Posted by: Timothy Ellis (The Tim)

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market.

68 responses to “Is the opposite of a flip a flop?”

  1. obelus

    I will share what I have followed in the 98115 zip code area. Although many prices are dropping in that area (Wedgwood/Bryant/Hawthorne Hills) houses still sit for a very long time. According to Tim’s recent post of MOS, this area shows below 6 months. So, IMHO, we are seeing price drops, stagnant sales (a lot of properties pulled off the market and are now rented) and we still have not gotten above a 6 month supply. The Alt-As and foreclosures have not even begun in earnest. This is a nice and desirable area but it is horribly overpriced. I would wait to buy in this area as the reality has not sunk in to the seller’s minds.

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  2. Alan

    I stand by the claim that three months of supply is closer to the equilibrium. Above that prices fall. Below that prices rise.

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  3. deejayoh

    Looks like in 98115, they’re even pricing for premium on a foreclosure!

    Last Sale: $359,736 (01/10/2008) , asking price: $374,900

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  4. biliruben

    Though they’re still not afraid to tell it like it is (MLS listing blurb):

    http://www.redfin.com/WA/Seattle/9602-25th-Ave-NE-98115/home/112623

    “Not for the faint-hearted. Bring your guts & checkbook.”

    The toilet seat leaning against the wall is an excellent feature!

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  5. obelus

    deejayoh,
    You are correct. Sellers in this area are living in fantasy land. Homes are selling but only if prices are dropped significantly. And even then it takes months. I have been watching how long it takes for SFHs to sell (condos are not selling) and it seems longer than the MOS report shows for the 710 zone. I treat the report (not The Tim) with suspicion. Also, Redfin’s stats of time on market is suspect. That can be played with, and is.

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  6. DT

    I own and live in 98115. The foreclosure noted by deejayoh is in one of the less desireable areas in that vicinity. I’m not entirely sure about this, but I suspect that the less expensive the neighborhood, the more failing sub-prime borrowers you’ll see.

    I’ve definitely seen some wildly overpriced houses and clueless sellers in better parts of that area, though (generally speaking, east of 35th Ave N.E. and south of 75th St). However, some of the more reasonably priced homes (I mean this in the relative, not absolute sense) are still doing alright. For example, I saw a nice $770K home sell in a few weeks recently, presumably for at least the list price.

    As an owner in that area, I obviously have a vested interest in a strong market, but I bought because I love the neighborhood and expect to be there for at least a decade, possibly until I croak. If I can keep pace with inflation over that holding period, I’ll be content. Wish me luck!

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  7. Tsuru

    “Not for the faint-hearted. Bring your guts & checkbook.”

    Isn’t this the home that was owned by Jimi Hendrix’s family?

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  8. biliruben

    Redfin does not report cumulative days on the market (CDOM) it just reports days on redfin, which is pretty much useless. NWMLS recently said it would allow it’s members to report true CDOM, so hopefully we will see it soon. Estately is already on record as saying it will get it up ASAP, though I don’t think it’s there yet. Estately is now in Portland as well, btw.

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  9. biliruben

    The MLS is data should not be trusted, btw. The MLS in New Jersey recently reported sales up YOY, only to be slammed by a diligent blogger who had been saving the data.

    The restated sales were down 30% a few days after he called bullchocolate.

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  10. b

    Which one is RAL’s house?

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  11. Garth

    I live in 98115 and it seems like the houses that sit a long time are listed by low cost options (redfin, 4salebyowner etc). If the house does not need work it is selling pretty close to the zestimate / asking price. If it needs a lot of work, or has a strangely remodeled layout it sits.

    If a listing goes from a Realtor™ to one of the cheap options, then it sits forever.

    My favorite long running listing is this one:

    http://www.redfin.com/WA/Seattle/838-NE-86th-St-98115/home/109867

    I am going to have to go take a picture of the Maple Leaf neighborhood of the year sign, I am pretty sure it was neighborhood of the year in 1986!

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  12. RG

    I currently rent in West Seattle, in one of those now infamous places that was going to go condo, but couldn’t when the market turned ugly (that’s 250 units becoming repartments). When I received the condo-conversion notice last year, I decided to do a price comparison of buying my place versus what it cost me renting it. To buy, it would have cost 2x as much ($1170/mo to rent versus $2456/mo to buy).

