Audacious Flips and Renovations cont'd

[EconE]

Deejayoh...

Yeah...I understand what you're saying...but regardless...it looks like a builder that already figured out that they couldn't get it to pencil out (safely) in a declining market even at the 1.25MM purchase price so they're dumping it after getting it rezoned. Still...the seller is seemingly looking for a pretty hefty profit.

Speaking of rezoning...how much does it cost? How does one go about it? Where can you find info on stuff like that? Can I buy a lot in a SFR area and get it rezoned for a duplex? Or will the neighbors show up with pitchforks? Just curious.

[deejayoh]

I think rezoning can be tricky. Lots of insider access involved - methinks.

As far as greed, yes -I'd agree. They planned to build and then probably got cold feet based on a combination of weak market and lack of access to financing. So they're trying to get part of that "guaranteed" profit

I see places in Seattle that the builder is trying to charge for "plans and permits". Sorry, that was your plan...

[biliruben]

Land prices have 3 times the variation that house prices have.

If you can't get the loan to build it out, and right now you likely can't, the value of the land drops through the floor.

Unless you can find a knife catching "investor" who has never seen a down market before, and is looking for a "bargain".

[WestSideBilly]

How much is a view worth?

http://www.redfin.com/WA/Seattle/2714-3 ... ome/328441

[Alan]

I haven't seen this attempted in quite a while:

12 151st Pl SE
Bellevue, WA 98007
http://www.redfin.com/WA/Bellevue/12-15 ... ome/426774

* Sold Oct 29, 2008 $350,000
* Less than a month of renovation.
* Listed Nov 22, 2008 $449,950

[Civil Servant]

Here is another one-month renovation. Sold in August for $379K, listed in September for $575K, now at $525K.

http://www.redfin.com/WA/Seattle/7471-C ... ome/306177

[WestSideBilly]

[Alan]

[cheapseats]

OK I need some help with this one?

http://www.redfin.com/WA/Seattle/1119-L ... me/2093054

Jan 23, 2009 Listed $414,900 -- Oodle #1187884571
Jan 23, 2009 Listed * -- Inactive Oodle #2
Jan 21, 2009 Off Redfin * -- Inactive NWMLS #1
Oct 13, 2008 Price Changed * -- Inactive NWMLS #1
Sep 26, 2008 Price Changed * -- Inactive NWMLS #1
Sep 07, 2008 Listed * -- Inactive NWMLS #1
May 15, 2006 Sold $1,250,000 -- Public Records

[EconE]

Cheapseats...it's a 4-plex converted to individual condos.

[kfhoz]

I can't even figure out what is happening here. Bank sale on July 2008? But King County records list an individual as the owner. Why would anyone bother to list at $699, when it sold in 2007 for $550k? .

http://www.redfin.com/WA/Renton/712-Lin ... ome/230046
Price: $699,000

Date Event Price Appreciation Source
Jan 18, 2009 Relisted -- -- Oodle #1100661653
Nov 14, 2008 Listed $699,000 -- Oodle #1100661653
Jul 01, 2008 Sold $593,250 14.3%/yr Public Records
Jun 09, 2008 Off Redfin * -- Inactive NWMLS #6
Jun 03, 2008 Relisted * -- Inactive NWMLS #6
May 28, 2008 Off Redfin * -- Inactive NWMLS #6
May 08, 2008 Price Changed * -- Inactive NWMLS #6
Feb 04, 2008 Listed * -- Inactive NWMLS #6
Dec 17, 2007 Listed * -- Inactive NWMLS #5
Dec 07, 2007 Sold $550,000 >1,000%/yr Public Records
Oct 02, 2007 Sold $159,874 -34.9%/yr Public Records
Sep 22, 2004 Sold $585,950 -33.4%/yr Public Records

One down the street just got lowered yesterday from $650 to $499 after 451 cumulative days on the market.

[deejayoh]

[The Tim]

[Lake Hills Renter]

http://www.redfin.com/WA/Woodinville/17 ... ome/448105



May 07, 2003 Sold $2,800,000
Aug 03, 2007 Listed $5,900,000

[Lake Hills Renter]

http://www.redfin.com/WA/Woodinville/79 ... me/2591140



Feb 04, 2009 Price Changed $1,470,000
Aug 04, 2008 Listed $1,595,000
Apr 20, 2004 Sold $875,000