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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 Niuska » Sat Sep 06, 2008 5:19 pm

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Re: Equity Stompin' Comp Killers

Postby perfectfire » Wed Sep 10, 2008 9:44 pm

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

Postby kgcore » Sun Sep 14, 2008 5:14 pm

Check this out:



Sold for $719,000 June 2007. It's been on the market for 175 days now marked down to $649,000... Ouch... Almost every house on the market in Maple Leaf that's been listed for more than 30 days have had their prices reduced significantly...I thought North Seattle prices were never going to go down.
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Re: Equity Stompin' Comp Killers

Postby Markor » Sun Sep 14, 2008 9:48 pm

I don't know how much of a comp killer this is, but it's an interesting (and short) thread about a reduced-priced house near the Arboretum:

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Re: Equity Stompin' Comp Killers

Postby ira s » Sun Sep 14, 2008 9:58 pm

Markor,
I saw that thread so had to look up the property on the MLS, and the listing is called "cancelled", so it's pretty confusing. One person claims to have spoken to the listing agent and was told it's being pulled off the market and fixed up, and other person claims to be one of the team of realtors and it's still on the market for a much reduced price. Somebody is either misinformed or lying. Hard to fathom a realtor doing that.
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Re: Equity Stompin' Comp Killers

Postby Markor » Sun Sep 14, 2008 10:03 pm

Yeah, I thought that discrepancy was odd too.
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Re: Equity Stompin' Comp Killers

Postby AME » Fri Sep 19, 2008 2:40 pm

This can't be good. Sold Feb. 14, 2007 for $699,950. Went on the market today for $450k. That about 35.7% off of purchase price from last year. On a side note, if you buy this house you can live right around the corner from Deja Vu.



Image
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Re: Equity Stompin' Comp Killers

Postby biliruben » Fri Sep 19, 2008 9:22 pm

Look, Ma! No walls!

I've actually noticed several in-city houses in the last week listed below their last sale price that actually have walls. I'll see if I can remember where they are.

Slip slidin' away.
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Re: Equity Stompin' Comp Killers

Postby jillayne » Sat Sep 20, 2008 1:14 pm

Would be interesting to know if these are REOs or pre-foreclosures. Either way, more listings like this are going to bring down the sales prices.
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Re: Equity Stompin' Comp Killers

Postby tomtom » Mon Sep 29, 2008 8:41 am

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Re: Equity Stompin' Comp Killers

Postby deejayoh » Mon Sep 29, 2008 8:46 am

Here's an interesting one:

Image
http://www.redfin.com/WA/Seattle/8403-S ... ome/199188
Purchased: 06/29/07 for $475k
Listed: 09/28/08 for $349k

26% haircut in a year.

Interestingly, also listed as a bank owned foreclosure
http://www.redfin.com/WA/Seattle/8403-S ... ed-2788007

Repo amount was $427.5k - so the owner ostensibly has $50k of equity - must have been 10% down, so not likely it was fraud.
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Re: Equity Stompin' Comp Killers

Postby unearthly » Wed Oct 01, 2008 9:19 am

An addendum to from a prior post...

was listed at $875k and sold for just over $1M with 7-8 bids involved. IMO the house needed some serious rework but at a $1M someone was willing to keep the bubble alive.
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Re: Equity Stompin' Comp Killers

Postby AME » Mon Oct 06, 2008 6:51 pm

Here's one.

19219 40th Pl NE Lake Forest Park, WA 98155
Listing price: $439,950
Last Sale: $521,654 (04/24/2008)

Image
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Re: Equity Stompin' Comp Killers

Postby The Tim » Mon Oct 06, 2008 8:08 pm

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Re: Equity Stompin' Comp Killers

Postby biliruben » Wed Oct 08, 2008 5:26 am

Yeah, it looks like Lake Forest Park is taking a beating. It seems like the only house that has sold up there for more than half a million is the one we wanted, and had watched for a year, only to sell a couple days before we got our offer in.

Here's a big haircut on Phinney Ridge:



Sold for 1.1 Million last year. Listed for 949K now.
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