    Since the March 2007 notice, I’ve been looking to buy a SFH. At that time, most places I was interested in were selling for around $450K. Some were in the $350K-$450K range too. My 2 bedroom, 1.5 bath, 1200 sqft, 1 garage condo was proposed to sell for $295K, which was the lowest price I could find for something “reasonable” that I liked.

    15 months later, I’m seeing some decent 2bd/1.5ba SFHs that I like listed for ~ $290K, when they all used to be at least $350K. These places are in the 98106, 98116, 98126, and 98136 zips, which is primarily West Seattle. As I track my favorites on Redfin, I’m seeing the same considerable movement shown in Tim’s post above (e.g. MLS# 27200251 and 28018698). Just from my anecdotal shopping observations, I suspect there will continue to be considerable movement in this neighborhood as listings sit on the market.

    Since I have down payment money, an excellent credit score, little debt, and make $100K per year, I’m in a good position to buy. But with the downward pressure I see right now, it simply doesn’t make sense. I’ve been living in my current place for 8 years and I enjoy the neighborhood. The rent is relatively low for the quality of the place, so I’m content to wait for the, dare I say it, GEM that I really love.

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  13. alex

    I doubt there’s that much fraud.
    I think most of those people are willing to pay to leave the house.

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  14. Dave

    And here I thought I was seeing the start of something interesting. Apparently, what I thought was the beginning of a trend is already firmly established. A house around the corner from where I live in West Seattle was listed several months ago for $495K. It previously sold on 12/07 for $540K, $45K less than four months previously. The following month the price was reduced to $475K, and last month to $465K.

    http://www.trulia.com/property/39049736-3820-48th-Ave-SW-Seattle-WA-98116

    Someone wants to get rid of this house quickly, as this is pretty aggressive price cutting. If it sells for the listing price, the owner (bank??) will be out $112K, after fees and taxes. Nice haircut!

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  15. deejayoh

    Isn’t this the home that was owned by Jimi Hendrix’s family?

    Good eye! Here’s an article about it in the Seattle Weekly. Says it was once listed for $500k

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  16. born in seattle

    I don’t disagree that there is a lot of inventory out there, and a lot of unreasonably priced properties. What I saw in the past 4 or 5 years was a lot of buyers rushing to buy — buying anything, no matter how ugly or stupid. It was much like the daytrading frenzy of the late 90’s when everyone and their dog was trading stocks online, some making fortunes, most making something, until that frenzy burst into flames.
    Americans are lemmings, pure and simple. Greedy perhaps, but when TV promotes Flip that House as a normal show, the insidious seed of desire is planted, and it’s hard to kill that seed.
    Today, everyone is on the fence, confused as to what to do. When the TV announcer tells everyone ‘the bottom is here, go out and buy’ the lemmings will run back into the market, and buy anything and everything again, thus pushing prices up again.

    What is with this culture of lemming-ness? What are YOU doing to end it? Sitting on the sidelines not buying today is not a solution you know.

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  17. Sarge

    My observations in my 98005 neighborhood is that two years ago every house that went up for sale sold within a week or two at the most. All were selling for well over $600,000, most over $800,000. Including places being torn down to build McMansions. Now there are multiple houses that have been for sale for over 3 months and are priced under $600,000 (unheard of for the last 4 years). All have dropped their price at least once. I haven’t seen a sold sign for over 6 months now (several have been taken off the market).

    (Yes, I know this is anecdotal, just my observation of my neighborhood over the last 4 years).

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  18. Uncle John

    In response to Is the opposite of a flip a flop?

    4125 view home original asking price $1,100,000 around Christmas time

    Problem
    Jun 16 – $975000 Big View Home in Arbor Heights – (West Seattle) pic as per

    http://seattle.craigslist.org/search/rfs?query=4125+sw+107th+&minAsk=min&maxAsk=max&hasPic=1

    And also
    Executive Real Estate, Inc.
    Listing last modified June 16, 2008, 12:02 PM
    Price: $674,950

    NWMLS Listing # 28100525 Per Redfin today

    Problem when I Googled this MLS it came up for above address and one in Albany NY?

