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Seattle Bubble Forum Archive • View topic - Equity Stompin' Comp Killers

Equity Stompin' Comp Killers

Anything and everything relating to Seattle-area real estate.

Moderators: synthetik, The Tim, Lake Hills Renter

Re: Equity Stompin' Comp Killers

Postby rose-colored-coolaid » Fri Aug 15, 2008 11:40 am

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Re: Equity Stompin' Comp Killers

Postby perfectfire » Fri Aug 15, 2008 2:41 pm

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
Remember, if you rent it's not a home, it's a hovel.
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Re: Equity Stompin' Comp Killers

Postby cheapseats » Sat Aug 16, 2008 9:07 am

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...
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Re: Equity Stompin' Comp Killers

Postby tomtom » Wed Aug 27, 2008 7:50 am

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.
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Re: Equity Stompin' Comp Killers

Postby biliruben » Wed Aug 27, 2008 8:00 am

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.
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Re: Equity Stompin' Comp Killers

Postby Robroy » Wed Aug 27, 2008 11:50 am

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Re: Equity Stompin' Comp Killers

Postby Niuska » Wed Aug 27, 2008 12:33 pm

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Re: Equity Stompin' Comp Killers

Postby Niuska » Wed Aug 27, 2008 12:41 pm

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Re: Equity Stompin' Comp Killers

Postby tomtom » Wed Aug 27, 2008 1:27 pm

Last edited by tomtom on Wed Aug 27, 2008 3:17 pm, edited 1 time in total.
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Re: Equity Stompin' Comp Killers

Postby cheapseats » Wed Aug 27, 2008 1:46 pm

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.
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Re: Equity Stompin' Comp Killers

Postby Niuska » Wed Aug 27, 2008 4:22 pm

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

That is a zillow killer.
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Re: Equity Stompin' Comp Killers

Postby perfectfire » Wed Aug 27, 2008 4:32 pm

Remember, if you rent it's not a home, it's a hovel.
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Re: Equity Stompin' Comp Killers

Postby biliruben » Sat Aug 30, 2008 6:56 am



Image

Heart of pink-pony land, 519K in 2006, asking 483 now.
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Re: Equity Stompin' Comp Killers

Postby cheapseats » Sat Aug 30, 2008 8:05 am

I am so jaded that I am starting to think some of these are looking like reasonable prices.
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Re: Equity Stompin' Comp Killers

Postby biliruben » Thu Sep 04, 2008 7:17 am

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

Image

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.
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