results. It’s free!