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.

10 responses to “Cheapest Homes: November Edition”

  1. Cheap South

    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. softwarengineer

    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. Andre

    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. Scotsman

    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. David Losh

    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. wreckingbull

    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. Drone

    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. David Losh

    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. Low Ball Jones
  10. TheHulk

    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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