Posted by: 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.

17 responses to “Cheapest Seattle Homes: June Edition”

  1. softwarengineer

    THERE ARE NO BARGAINS OUT THERE YET

    To me, a house purchase bargain not only beats rent [let's be honest too: include after purchase money pit maintenance on decripit used homes, property tax, mortgage insurance if needed, closing costs, realitor fees, HOA fees as needed, water/sewer fees that sometimes come free with rent, on-going wear and tear maintenance, and insurance].

    If you buy a home and its not a pristine one; make sure you got lots of spare cash in the bank….you’ll need it.

    Rate this comment: Thumb up 0

  2. Ira Sacharoff

    I love this thread!

    The house at 10044 10th Ave SW is south of the city limits, I’m pretty sure, which I think is Roxbury Street. But no matter, maybe calling it the cheapest house within a few blocks of the city limits would be more apt. On that note, one about two blocks from the city limits:

    http://www.redfin.com/WA/Tukwila/5005-S-114th-St-98178/home/175158

    Rate this comment: Thumb up 0

  3. Kary L. Krismer

    RE: Ira Sacharoff @ 2 – If they’re just going by “Seattle” in the address, I’m showing 4 stick built that are cheaper than the cheapest here, and I’m pretty sure at least one of them is in Seattle proper. I’m wondering why they aren’t showing up on Redfin?

    Rate this comment: Thumb up 0

  4. Kary L. Krismer

    I always wonder how accurate the NWMLS’s reporting of Seattle medians is, because I don’t think there’s a good way to only include Seattle sales. Area 360, for example, includes areas inside and outside of Seattle, but some (all?) of the ones outside of Seattle have Seattle addresses. I guess it doesn’t really matter that much as long as they’re consistent.

    Rate this comment: Thumb up 0

  5. D.

    You said April’s homes were not on the market anymore. I noticed this about Redfin. Now they only show Active listings. I can’t seem to get any sort of Pending up on Redfin. Try SeattleListings.com and do a search by address and you can see the homes with Pending. April’s 10225 Evanston is on seattlelistings and says Pending.

    Rate this comment: Thumb up 0

  6. Groundhogday

    Dang, those are some pretty expensive “cheap” houses. $168/sq ft on a 3.5k sqft lot?

    We have a long way to go in this correction.

    Rate this comment: Thumb up 0

  7. Esol Esek

    I agree that it would seem that things are not as cheap as they should be, but what about in-migration from the sweltering disaster areas of the US? Anybody got the newest migration figures?

    Rate this comment: Thumb up 0

  8. Roger

    “Disaster migrants” are homebuyers? We are special up here, aren’t we?

    Rate this comment: Thumb up 0

  9. deejayoh

    RE: Esol Esek @ 8 – they are here
    http://www.dol.wa.gov/about/reports/Apr2009WDLReport.pdf

    flat vs. last year – although if you look at the underlying data, I suspect there is an error in that I am relatively certain that zero is not the number of people that emigrated to california last month as shown on the report

    Rate this comment: Thumb up 0

  10. b

    Do they come with bars pre-installed or do you have to use your $8k for that?

    Rate this comment: Thumb up 0

  11. David Losh

    There are 42 homes under $200K with an average market time of 72 days.

    It wasn’t that long ago there was very little under $300K.

    Prices are coming down, but to me there is very little activity for such a perfect set of investor circumstances. Low interest rates and low prices. At 5% or 6% mortgage interest some of these homes could be rentals.

    Here’s the problem: there are very few good tenants moving around. The ones that are moving are shopping price and location.

    Another thought that keeps coming back to me is that the investor pool must be tapped out. If there was a pool of cash investors it seems they would be snapping. It just seems like a mom dad and the kids market to me.

    In my opinion the next stop for some of these properties will be below $100K, the way it was, and should be.

    Rate this comment: Thumb up 0

  12. David

    Hello,

    Please take a look at Case-Shiller housing declines in the bubble areas. It amazes me that Seattle is now higher than San Diego.

    I think we have a lot further to fall. I honestly don’t think this state is any more “special” than other states (and I have lived just about everywhere West of the Mississippi).

    http://4.bp.blogspot.com/_nSTO-vZpSgc/SiYsu7tsxuI/AAAAAAAAGNo/uXSw7XJARbU/s1600-h/case-shiller-2009-05-TC.png

    Rate this comment: Thumb up 0

  13. Racket

    San Diego is $8k more than Seattle.

    But Seattle did peak 2 years later, which is interesting.

    Rate this comment: Thumb up 0

  14. Lake Hills Landlord

    Ha ha! I just realized that “7525 14th Ave SW” is across the street from where my girlfriend used to live. It was the worst kept house on the block and “mysterious” cars with “mysterious” people used to pull up at all hours. I always assumed it was a prostitution or drug den. Most of the houses on the block and in the neighborhood are well kept up, so if you bought this and refurbished it you would be doing the neighborhood a great benefit.

    It still seems a bit expensive to me. I’m thinking it should be sub $100k. The only other downside is the church up the street tends to fill the street up with cars on Sunday, plus they play loud music which floods all the neighbors.

    Rate this comment: Thumb up 0

  15. Curtis

    RE: Ira Sacharoff @ 2 – That is Correct. Roxbury is the city limits dividing line in that area so the house is 2 1/2 blocks past the city limits. It should also be noted that the area between that house and Roxbury is a public housing development (Greenbridge). They are currently rebuilding the public housing development with 3x the density that it had previously. I believe that it was going to be 1/3rd market rate housing, 1/3rd public housing, and 1/3 some form of subsidized housing. With the housing crash, I wonder what is going to happen with the 1/3rd market rake housing part of the project…

    Rate this comment: Thumb up 0

  16. tpn

    The house in South Park is actually in pretty sad shape, and the floor design is kinda wierd. But I seem to remember it being on the market 3 years ago for about 230k.

    Rate this comment: Thumb up 0

Leave a Reply

Do you want a nifty avatar picture next to your name, instead of a photograph of Tim's dog? Just sign up with Gravatar, and make sure to use the same email address in the form below. It's that easy!

Please read the rules before posting a comment.

You have 5 comments remaining on this post.

Archives

Find us on Google+