Audacious Flips and Renovations cont'd

[deejayoh]

All good guesses, but the answer I was really looking for the placement of the magazines on the table.

I think they should be more toward the center.

[rose-colored-coolaid]

[cheapseats]

http://www.redfin.com/WA/Seattle/6204-2 ... ome/308242

It looks like a nice house and all, but nearly doubling the price in 6 months...

[WestSideBilly]

[perfectfire]

Maybe the realtor was posting via text message and had to stay under the character limit. Gives new meaning to the phrase "phoning it in".

[unearthly]

This is a flipper alright - no thought put into how a person would live in it. The downdraft vent next to the Kitchen Stove is worthless - so don't use it for anything other than boiling water. Two bedrooms in the basement, the master on the main level and one bedroom and an office upstairs - kind of a strange configuration. Most of these flippers are builders grade once you start looking into the quality of the cabinetry, paint, drywall, etc. It looks new so I'm sure they'll find a sucker.

[tomtom]

[Robroy]

I must confess that one got me literally laughing out loud. There is a serious paradigm shift underway, and it is about to hit a certain seller/flipper right between the eyes.

[WestSideBilly]

Wow.

[Robroy]

I used to be an agent. I don't think a lot of sellers have been told, or are willing to accept, that houses are a little like cars. That is, they must compare to the other make/models that are in the same price range. When a buyers agent is taking a client around to look at homes. They were chosen by the agent based on location, need and price considerations. If this house is actually WORTH what they are asking, fine. But I suspect that as agents show buyers around, they will compare it to the others in the price range and just laugh at this one.

My father and I had this experience in 1970 when I was looking for a car to drive to high school. A local dealership wanted $1,000 for a seven year old Nova that was repainted WITH A BRUSH and very high miles. This is 1970 dollars. I found a comparable car for $325, but my dad talked him down to $310.

Frankly, if a house is TOO high priced, agents will sometimes show it to make the others look like great deals. The carpet gets worn out for nothin'.

[Lake Hills Renter]

[tomtom]

[deejayoh]

Anyone else notice this thread has died down - signs of capitulation perhaps?

Well, not in Phinney/Ballard- some are still hitting the bong hard over there.

http://www.redfin.com/WA/Seattle/5510-3 ... ome/298699

Bought in July (a mere 3 months ago) for $560k.
On the market last week for $745k.

To earn their anticipated 33% appreciation, the sellers applied a crappy Home Depot quality remodel. From the comments: "You will like what the sellers have done to update this home. Must see". (really? do I have to like it?)

Taxable value is $585k
is $621k and falling.
They had a "make me move" of $825k this morning. Now it is listed as "for sale" at $749k. I guess buying off zillow costs more.

[tomtom]

Umm, yeah, right.

Purchased Sept 29, 2005 $309,000

Now only $409,905 !!!

This one is literally *on* 50th St., a block from I-5. Agent owned.



http://www.redfin.com/WA/Seattle/810-NE ... ome/311676

[unearthly]

Purchased for $525k in 2005, selling for $795k; builders grade lipstick and I'm being generous. Zillow's at $621k so you know it's way overpriced.




It was flipper financed with an Option ARM - He's betting on a sucker.