Prices may be holding up somewhat in the neighborhoods close to downtown Seattle, but the Eastside apparently is not so lucky. With nearly eight “months of supply” the downward pressure is mounting on home prices east of the lake.
I’d like to highlight an excellent thread over in the forums, where prolific Seattle Bubble poster “EastSider” has been diligently digging through the listings to dig up dozens and dozens of flops on the Eastside.
Here are a couple of gems from the thread:
Bothell – 16624 38th Ave SE:
Sold June 2006 for $521,990
Currently Asking $449,950
On the market 100+ days
Kenmore – 19914 83rd Pl NE:
Sold December 2005 for $460,639
Currently Asking $410,000
On the market 350+ days(!!!)
Snoqualmie – 8075 Silva Ave SE:
Sold May 2006 for $369,500
Currently Asking $299,950
On the market 200 days
Bellevue – 16617 SE 31st St:
Sold October 2005 for $510,000
Currently Asking $519,900 (originally listed in March at $575,000)
On the market 150+ days
Bellevue – 1015 110th Ave SE:
Sold December 2006 for $740,000
Currently Asking $629,950
On the market 19 days
What kind of flops have you been seeing out there? Are there any neighborhoods where a return to 2005 prices is enough to convince you to jump in? Be sure to check out the original forum thread for many more examples from all over the Eastside.