Yet coveted though the area is, this unit has been on the market over 200 days. Could be because it’s a TIC in a 6-unit building (challenging in so many ways, none of them pleasurable). In any case, its pricing history is sad.

Apr 10, 2009: Listed $439,000 (this is the original price)

May 08, 2009: Price Changed $438,900 (down $100. Umm….?)

Jun 02, 2009: Price Changed $438,000 (down $900)

Jun 17, 2009: Price Changed $437,000 (add the previous two reductions to get down a full $1000)

Jul 08, 2009 Price Changed $436,000 down another $1000)

Jul 22, 2009: Price Changed $435,000 (and another)

Sep 16, 2009: Price Changed $399,000 (and, finally…down $36K!?!)

At this point, it seems the buyer could make up any number and have the place, Noe or not.

Over in Mission Bay, we find a bank owned condo with an equally desolate history. 250 King St., #636 is a Junior 1-bedroom/1 bath in one of the many tall towers now decorating that area.

Bruno Baldini, Century 21 Baldini Realty

This condo sold in May of 2006 for $575,000. Three years later, in August of ’09, it sold for $498,055 (a loss of 4.1% per year). A few months later, its fate was as follows:

Nov 19, 2009: Listed $413,325

Dec 17, 2009: Price Changed to $392,660

Jan 07, 2010: Price Changed $373,027

Finally we drive up Corona Heights to gape at this Victorian single-family beauty, a 3 bed/3 bath with a separate, legal cottage in the back for your rental income pleasure. What makes 56-56A Mars St. interesting is its entire history– and knowing that history may put the buyer in driver mode.

Vincent Beaudet, Herth Real Estate

This house sold in 1990 for $340K. In 2002, at an appreciation of 5.6% per year, it sold for $650K. Then, much to the optimistic joy of the sellers, it was listed in November of 2009 at $1,299,000– a price that if matched by an equal offer, would have seemed to confirm that SF real estate pays off better than the stock market.

Yet the house has yet to sell, and this month was reduced $100K to land at $1,199,000. Since this is still close to double its ’02 price point, and the home has been on market almost three months, one might feel encouraged to offer less.

Indeed, encouraging in general, these tiny signs of weakness should bring hope to those lucky enough to find themselves qualified to buy in this fine city. Renters, meanwhile, can take courage from the rumor that rents are coming down…but that story is for another blog posting.

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