    For Sale sign out front is America’s Choice RE. Nick the agent is owner/seller. There is no listing for the ACRENW.com on the sign for that agent. There is one for a female RE agent, not the same last name, per a Google search of the dot com today for the State of Wa.
    There have been at least two sets of renters in and out of it that I am aware of. I walk in this area. The zip is 98146.
    Last April 24 Redfin had the address listed for $999,999 along with listing price data back to original $1.1 Mil. Redfin stated days on them as 43 at that time.
    I looked the tax record up as tax time had just past. It was in arrears for all of 2007 taxes at that time. I have not looked up if first half 08 taxes have been paid. The blogger at bubbletracking.blogspot.com/ out of Calif. has noticed and commented several times that unpaid back taxes are a sign of a flipper in trouble. From reading that and other Calif. Sites such as housing-kaboom.blogspot.com/ a lot of flippers in trouble have multiple investments with many in various stages of distress like back taxes, NODs, NOTs and renters in an out, usually at below cost rents. They also seem to be Real Estate agents who got overly enthusiastic and have Multiple investments.
    That may be what Deejayoh has spoted one or more Flippers hitting the wall in West Seattle at the same time.

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  19. Garth

    This is my favorite foreclosure article ever, all because of one quote:

    The so-called McMansion, he said, will become the new multi-family home for the poor.

    http://edition.cnn.com/2008/TECH/06/16/suburb.city/?iref=mpstoryview

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  20. Jillayne Schlicke

    I do not have access to the NWMLS. It would be interesting to know if those listings The Tim gave us as examples in the original blog post are “short sales.”

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  21. Uncle John

    It would give us an idea of how local Flippers were doing. they are one part of the negitave sprial in it’s early stages. The local smaller Home builders seem to be an early stage down ward pressure also. I see large new homes around the $150 sft mark in the out laying areas.

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  22. budbrad

    The ‘sale price’ is only part of the story. Who’s paying closing costs, repairs, allowances for updates (carpet, kitchen) all of these impact the ‘net sale price’ which is not captured in the MLS sale price.

    I think for the last few months, sellers have been giving away a lot of extras to get the house sold.

    Actually, the pendulum started swinging a few years ago when the buyer was paying closing costs and then those expenses were shared, and now the buyer pays nothing.

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  23. deejayoh

    Tim – I like the flop idea. And we can track the old ones. If you save them as favorites in an estately account, and you’ll get an email when they sell telling you the sales price.

    Jillayne –
    I don’t think most of these are short sales. At least from what I have seen the listing will say it is a short sale, given all the hoops a buyer needs to jump through

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  24. RG

    I like the “Flop Watch” idea. It’s a great contradictory to the flipping that was so prevalent just a year ago. I suspect many will be paying attention to flops more than flips. If you provide neighborhood info, I know I will!

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  25. EconE

    Here’s my contribution.

    http://www.redfin.com/WA/Seattle/4422-Bagley-Ave-N-98103/unit-311/home/8188868

    The funny thing about this one is that the current owners were “chronicled” on the local news (can’t remember which station) about a year ago and were painted as “successes” in the real estate boom here in Seattle.

    Another great attempted flip was a penthouse in the Cosmopolitan (#3203) that was purchased for $1.2MM. It was for rent for a while, and then up for sale at I believe $1.3MM-1.35MM . It is now off the market and the builder currently has unit #3303 (same sf, floorplan etc…just a smaller deck) at an asking price of 899K.

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  26. Cougar

    How could we determine who is selling their home out of hardship from those who bought mainly to make a profit? I don’t laugh in anyones face who thought what was being sold to them was a great deal only to lose it and be homeless. Flippers are pretty easy to spot, granite + 100K, in a quick turnaround. For those who got hyped into a mortgage, usually first timers and now are losing everything to a reset is sad. Very sad.

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  27. Alan

    I do not have access to the NWMLS. It would be interesting to know if those listings The Tim gave us as examples in the original blog post are “short sales.”

    Use KC parcel viewer to find the parcel number. Then search public records using the parcel number to see if there is a Notice of Trustee Sale on the house. Then search public records on the owner’s name to see how many other properties they own and how many are being foreclosed on.

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  28. biliruben

    Good idea, Tim.

    This one’s definitely a short sale:
    http://www.estately.com/my_estately#listings/info/1044782

    789K last year.

    720K and sitting now.

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  29. jonness

    I thought you guys might find this interesting. In short, not only are mortgage rates spiking, the WA unemployment rate spiked 0.6% in the month of May. This is extraordinarily bad news for the local economy. If you”re thinking of buying a house–hold off. If you are selling, drop your price and get what you can before prices further plummet. Seriously, if you think prices are going to go up anytime soon, you are dreaming. The absolute best that can be hoped for at this point is that prices will remain flat for awhile. However, IMO, Seattle homeowners are about to go seriously underwater.

