Cheapest Homes: November 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
9211 39th Ave S $125,000 2 1 990 4,000 sqft Beacon Hill $126 -
3713 S Burns St $139,900 2 1 770 7,425 sqft Beacon Hill $182 bank owned
4504 S Holly St $144,900 5 2 1,540 5,842 sqft Rainier Valley $94 bank owned

Two of the homes from last month are now pending, while the third carried over to this month, taking the cheapest spot.

Stats snapshot for Seattle Single-Family Homes Under $200,000 (excluding short sales)
Total on market: 32
Average number of beds: 2.5
Average number of baths: 1.3
Average square footage: 1,159
Average days on market: 101

Inventory dipped from last month, but both beds and baths increased, as did days on market.

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
1721 NE 135th St $115,000 3 1 1,040 8,932 sqft Lake City $111 10/11/2012
4611 13th Ave S $120,000 2 1 560 4,000 sqft Beacon Hill $214 10/12/2012
10246 Renton Ave S $120,000 3 1 1,040 6,213 sqft Rainier Valley $115 10/16/2012
  

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.

6 comments:

  1. 1
    ChrisM says:

    9211: two listing photos.Squatters, or sheer laziness?

    Interesting that the other two didn’t get picked up at auction.

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  2. 2
    softwarengineer says:

    RE: ChrisM @ 1

    Minimum Bid

    Most auctioned item that don’t get the minimum bid; get pulled off auctions.

    Tim’s list is a good reference history though if you bid at auctions; you as an auction buyer may not think the price is worth it….but the seller disagrees with you.

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  3. 3
    ChrisM says:

    RE: softwarengineer @ 2 – That’s my point. The bank is listing them for more than they went at auction.

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  4. 4
    softwarengineer says:

    RE: ChrisM @ 3

    LOL ChrisM

    Same thing happenned to the house next door, it started out two years ago as $99K HUD Home, no one wanted it for a year [evidently the bank wanted too much]….so the bankster remodeling crew was called in to gut the place; new oak floors, rugs, exterior panels, etc, etc….the price went up to $139K, it sold after another year of remodeling and staging.

    That was 2010-2011, now the King County assessments came in for my SE King County land/property at 38% below 2011 for 2012…..that means the place likely assesses somewhere in the mid 80s now. Who said the underwater deals were just 2007 bubble peaks…..the fun goes on and on….and yes, the banks don’t want to sell too cheap.

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  5. 5
    Jonness says:

    Dump #3 looks like a flip waiting to happen.

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  6. 6
    softwarengineer says:

    RE: Jonness @ 5

    Have You Visited It and Peered Inside?

    Albeit, I agree that even seeing an immaculant interior [or tore down dump] for inspection has no effect on its assessed value….the property assesssor performs audits from the exterior only.

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