Equity Stompin' Comp Killers

[Markor]

[pumpkin]

[deejayoh]

I'm not shocked at all by that one. it's amazing what a contractor can do with $100k. And they'd likely turn it back into a duplex and rent it. Get in for less than $500k and renting both units for $3000-3500 a month in total - a no brainer.

taking a 2500 sqft lot in Seattle zoned L2 and turning it into a SFH is pretty stupid, IMO

[perfectfire]

C-C-C-Comp Killer!


Last sold:
Apr 17, 2007 $699,950

Now asking:
$524,950

So, a 25% drop since spring 2007, which was very near the peak.

[perfectfire]

I'm on a roll! This 8 bedroom house would've been perfect for my wife's family (she has six brothers).

Last Sale:
Oct 27, 2006 $859,950

Bank owned, now asking:
$619,950

Almost a 28% drop since Fall 2006, which was a full 9 months before the peak! Unsold in 114 days. How low will they go?

Edit: Forgot to include the address and link.

[WestSideBilly]

[biliruben]

900K in June.

Listed as a short-sale for 650K. Has this got to be fraud?

[WestSideBilly]

[mike2]

Here's an example of how serial refinancers can take down values even in "good" neighborhoods. The Deed of Trust he defaulted on was for $464K. The house is now on the market for $421K. Given how high above market value banks were willing to appraise homes for last year, we're going to see more people defaulting just because they can no longer refinance at a higher value.

7032 22nd Ave NW
Seattle, WA 98117


4/14/2004 DEED OF TRUST
9/28/2004 DEED OF TRUST
6/22/2005 DEED OF TRUST
10/13/2005 DEED OF TRUST
6/27/2006 DEED OF TRUST
6/27/2006 DEED OF TRUST
2/28/2007 DEED OF TRUST
9/7/2007 NOTICE OF TRUSTEE SALE


http://www.redfin.com/stingray/do/print ... id=1591605

EDIT: Pending at $405K

[WestSideBilly]

[mike2]

[WestSideBilly]

OK. Thanks Mike.

[mike2]

We weren't seeing much of this last year in Loyal Heights. Asking price is more than 10% below 2004 sale price. Reminds me of my own neighborhood over here in Fairfax County.

3047 NW 69th ST
Seattle, WA 98117


http://www.redfin.com/stingray/do/print ... id=1578927

Sales History
Date Price Appreciation
Sep 21, 2004 $445,000 --
Dec 01, 2004 $445,000 0.0%/yr
Mar 30, 2007 $523,000 7.2%/yr

Listing Price History
Date Price
Mar 21, 2008 $500,000
Apr 03, 2008 $450,000
Apr 17, 2008 $400,000

[perfectfire]

[biliruben]

The house in the first post, listed at $499K went for $410K in March.