    The following article came across my desk today (Oh, and a tip about the WorkSource jobs it talks about: the average wage for a job from a job placement by WorkSource in Seattle is $15/hr. In other areas, the jobs average about $10/hr. IOW, don’t plan on paying a mortgage on a Seattle area home that currently costs 2x as much as it did 7 years ago if you end up down at the WorkSource office trying to find a job.

    Washington’s unemployment rate rose in May

    OLYMPIA – Washington’s seasonally adjusted unemployment rate increased to 5.3 percent in May, up from April’s rate of 4.7 percent, according to the state Employment Security Department.

    This marks the first time in 20 months that the rate has been above 5 percent. The rise in unemployment was accompanied by a decline of 2,600 non-agricultural jobs.

    The total number of non-agricultural jobs in Washington was up 38,200, a 1.3 percent increase over the same time in 2007. Nationally, job growth for the past year was 0.2 percent.

    Industries in Washington with the largest job growth in May were professional business services, with 1,200 new jobs, and information, with 500 new jobs. The largest declines were in retail, down 1,100, education and health services, down 700 jobs, and government, also down 700.

    “The nation’s economic downturn is finally catching up with us, but we are still doing better than a lot of the country,” said Employment Security Commissioner Karen Lee.

    An estimated 176,060 people (not seasonally adjusted) are unemployed and seeking work in Washington.

    Employment Security and its affiliated WorkSource offices across the state continue to offer a variety of employment services to job seekers, including free help with their interviewing skills or résumés and with job referrals.

    Locations of local WorkSource offices are listed in the blue pages of telephone books and online at http://www.go2worksource.com. Assistance also is available by phone at 877-872-5627.

    In addition, more than 26,000 current job openings are posted on http://www.go2worksource.com.

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  30. economist

    I don’t laugh in anyones face who thought what was being sold to them was a great deal only to lose it and be homeless

    Excuse me, people who don’t own houses are not “homeless”. They are called “renters”.

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  31. TJ_98370

    Six to eight months ago this place was listed at $2,200,000. Now they have it on the market for $1,795,000. It is located between Bremerton and Silverdale in Kitsap County, NOT Bainbridge Island! Central Kitsap is not known for free-ranging multi-millionaires.

    2615 Passage View Lane Northeast, Poulsbo WA 98370

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  32. Yaoyao

    > I don’t laugh in anyones face who thought what was being sold to them was a great deal only to lose it and be homeless

    I sort of laughed until I saw the video “tent city” on youtube about tent cities sprung up in LA and other california cities hit by foreclosure. Now I realized that these people probably put up their lives’ savings to purchase their first home at an unaffordable price, and now they are losing both home and money.

    They have my full sympathy, and this year we are donating to local food pantry instead of some remote disaster in Africa.

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  33. Angie

    How about this, from my neighborhood: a flip-flop!

    Current listing is here:
    http://www.redfin.com/WA/Seattle/4103-38th-Ave-S-98118/home/171121

    Current asking price is $294,700. Last sale was Feb 06, 2008 for $310,000.

    The kicker is that the place has been on the market for many months, for WAY less–I believe quite a bit less than $250K. Foreclosure, bought by the “we buy ugly houses” people. It was the lowest-priced 3 BR house on the market within a few miles of my house, and the pictures made it look like a total disaster inside.

    Then within the last month, a flurry of activity…lots of change on the outside, and from the pics on the listing, inside as well…

    And still listed for less than the last sales price!

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  34. Angie

    And I just noticed the “Subject to Inspection” on that listing. Must have worked!

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  35. cheapseats

    I was looking at houses in West Seattle a couple months ago and was wondering about the drop there compared to other places. I thought maybe the locals knew something about the bridge renovation that I didn’t want to learn the hard way… Seriously though, prices there seem to have dropped markedly faster than other areas.

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  36. jonness

    I’ve been tracking the Olympia area lately, so here is one from down there. It sold on 05/04/2007 for $550,000. The bank repoed it and recently listed it for $364,900. IOW, down about a third from a year ago. (hopefully the link works)

    http://www.ziprealty.com/buy_a_home/logged_in/search/my_home_detail.jsp?property_type=SFR&source=NWMLS&cKey=2z7sjtm6&listing_num=28096324&mls=mls_seattle

    My GF and I looked at it, but I ultimately realized that prices are heading lower and opted not to buy. It is actually a nice house, and the picture doesn’t do it justice at all. The downside was the double ovens were gone, the island stove top was missing, and a resentful previous owner took a utility knife to a section of the recroom carpet. The rest of the house was in great condition. One big downer is the EIFS siding. It looked to be in excellent condition, but I’m very wary of that kind of siding–especially in the wet PacNW.

