Remember the Avondale Albatross? Last gracing these pages a year ago, the storied spec home (something of a Seattle Bubble mascot) was first noticed on these pages way back in June 2006 when it was priced at $1,625,000.
Here’s the history of this 4,900 sq. ft. spec home on 3 acres a bit north of Redmond:
- 2006-06: Originally spotted here, priced at $1,625,000
- 2006-08: Price drop to $1,495,000
- 2006-10: Price drop to $1,275,000
- 2006-11: New brokerage, still asking $1,275,000
- 2007-02: After 9 months on the market, finally sold for $1,275,000
- 2007-12: Time to flip! Listed by buyer for $1,650,000
- 2008-03: Price drop to $1,590,000
- 2008-04: Price drop to $1,550,000
- 2008-05: Price drop to $1,490,000
- 2008-06: Price drop to $1,450,000
- 2008-08: Taken off-market unsold
- 2009-04: Re-listed at $1,500,000
- 2009-06: Price drop to $1,200,000
- 2009-06: Price drop to $1,000,000
- 2009-07: Taken off-market unsold
- 2010-10: Sold back to bank at foreclosure auction for $711,535
- 2011-11: Back on the market at $782,100
- 2011-12: Price drop to $742,995
The current asking price represents a 39% drop from the February 2007 sale price, and it’s apparently been sitting on the market for a month now with no interest. Of course, I’m sure this isn’t helping:
Occupied by tenant. No access at this time – make offer subject to viewing interior. … Sold as-is, no warr of any kind.
Seriously, who’s going to make an offer sight-unseen on a three-quarter-million-dollar house?
This show just keeps getting better.
[Update 12/28: Another price drop, down to $743k. Now down to 42% off the 2007 sale price (and 54% off the original “Ridiculous” June 2006 asking price of $1,625,000).]