Equity Stompin' Comp Killers

[cheapseats]

Weird my first two clicks on new redfin listings today:

http://www.redfin.com/WA/Seattle/535-NE ... ome/108385
Asking $350K -- Zillow avg -- $452K

http://www.redfin.com/WA/Seattle/3027-4 ... ome/330882
Asking $434K -- Eppraisal avg --$545K (no zillow data)

I have been away for a couple weeks, just seemed odd.

[rose-colored-coolaid]

cheapseats, that looks a lot like what I've been seeing.

You can only assume that if any of those homes were actually selling, that the zestimates would start coming down. Which suggests to me just how slow the market really is.

[biliruben]

That Greenlake house dropped to 695K, then went off the market; probably because it went to the courthouse steps.

Not sure if there's a way to find out if it sold, or whether we will see at as REO in a month or 3.

[cheapseats]

Yea I am curious about that one as well.

[biliruben]

The wave is movin' closer to town:



425K last year. 399K list this year.

[Alan]

http://www.redfin.com/WA/Woodinville/17 ... ome/269810

17705 NE 156th St
Woodinville, WA 98072

Sales History:
Sep 28, 2001 $229,000
Nov 28, 2006 $480,000
Apr 23, 2008 $392,501

20% drop from peak.

Still a 70% increase from 2001 comes out to around 8.5% annual return.

[biliruben]

...900K last year?

Now asking 650K as a short sale. When it went on last year I was puzzled at the high price. Smells like fraud.

[cheapseats]

Look at that zillow curve, off near $200k since March? Any thoughts on this other than they way overpaid... smells fishy but the decline is remarkable

http://www.redfin.com/WA/Seattle/710-30 ... ome/146974

May 04, 1989 $88,054 --
Oct 26, 1990 $131,000 30.8%/yr
Jul 31, 1996 $169,950 4.6%/yr
Jul 02, 2007 $950,000 17.1%/yr
Now listed at $675,000

[cheapseats]

Another interesting one looks like going to auction today starting at $174k

http://www.redfin.com/WA/Seattle/1515-2 ... e/12069864

Date Price
Jun 23, 2008 $365,000
Jul 15, 2008 $319,950

http://www.redfin.com/WA/Seattle/1515-2 ... r-21803354

[ira s]

About this one:
http://www.redfin.com/WA/Seattle/710-30 ... ome/146974

I did a little research using the MLS and county records. Bought July 2, 2007 at 950,000, then put on the market August 15, 2007 for 799,000 dollars, so this one doesn't make sense. I smell some kind of scam, where the buyer bought it for 950 but it wasn't really 950.
Also, they're blabbing in the ad about the successful artists who live in Madrona, but this is at 30th and Cherry, only sort of kind of Madrona, with more of a Central district feel. I like the CD, but it's not supposed to have 700 thousand dollar homes.

[garth]

That is a weird one Ira. The owner edited zestimate is awesome

http://www.zillow.com/myestimator/Saved ... jbin_8fetj

The $50,000 koi pond line item made me laugh out loud.

The two prevalent types of fraud seem to be the straw buyer and the inflated apprasial with cash back, a lot of flippers used the inflated apprasial with cash back as a sort of rehab loan with no rules. The mortgage guy locally that got taken in by the FBI made 700 grand in cash back off of one doubled appraisal.

[WestSideBilly]

[unearthly]

IMO the new comp killer in North Capitol Hill is . Located on one of the best blocks of 16th, between Roy & Aloha. I think the market is going into the crapper but if I wasn't moving to SF I would buy this house in a heartbeat; especially if I planned to live in it for 10 years.

Of the 72 Cap Hill houses on redfin with listed square footage, 8 are cheaper; this house is going for $268/sqft.

[deejayoh]

[unearthly]