    The house sold after 7 days on the market, which demonstrates that houses will sell if sellers set the prices realistically. The homes that are languishing are the result of owners who are either unwilling to lower prices to match fundamental market levels or owners who just can’t do that. This stubborness will wear off by next spring selling season, as owners become increasingly accustomed to the idea houses should cost something in the neighborhood of what they cost in 2004.

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  37. economist

    Now I realized that these people probably put up their lives’ savings to purchase their first home at an unaffordable price, and now they are losing both home and money.

    Since it costs less to rent a house than to pay the mortgage and taxes on the same house, why should anyone become homeless because of foreclosure? In addition most foreclosees received 6 to 12 months of free accommodation after they stopped making payments.

    From what I have read the people in this tent city are not foreclosees but the traditional homeless – people with mental or physical health, or drug problems. There is one man who claims to be a foreclosee but as I said, if he was in a position to “buy” a house why can’t he just rent? BBC story:

    http://news.bbc.co.uk/2/hi/americas/7297093.stm

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  38. economist

    Oh one more point – as we all know, most of the people being foreclosed today didn’t put in any of their own money at all.

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  39. budbrad

    Let’s not forget our local real estate expert Susan Ryan, who was promoting flipping last fall, after the market had already started to slide.

    How many people lost their ass thanks to her?

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  40. Sarge

    Talking about Susan Ryan, here is her latest expert advise (from http://www.cbbain.com/agentdetail.aspx?ic=1651230):

    ….

    However, since home-as-investment thinking currently prevails, here are three reasons to buy now:

    1. The Seattle area is poised to become what analysts call a “Superstar City” like New York and San Francisco, with a base of wealth and desirability that trumps overall market factors, keeping prices high. And even with a short-term downturn, long-term your house is likely to increase in value, as homes in the US have ever since this country was founded.

    2. Remember the power of leverage. What other investment can you buy with only 10% (or 15%, or 20%) of your money on the line, while the gain you receive is on 100% of the asset’s value?

    And in a softened market there is that other type of leverage. The kind that makes sellers offer concessions and induces builders to throw in upgrades. Buyers have the edge in negotiation now more than in the five preceding years or even longer.

    3. If you’re selling your current home and buying another, you may not make as much on the sale as you might have a year ago, but a bigger, better house is more in reach now than at the top of the market. Waiting to sell until the market picks up may make that move-up just out of reach as well.

    Even though buying a home is much more than an investment, buying now is a good investment.

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  41. softwarengineer

    REMEMBER AT THE BEGINNING OF THE YEAR, MOST “DUMBED-DOWN” MEDIA REPORTED HOUSING PRICES WOULD BOTTOM MID-YEAR 2008

    Now, with even the Summer prices plummetting; the media did a McCain/Obama gear shift on issues…..now housing will bottom in early 2009. When early 2009 is upon us, the con media will allege housing prices will bottom out in mid-2009, etc, etc…..

    Folks, IMO, I really don’t see the light at the end of the tunnel soon. Wait, I do see a light in the distance, its the train engine light heading for us with more price collapses for a possible “pro-longed period”.

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  42. Demersus

    I don’t have much sympathy for those whom made poor financial choices motivated by greed or fear. I’ve never bought a home, and I’m not homeless. I rent a nice place for less than 30% of my 3/4-time income, which is also quite below median due to the part-time nature.

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  43. Dave0

    2. Remember the power of leverage. What other investment can you buy with only 10% (or 15%, or 20%) of your money on the line, while the gain you receive is on 100% of the asset’s value?

    Foreign currency trading works the same way. Doesn’t necessarily mean I should buy a bunch of euros. Thanks Susan for the great advice.

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  44. Markor

    My GF and I looked at it, but I ultimately realized that prices are heading lower and opted not to buy.

    You and lots of other people thinking this way is the biggest reason why prices will fall. It’s a self-fulfilling prophecy, just as it was when the bubble was expanding.

