Equity Stompin' Comp Killers

[rose-colored-coolaid]

[perfectfire]

This is what a stripped house in Detroit looks like if anyone is wondering: http://www.zillowblog.com/the-remains-o ... e/2008/08/

I want to go on the record as saying that I think Seattle will be even worse than this. Thieves won't only strip homes bare, they will replace what they took with anti-matter thus creating negative value which will drag down the values of homes in other dimensions while curiously not affecting comparable neighborhood homes. Investors brave enough to buy these lots will attempt to un-rent them in order to generate a cash flow only to find that the amount they earn is an imaginary number.

Edit: Fixed typo

[cheapseats]

Hmm maybe they read SB, they just jacked that price up to $475K, I was going to go look at it. Now I will have to wait and see...

[tomtom]

In Bryant, even.

http://www.redfin.com/WA/Seattle/5533-3 ... ome/313015

Sold: Jun 01, 2007 $859,500
Asking price: $669,950

Plus

$5,000 buyer bonus if closed by 9/30/08. Agent is owner.

[biliruben]

That house didn't make any sense to me last year. I was looking at it, and couldn't believe they were asking that for an unineresting house on a small lot on a busy street. Imagine my shock when it sold.

The only thing I can think is fraud.

[Robroy]

[Niuska]

[Niuska]

[tomtom]

[cheapseats]

Anyone see this on he Redfin blogs?

$1 House in Detroit Took 19 Days to Sell, http://blog.redfin.com/seattle/2008/08/ ... _sell.html

Though I guess comps there are virtually irrelevant.

[Niuska]

How would you like to live a few doors down and have that $1 house as a recent comp?

That is a zillow killer.

[perfectfire]

[biliruben]

Heart of pink-pony land, 519K in 2006, asking 483 now.

[cheapseats]

I am so jaded that I am starting to think some of these are looking like reasonable prices.

[biliruben]

(no, not Ray's definition) was bought in 2005 for 712K. Sound views, a few blocks from the beach.



Sinking:
Jul 02, 2008 $769,000
Aug 13, 2008 $729,000
Sep 03, 2008 $699,000

West Seattle seems to be the in-city neighborhood with some of the most mid-to-high end that are taking it in the shorts.