Cheapest Homes: September 2012 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
8826 24th Ave SW $85,000 3 1 860 7,440 sqft Delridge $99 -
7702 8th Ave SW $95,000 2 1 1,280 13,448 sqft Delridge $74 bank owned
9211 39th Ave S $125,000 2 1 990 4,000 sqft Beacon Hill $126 -

Two of the homes from last month are still on the market, but at $140k are no longer the cheapest. The third home from last month is now pending.

Stats snapshot for Seattle Single-Family Homes Under $200,000 (excluding short sales)
Total on market: 37
Average number of beds: 2.5
Average number of baths: 1.3
Average square footage: 1,328
Average days on market: 87

Another increase in inventory, which is odd since overall inventory (all price brackets combined) is still on the decline.

Here are a couple of charts to give you a visual of the trend of these numbers since I adjusted the methodology in April 2010:

Seattle's Cheapest Homes: Stat Trends
Seattle's Cheapest Homes: Stat Trends

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
2116 S Bayview St $97,000 2 1 960 6,000 sqft Beacon Hill $101 08/23/2012
9632 54th Ave S $116,000 2 1 780 6,000 sqft Rainier Beach $149 08/28/2012
1240 S Cloverdale St $120,000 3 2.5 1,360 3,000 sqft South Park $88 08/31/2012

The listing photo on that last one is… something.

  

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.

7 comments:

  1. 1

    Cheap Home Inventory On the Rise in the Seattle Area

    This anomaly doesn’t surprise me at all. Same thing is happenning with used cars in this Repression. People aren’t buying new cars [new houses] so the low inventory of used ones snap up insanely high prices.

    Yet, the inventory of auction dealer stock is rising and for “cheap prices” too…..believe me, I’ve been at auto auctions and the buyers bidding against me were miniscule. Its probably a haughty “Seattle Latte Thing”…..God forbid we buy on the cheap [after all, its all just junk anyway]. Keep it up, it brings my prices down [BTW, my auction purchases have been wonderful “cheap” clean rigs that last forever].

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  2. 2
    Scotsman says:

    First one looks good- I’d live there. Gotta love a home where you can just write a check for it. People are too picky and place too much importance on stuff that really doesn’t matter. Buy one of the first two on a 3% FHA and have your own place. Fix it up the way you want it. Maybe you’ll get lucky and its’ value will go up in a recovering economy. If not, just walk away when it all goes to he!!.

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  3. 3
    ChrisM says:

    Huh? Public remarks say — “All 3 propeties must sell together.” for 8826. Is that allowed?

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  4. 4
    ChrisM says:

    Also, 7702 is “cash only” – seems like that should be excluded since you’re skipping fixers. Or is this a case where the seller is confident of easily getting a buyer & not wanting the financing delays?

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  5. 5

    By ChrisM @ 3:

    Huh? Public remarks say — “All 3 propeties must sell together.” for 8826. Is that allowed?

    I don’t know why it wouldn’t be. If you want to sell three properties you could make that be one transaction if you wanted.

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  6. 6
    ChrisM says:

    RE: Kary L. Krismer @ 5 – I guess my issue is, as a buyer, if I see a property on the MLS, I expect it to be available for purchase, and to be accurately described.

    In fairness, I can see the problem – I expect the MLS doesn’t have the ability to “bundle” properties. But this (to my amateur opinion) seems like a deceptive listing – that really isn’t a 3BR1BA for 85, instead more like a triplex – (guessing here – 9-3 for 300k).

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  7. 7
    ARDELL says:

    RE: ChrisM @ 6

    If all three houses were on one lot that wasn’t subdivided, that would be the case. These each have their own separate lot and tax ID number, so the bundling is not a legal classification and merely a seller preference.

    That means each person can in fact buy only one, as long as they close at the same time and the buyer of the first one doesn’t mind waiting for the other two to have buyers come forward.

    Three different people can buy them…on the same day…so that the seller can still complete his 1031 exchange to a new purchase based on the sale of all three.

    It doesn’t say all three have to be sold to the same buyer…only that all three have to sell (to one or more buyers) at the same time.

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