    Royal Bank of Scotland issues global stock and credit crash alert: “The Royal Bank of Scotland has advised clients to brace for a full-fledged crash in global stock and credit markets over the next three months as inflation paralyses the major central banks.”

    The chickens are accelerating home to roost.

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  45. Joel

    Excuse me, people who don’t own houses are not “homeless”. They are called “renters”.

    She was trying to be nice. Being a renter is even worse than being homeless you know. At least the homeless aren’t throwing their money down a bottomless pit of never-ending rentership.

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  46. Blah

    What do you think of this flip?
    http://www.zillow.com/HomeDetails.htm?zprop=48795400

    Bought on 6/15/07 for ~510K
    Asking for 826K

    Is West Seattle really worth that kind of money?

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  47. Masaba

    Here’s one in the supposedly “hot” area of Greenwood/Ballard/Greenlake.

    Purchased in July ’07 for $445,000, and on sale now for $399,000

    http://www.redfin.com/WA/Seattle/729-N-80th-St-98103/home/301345

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  48. deejayoh

    here’s a place on Queen Anne – Bought in January for $1.7mm, on sale 5 months later for $1.6mm. And that’s with no price drops!

    http://www.redfin.com/WA/Seattle/1520-8th-Ave-W-98119/home/132307

    It’s that old “selling dollars for 95 cents” business model. Make it up on volume

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  49. deejayoh

    Another super ugly QA deal. Bought 04/06 for $625k. On market for $500k.

    http://www.redfin.com/WA/Seattle/112-W-Florentia-St-98119/home/131223/nwmls-28044128

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  50. deejayoh

    more on QA:
    05/07: $570k. Today $450k
    08/06: $631k, today $585k

    Capitol Hill
    05/05: $625k, today $575k
    02/08: $1200k; today $1198k

    Madrona:
    07/07: $950k, today $675k

    Could someone please tell these people how strong the market is close in? They seem to have not gotten the notice.

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  51. deejayoh

    Looking at the parcel viewer map, I think that one may have been a sub-divide.

    Ah. looks likely. That would explain this description: Small, inviting & easy to care for yard.

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  52. Garth

    Tim,

    One of the houses from the post appears to be divided as well.

    http://www.redfin.com/WA/Seattle/9412-35th-Ave-SW-98136/home/473263

    though not listed on the parcel viewer

    Look at the lot size of the house next door (4800 sq ft)

    http://www.zillow.com/HomeDetails.htm?zprop=48957247

    and the lot size listed on the sale listing (2400 sq ft) it is not listed on redfin.

    http://www.redfin.com/WA/Seattle/9412-35th-Ave-SW-98136/home/473263

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  53. Garth

    Oops the bottom link should be:

    http://www.postlets.com/res/791505

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  54. Garth

    I thought I had seen a “Unit A” on something related to that listing when it was posted in the forum.

    If you use the zillow search (or whatever data you have) and look for sales or listings of single family homes with lots 3000 sq ft or under in seattle neighborhoods you will be able to find a lot of the people that got stuck.

    When I was looking for houses (parts of 2005 and most of 2006) and tracking sales of houses I had looked at it seemed like there was little correlation between the lot size and the price on entry level Seattle houses. The Charlie Munger in me started to wonder what incentive I wasn’t understanding, looking more closely it usually was a combination of a low listing price, waived inspection, staging, stainless steel, bamboo floors and kentucky bluegrass sod.

    At one house the owner proudly told me he replaced the 1 year old stainless appliances from the previous owner because the brands didn’t match and that would kill your value. (he also replaced all the bedroom windows with greenhouse windows that are not code for bedrooms and tore up the original “boring black and white checkerboard” kitchen floor and replaced it with the bamboo)

    Some people’s kids.

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  55. Garth

    this capital hill one deejayoh posted

    http://www.redfin.com/WA/Seattle/747-Harvard-Ave-E-98102/unit-B/home/2086131

    Appears to be one unit a 4 unit townhouse project and that particular unit has no sales history. Redfin’s maps don’t appear to handle sales history properly for some divided zoning types in seattle.

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  56. deejayoh

    his capital hill one deejayoh posted

    http://www.redfin.com/WA/Seattle/747-Harvard-Ave-E-98102/unit-B/home/2086131

    Appears to be one unit a 4 unit townhouse project and that particular unit has no sales history. Redfin’s maps don’t appear to handle sales history properly for some divided zoning types in seattle.

