Equity Stompin' Comp Killers

[Niuska]

[perfectfire]

[kgcore]

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.

[Markor]

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:

[ira s]

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.

[Markor]

Yeah, I thought that discrepancy was odd too.

[AME]

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.

[biliruben]

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.

[jillayne]

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.

[tomtom]

[deejayoh]

Here's an interesting one:


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.

[unearthly]

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.

[AME]

Here's one.

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

[The Tim]

[biliruben]

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.