Eastside Flops (www.EastSideFlops.com)

[EastSider]

Please use this thread to capture the "flops" (opposite of "audacious flips") on the Eastside. Flops are homes that are listed below their previous sale price. Seems like we are starting to some good flops. You can access this thread directly from

Here's one flop to begin with...

Newer Redmond Ridge home -- bought for $460K in June/2006 and is now listed for $425K
http://www.redfin.com/WA/Redmond/9112-2 ... ome/444759

BTW, I hadn't noticed such significant price-drops with reasonably good starter-homes in Redmond -- so far. I guess that the best is yet to come.

[EastSider]

Newer camwest home in Kirkland -- bought for $536 in June 2007 and is now listed for $488K

http://www.redfin.com/WA/Kirkland/13119 ... me/2086118

[david_mcmanus]

Not necessarily Eastside, but still a goodie:

Bought in June 2006 for 521,990.
Listed at: 474,990
On redfin: 66 days

[biliruben]

3900 sq ft lot!?!

If I'm living in The Boonies, I demand an acre, minimum. Preferably 10.

[biliruben]

The CamWest home is under 3K lot!?!

I like the name but deplore the house.

[perfectfire]

Previously found flops can be found here: .

[EastSider]

Newer Kirkland Home
Sold for $607K in 2006
Now listed for $599K (ZEstimate is $589K)

http://www.redfin.com/WA/Kirkland/13113 ... ome/453619

[hbtrina]

I want to ask do you spend most of your time surfing the Redfin website.

Why does it matter what the people are asking for their houses? They may need to sell and can't get what they paid for them.

[redmondjp]

Hbtrina,
People can spend their free time any way that they like. If you don't like this thread, feel free to ignore it.

As to whether it matters what people are asking for their houses, well, it often is the perfect illustration that the market has turned and sellers are unwilling to come to grips with this fact (and this can be highly entertaining to some people). Are you an underwater homeowner by any chance?

Even more important is what the house actually sells for (assuming that it eventually does), as that sets the comps for the neighborhood and shows what buyers think the house is worth at that time, in that condition, in that location, etc etc.

Back on-topic, the 2005 $1M McMansion down the street from me in the Grasslawn neighborhood is still on the market for $840K (bank-owned), with no takers in the past couple of months. Major flop. And you'd think that being only 1 mile from Microsoft (Redwest campus), this could never happen--D' op!

[hbtrina]

Remondjp,

I understand how a house is priced over the years I have bought and sold a few homes. You missed my point.

Yes, I am a homeowner who is not underwater.

What are you a renter? Not that it matters. Each person can express their own opinion on this site just like you.

[cheapseats]

hbtrina,

I am a renter who has been waiting to buy. That is one reason I came to this site. Since I am waiting to buy, I do frequently look at Redfin to see the trends in housing prices in neighborhoods that I like. I assume that most people on this site (minus the sellers) are in the same situation as me. When I see a seller out of touch with current reality I assume that people on this site, specifically in this forum called "flops", will laugh with me at what I assume to be someones greed.

[redmondjp]

hbtrina,

I, too, am a homeowner, but bought my house ten years ago when houses were still priced according to the historic fundamentals; my house price was about 3x the median income in my area at the time, I put over 20% down, and my monthly payment (PITI) was less than 1/3 of my gross income.

Fast-forward to today. Median home price is now TEN TIMES the median income for this area. And Microsoft stopped minting millionaires several years ago.

Hence this thread.

[EastSider]

Issaquah area home
Purchased for $925K in July/2007
Currently listed for $899K (ZEstimate is $891K)
http://www.redfin.com/WA/Issaquah/19310 ... ome/418684

[EastSider]

Newer redmond home
Purchased for $650K in Feb/2006
Currently listed for $665k
ZEstimate is $705k
http://www.redfin.com/WA/Redmond/9912-1 ... me/2084270

[faster]

http://www.redfin.com/WA/Bellevue/172-1 ... ome/507179

172 131st Ave NE Bellevue, WA 98005
Last sold May 23, 2006: $1,160,000

Currently listed at: $849,450