Cheapest Homes: November Edition

Let’s check in again on the cheapest homes around Seattle proper. Here’s our methodology: I search the listings for the cheapest homes currently on the market, excluding short sales, in the city of Seattle proper. Any properties that are in obvious states of extreme disrepair based on listing photos and descriptions will be excluded. This includes any listing that uses the phrases “fixer,” “rehab loan,” or “value in land.” I post the top (bottom) three, along with some overall stats on the low end of the market.

Please note: These posts should not be construed to be an advertisement or endorsement of any specific home for sale. We are merely taking a brief snapshot of the market at a given time. Also, just because a home makes it onto the “cheapest” list, that does not indicate that it is a good value.

Here are this month’s three cheapest single-family homes in the city limits of Seattle (according to Redfin):

Address Price Beds Baths SqFt Lot Size Neighborhood $ / SqFt Notes
8816 12th Ave S $130,000 2 1.5 940 4,500 sqft South Park $138 bank owned
749 S Rose St $139,900 3 2 1,000 6,000 sqft South Park $140 bank owned
11762 Beacon Ave S $139,900 3 1.5 1,500 4,500 sqft Rainier Valley $93 bank owned

Stats snapshot for Seattle Single-Family Homes Under $200,000 (excluding short sales)
Total on market: 96
Average number of beds: 2.5
Average number of baths: 1.3
Average square footage: 1,104
Average days on market: 85

It’s interesting to note that despite declining inventory, the number of homes below the $200,000 mark has increased 22% since we last checked in three months ago. Meanwhile, the square footage, number of beds, and number of baths are all increasing.

Here are cheapest homes in Seattle that actually sold in the last month, regardless of condition (since most off-market homes don’t have much info available on their condition).

Address Price Beds Baths SqFt Lot Size Neighborhood $ / SqFt Sold On
5970 26 Ave SW $107,500 1 1 540 7,388 sqft Delridge $199 10/18/2010
5510 15th Ave S $110,000 2 1 700 3,240 sqft Greater Duwamish $171 10/15/2010
750 N 91st St $118,000 2 1 1,000 6,497 sqft Greenwood $118 10/06/2010
  

About 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.

10 comments:

  1. 1
    Cheap South says:

    I was looking at the listing at 11762 Beacon Ave S, and the “perfect for first time buyer” line made me realize there are agents that still don’t get that a large percentage of the country is foreclosed and people have moved in family. Most would be very happy in those 1500sqft.

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  2. 2

    LOL Tim

    A 500 SF home? I don’t think there’d be enought room for just a kitchen table with chairs and a bed. Except for the 1500 SF one [and it’s probably more like 1100 SF, eliminating loss space from the stairs], even the old fashion liberal in me says, “way too small”.

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  3. 3
    Andre says:

    Always interesting data!
    Some of these bank owned houses are sold cash-only, because they are not financable (due to serious problems with the house/property). In that case, the property is deeply discounted. Listing photos and descriptions don’t always tell. The cash-only clause is not always disclosed until you call the agent. Just my experience…

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  4. 4
    Scotsman says:

    Here’s 1,000+ square feet with no property tax and a view, plus you can move it around- 61′ Stephens, $59K, ready to go:

    http://newimages.yachtworld.com/2/2/4/4/4/2244402_1.jpg?1280699686000

    Time to think outside the box. Plus, I’m sorry, but you can get yourself killed in some of those neighborhoods.

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  5. 5
    David Losh says:

    RE: Scotsman @ 4

    I lived on a boat for a week. It was a 105′ schooner, and we could have stayed, but a week will change your thinking. It’s damp, all the time.

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  6. 6
    wreckingbull says:

    RE: Scotsman @ 4 – As a fellow boater, I must say that after a few trips to West Marine or Fisheries Supply, you will still feel quite ‘taxed’. Nice boat though. Plenty of wood Grand Banks which can be had for under 40K, assuming you don’t mind turning a little wrench and sanding some paint.

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  7. 7
    Drone says:

    RE: David Losh @ 5
    I have some friends that lived on a boat for several years next to Gasworks. It is great in the summertime, but winter is the pits… even our mild rain comes with wind, and having your entire house be freezing cold while rocking violently back and forth all night is no fun. They gave up their waterfront view for a cheap apartment in north Greenwood, and they’ve never been happier.

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  8. 8
    David Losh says:

    RE: Andre @ 3

    I’m almost afraid to say, and you would need an attorney, but we used to make offers with an addendum that said: “Buyer will perform any, and all, work orders to make the house bank financable.” We of course we crawled all over the property, had a game plan, and did the work to our specifications.

    Here’s my reasoning. The work needed to be done anyway. We could do the main work before closing, and finish after closing. Banks are reluctant, but most will turn a blind eye, or they would. Today, I don’t know how that would play out.

    There is a lot of risk, on both sides, to this. You need to get competent advice before amending any standard contract, but this is a real can of worms.

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  9. 9
  10. 10
    TheHulk says:

    I think the basis of the “Cheapest homes” post is undercut by the cheapest houses that are actually on the market. I think we the main point of this post is to see how a very specific section of the market is responding to the fall in housing prices. To be more precise it is one single data point (or 3) among the whole gamut. With this being the lowest data point, it is heavily skewed towards extreme short sales on houses that it seems no one wants.

    My theory is it would be better to track the “median” house in a certain area (say the Seattle Metro Area). This would approximately do the same thing that Case Schiller does (except CS does this only for repeat sales). I think we would be able to see trends like price/sq ft (going down), house age (later construction at better prices etc.).

    Of course, I dont think have historic data for the above where we could pull the “median” home for the past two years and see what transpired.

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