    I’m not sure what you’re loking at, but the unit at that address was built in 2004, sold in 2005.

    Year Built: 2004

    Sales History
    Date Price Appreciation
    Jun 16, 2004 $537,000 —
    May 23, 2005 $625,000 17.7%/yr

    here it is on zillow
    http://www.zillow.com/HomeDetails.htm?zprop=49147742

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  57. Garth

    The redfin listing is 747B the zillow link is for 745B

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  58. deejayoh

    http://www.zillow.com/HomeDetails.htm?zprop=63340032

    747B it is. still sold in 2005 for $625k.

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  59. Jackson Wallace

    I’m not going to tell, but only a few neighborhoods are worth squat in Seattle ultimately, if you want good quick access to downtown activities without a heinous commute. You want those activities when the gray closet slams in your face 8 months a year. I used to patrol the north and the south because it wasn’t affordable in-city, but I’m seeing more and more stuff show up. The deals go quickly, but there is a lot of clunkers sitting, you know, the sucky properties with a multi-fam staring into your backyard, lipstick shacks on big lots, that kind of junk. It isnt funny for the owners, but it makes me real glad I didnt buy into the MANIC DESPERATION that everyone was shoving down my throat two years ago. Now those same people cant sell their parents 800k house because they priced it too high, those same RE moguls are losing their asses in commercial (and the stock market I might add. Dont hear anyone bragging about how much life savings they’ve lost in WAMU or CITI.) This country is again a country for hardened grizzled cynics, instead of these pie-in-the-sky grasshoppers, and about time.

    Also, the south end is going straight back to the urban jungle it was climbing out of – White Ctr, Burien, Tukwila, Skyway, Columbia City – get ready for more and more crime in those lovely locales. All you have to do is drive to Tacoma, Sammamish, anywhere outside of 10 top-tier areas, and you see so many for sale signs. People know the apoacalypse is headed at them. Anyone who put all their retirement in their home is DOOMED. We’re headed towards a Soviet-style destruction of a senior generation. The younger generations are gonna learn how to work again, whivch will be good for all.

    oh yeah, to Dori Monsen, and all the other jerktard republicans who said noone would ever ride the light rail, they can’t bring that thing online fast enough.
    So glad the end of the repub ass-clown era is over. The best news in a long time.

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  60. local Realitor

    Thanks Jackson Wallace. I almost puked into my Cheerios reading your crappola. It was good for a few laughs though!! Nice to see the other extreme thinking here……makes for great comedy.

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  61. what goes up comes down

    that is right local R everyone always wins — I bought stock x for 10 a share now it is 500 a share, I bought on the eastside for 250k and now my place is worth 500k, 480k, 450k, 430k, —- crap I shouldn’t have taken the family to mexico, crap we really didn’t need the boat, oh crap Julie has to go to Bellevue Community College not SPU — come on does anyone ever talk about losing. Has Ray Pepper ever lost on a “GEM” of course not RP only WINS. Get a clue there is a downside.

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  62. cheapseats

    So is there a difference between a Realtor and a Realitor?

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  63. Ira Sacharoff

    A”lso, the south end is going straight back to the urban jungle it was climbing out of – White Ctr, Burien, Tukwila, Skyway, Columbia City ”

    I don’t totally agree…Columbia City did become way overpriced and they’ve built a lot o,f crappy townhomes,but downtown Burien is continuing to see improvements and is really not that far from downtown Seattle, and Skyway? Never saw the kind of appreciation that other neighborhoods saw, and hasn’t been thought of asa nice or safe neighborhood for a long time, so I’m actually optimistic about the ‘hood…The Skyway area is also not far from downtown and has the least expensive houses within a 20 minute drive to downtown Seattle.

    But…as far as losing money on real estate investments and not bragging about it? That’s the same as the stock market, and I’ve lost money on both, but have made much more than I’ve lost. I bought stock in a company where the CEO was jailed he day after I bought the stock and the company got delisted, and I ended up losing 90% of my investment, and I owned some rental houses in Central Washington where the tenants chose to spend the rent money on cheap wine rather than rent, and ended up happily selling the property at a loss.

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  64. July Neighborhoods Months of Supply Update | Seattle Bubble — News & discussion about real estate & the housing bubble in the Seattle area.

    [...] and West Seattle (140) at 4.83. Seeing West Seattle on that list is a particular surprise, given the number of flops we’ve seen in that neighborhood in recent [...]

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