I received the following suggestion from a reader in an email with the subject: “Column Idea: Worst Haircut?”
Here’s a fun property: 42905 SE 177th St in North Bend
Sold in August 2003 for $570,000, then sold for the insane price of $725,000 in April 2007, only to get taken back by the bank in July 2010. Now listed for $410,000.
Great idea for a post! The example he gave has fallen in value 43% (15% per year) since 2007, assuming they can get the current asking price. That’s a pretty big drop, but I’ve got a better one: 13110 Puget Sound Blvd in Edmonds
- Sold in September 2005 for $940,000
- Foreclosed in May 2010
- Sold in September 2010 for $430,000
That’s a 56.4% drop (15.3% yearly) since 2005. Yowza. And this place isn’t some dumpy Ballard shack, either. This is a decent 2,610 square foot near-waterfront home on half an acre in Edmonds.
Here’s another good one: 20612 Locust Wy in Lynnwood
- Sold in January 2008 for $1,250,000
- Sold in September 2010 for $600,000
5 acres with 2 homes and a creek. 52% haircut in under three years (23% per year). Dang.
What’s the biggest haircut you’ve seen in the Seattle area lately? Can you beat my 56% drop since 2005? Add yours to the comments and I’ll update the post with the best examples.
[Update]
Wow, a lot of good entries. Here are the biggest haircuts submitted yesterday by commenters:
Spotted by Brad999: 51602 Skyko Dr in Index
- Sold February 2007 for $150,000
- Foreclosed July 2009
- Sold August 2010 for $35,000
- 76.7% drop ($115,000) in 3.5 years
Spotted by Carol: 23016 Marine View Dr S in Des Moines
- Sold July 2007 for $670,000
- Foreclosed April 2010
- Sold August 2010 for $242,572
- 63.8% drop ($427,428) in 3 years
Spotted by Jim Lamb: 3240 S Edmunds St Unit B in Seattle
- Sold October 2007 for $438,000
- Foreclosed October 2008
- Sold February 2010 for $165,000
- 62.3% drop ($273,000) in 2 years
Spotted by Tom Dunford: 3030 228th St SE in Bothell
- Sold August 2006 for $1,400,000
- Foreclosed June 2009
- Sale Pending at $545,000
- 61.1% drop ($855,000) in 4 years
Spotted by B&W Nikes: 812 25th Ave in Seattle
- Sold August 2006 for $399,999
- Sold August 2010 for $165,000
- 58.7% drop ($234,999) in 4 years
Spotted by Blake: 5469 Lake Washington Blvd S in Seattle
- Sold October 2006 for $1,350,000
- Foreclosed November 2008
- Sold May 2009 for $597,000
- 55.8% drop ($753,000) in 2.5 years
Spotted by Brainiak: 6815 NE 204th St in Bothell
- Sold January 2007 for $365,850
- Foreclosed April 2010
- Sold September 2010 for $185,000
- 49.4% drop ($200,850) in 3.5 years
Spotted by DavidB: 2200 32nd Ave W in Magnolia
- Sold 2006 for $1,600,000
- Sold July 2010 for $850,000
- 46.8% drop ($750,000) in 4 years