RE: Angie @ 27 –

All I know is that just a few doors down from that home is one of Seattle’s scuzziest mini marts, complete with crackheads hangin out in front of the store…But it’s also within walking distance of Kubota Gardens, a mostly undiscovered jewel.

They should put “easy access to narcotics”

All I know is that just a few doors down from that home is one of Seattle’s scuzziest mini marts, complete with crackheads hangin out in front of the store…But it’s also within walking distance of Kubota Gardens, a mostly undiscovered jewel.

http://www.redfin.com/WA/Tukwila/10335-51st-Ave-S-98178/home/175432

Turns out there are actually two dwellings on that property, a 1Bd/1Ba and a studio as well. Such a deal!

http://www.seattlepi.com/local/380975_dioxin29.html

Dr. Roubini predicts the same “W” recession with any applied federal debt increasing mortgage rates and decreasing home values [IMO, with concurrent wage deterioration due to uncontrolled growth and permanent job base losses]. He states in part:

“…“I have also consistently argued that there is a risk of a double-dip W-shaped recession toward the end of 2010, as a tough policy dilemma will emerge next year. On one side, early exit from monetary and fiscal easing would tip the economy into a new recession as the recovery is anemic and deflationary pressures are dominant. On the other side, maintaining large budget deficits and continued monetization of such deficits would eventually increase long-term interest rates (because of concerns about medium-term fiscal sustainability and because of an increase in expected inflation), thus leading to a crowding out of private demand…”

The rest of the Roubini URL:

http://www.rgemonitor.com/roubini-monitor

Thank you again for the article. I did a little research and this seems to be the most compelling explanation for the woes of housing.

This is extremely relevant.

The premise is that Real Estate prices are way higher than value. There is no equity in properties.

Let’s say you buy a property today at 2004 prices. Will the value come back up to 2007 prices any time soon? I would say no. I think those people who are buying today will lose equity in the next year if they had any equity going into the purchase.

If you put 20% down today will you have a 20% equity next year, or the year after?

I don’t think so. Even at my best calculation of value, Real Estate prices should be at 2001 or 2002 pricing. 2004 and 2005 are when things began to go side ways.

So this post is if these are cheap houses. No way.

http://www.economist.com/businessfinance/displayStory.cfm?story_id=14034857

Seems relevant to this discussion of Seattle’s lowest-price houses.

No. I have done two project like that.
Never again because it never ends.

If DHS found out, I think I would risk losing him. Of course, we were probably safer there than where we had come from…

I actually really liked the 2 houses a couple doors south and the one around the corner even more. Big old house. Huge yards. River views. If I was 6′10 300 lbs, single, and heavily armed, I’d consider them.

It’s only 2000 feet from the King County international airport. That can’t be enjoyable

Houses sold, south Whidbey, on an acre or more, in the last three months. (Totals are cumulative, for example, >$300K includes all houses above that number.)

* 46 (100%) all price ranges
* 19 (41%) > $300K
* 9 (20%) > $400K
* 5 (10%) > $500K
* 1 (2%) > $600K
* Nothing over $700K

Current listings, same criteria.

* 107 (100%) all price ranges
* 95 (88%) > $300K
* 76 (71%) > $400K
* 60 (56%) > $500K
* 45 (42%) > $600K
* 40 (37%) > $700K
* 26 (24%) > $800K
* 25 (23%) > $900K
* 23 (21%) > $1M
* 18 (17%) > $1.25M
* 11 (10%) > $1.5M
* 8 (7%) > $1.75M
* 5 (5%) > $2M

Something seems just a bit out of whack, there…

HI DAVID

Would you buy it, knowing it was empty for years in Seattle’s damp winters with no electricity and the same sheet rock?

Remodels, or price for remodeling, is meant to enhance salability. There can be in some cases a return on that investment.

THE $110K HUD HOME WAS JUST COMPLETELY REMODELED ACROSS THE STREET FROM ME

They poured money into the “money pit”. I don’t know what happenned exactly [like was it sold or was it a bank remodel], bottom line: they replaced 1/2 the panels on the exterior, completely repainted it, put new rugs, floors, counter tops, plumbing fixtures, etc, etc…..[this would cost you and I at least approx $100K to swing with a contractor] and I asked the contractor a “key question” about the house:

“It was empty with no electricity for 2 years, is the sheet rock mildewed and needs replacement?”

The contractor went into denial….yet, who ever rebuilt the house isn’t moving in, they’re trying to get rid of it while the summer keeps the mildew stink more tolerable? I’m wondering if it was rat infested too.

If this is a bank job, I imagine it cost more to tear it down than a quick inadequate remodel and they’re trying to reduce their losses. I’m just guessing, but my gut feel is usually right. They put a used refrigerator in it, indicating the materials they used were “dirt cheap”.

And the family once told that agent that English major was useless!!!

I don’t know that I’d want to buy a house that oozes anything.

Earn sweat equity in this fixer-upper, Awaits your vision & creativity.

As much as I appreciate this post it looks like these properties are over priced.

Even if the Real Estate market goes back to normal it would not be the end of the economy. As your construction job contraction post showed it is possible to carve out a section of the economy and have things move forward.

It appears there is still a lot of correction to do in the market.