Seattle Bubble Forum Archive

by **Alan** » Sun Jun 24, 2007 6:05 pm

Most of the properties in my price range are manufactured homes. I wish I could exclude them from my searches along with townhomes.

by **sourmash** » Thu Jun 28, 2007 1:57 pm

I have a passing interest in this one:

http://www.zillow.com/HomeDetails.htm?zprop=48682153

This flipper bought this property from me for $420K May 4. (I now rent.)

He's now asking $525K (FSBO) with no comps north of $470K in the area. Most sales are under $400K, in fact, but this property is bigger than most.

One thing I noticed is that the cabinets in the "remodeled" kitchen are the same as the ones I sold him. Just a refacing job. Looks like he didn't even touch the old formica countertops.

Good on him if he can get away with it.

by **phinneygirl** » Thu Jun 28, 2007 2:33 pm

Sourmash -

Yeah, I think you're right, buddy is going to have a hard time selling a property that far north for over $500k. Unless someone is really looking for a large lot, anyone with that kind of cash to spend on a house is going to probably go for something in one of the "hotter" neighborhoods of north Seattle (Greenlake, Maple Leaf, Ravenna, Wallingford, Wedgwood...) It's not an ugly house, but way too much money for that area of town.

by **deejayoh** » Thu Jun 28, 2007 4:07 pm

Wow - Here's a flip for you. Bought 04/07 for $510k. On the market yesterday for $775k.

It looks like a lot of remodeling was done, but no change in the footprint of the house (believe me, if you have roman brick house, you are not going to be matching it, not made any more)

$265k uplift in 2 months? I think that qualifies as "audacious"

http://redfin.com/stingray/do/printable ... -id=869374

by **rentalbliss** » Sat Jun 30, 2007 8:14 am

They are seriously under cutting the neighborhood, must be serious distress on this one purchased exactly a year ago. The house across the street with same floor plan and size just sold for I think $430k range, after hefty reductions of course.

http://redfin.com/stingray/do/printable ... -id=800181

by **deejayoh** » Sat Jun 30, 2007 7:38 pm

by **biliruben** » Tue Jul 10, 2007 4:46 am

Here's one that's beyond audacious. This is a great advertisement for Ardell and her ilk. This is FSBO, and it is clear Carl could definitely use a Realtor reality-check.

Sure it's got nice views, but when you have what is essentially an expressway in your back yard, generally your house isn't worth a million dollars, no matter how much you

The original facts and the edited facts both have finished basements, there is not mention of a 2nd story edition, but it somehow turned from a 1 story with daylight basement, 1550 sq ft house, into a 2 story, 3100 sq ft house.

Do these morons think someone will just buy a million dollar house over the internet, without, you know, going inside and realizing the sellers are so full of shit their eyes are brown?

by **femto** » Sun Jul 22, 2007 10:28 am

by **faster** » Sun Jul 22, 2007 3:31 pm

by **femto** » Mon Jul 23, 2007 10:01 am

Yes, about $2,000 - $3,000:

http://www.builderplans.com/ecommerce/p ... chase+Plan

Maybe a little more if it's customized to size of lot/grade/etc.

But those plans only have use if their "dream home" was also your dream home, which seems unlikely.

by **redmondjp** » Wed Jul 25, 2007 11:47 am

Here's another Seattle-area RE flipper blog that I came across which goes right along the lines of this thread:

by **biliruben** » Wed Jul 25, 2007 11:56 am

Sweet! This dude's been posting since April!?! How did we all miss him?

More curiously, how did he miss us? You think he would have popped in and posted a link.

by **The Tim** » Wed Jul 25, 2007 11:59 am

Nice find, JP. I'll definitely be adding that one to the sidebar.

by **redmondjp** » Wed Jul 25, 2007 12:28 pm

Thanks, Tim! I found this person's site in the comments on this seattle PI article (which, appropriately enough, features another fix-n-flip):

by **mike2** » Thu Jul 26, 2007 1:34 pm

This flip was owned by the same guy that took a $72K loss on another house near northgate.

1509 23rd Ave S
Seattle, WA 98144

Previous sale price: $470K
Contingent at: $413K

http://www.redfin.com/stingray/do/print ... -id=743889

I checked the parcel #'s and there are 2 at 1509 (A & B), both of which sold last summer for $470K.

Their neighbor at 1517 (same builder) didn't do so hot either...

Sale Date 5/8/2006 Sale Price $454,000
Sale Date 6/16/2006 Sale Price $465,000
Sale Date 5/18/2007 Sale Price $392,000

Just checked the 1517 property, and that was also bought by a flipperon 6/16/2006. She got foreclosed on 2 of the 3 homes she purchased last summer.

Nope, no speculators in Seattle.

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