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Seattle Bubble Forums - View topic - Audacious Flips and Renovations

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News & discussion about real estate & the housing bubble in the Seattle area.

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 Audacious Flips and Renovations 
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Bubble Banter Boss

Joined: Sun Feb 18, 2007 4:31 pm
Posts: 575
Location: Lake City
Post Audacious Flips and Renovations
Share the houses you run across where your jaw just drops, and you think "They are asking that for THAT?", and his audacity generates such ill-will at the flipper, that it almost involuntarily wells up in you and you hope he takes a bath.

I'll start:
This one has been mentioned before, but I thought I'd repost, because he just dropped his price, albeit not nearly enough for my satisfaction.

Image

Price history:
It was purchased in December for $625K
Went on the market again in January for $840K
Price Dropped on March 2nd to $795.

I wish we still had access to the Deeds so that we could get a handle on his carrying costs. I don't like to feel that way, but I hope he takes a bath. I'd love to live on that lot, but not in that house and certainly not at that price.

Share your anger!


Thu Mar 08, 2007 11:45 am
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Bubble Bloviator

Joined: Thu Mar 08, 2007 3:29 pm
Posts: 276
Post Who says you can't get something for under 100k in Seattle?
wow....I finally figured out how to post in the forums here. I'm pretty much computer illiterate.

But anyhow...nice choice Biliruben.

If you want to see what I consider...in my opinion...to be the nuttiest thing on the market today...just look up this one...

2508 S King St A
Seattle 98144
Active
MLS# 27036614


Thu Mar 08, 2007 3:38 pm
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Bubble Watcher

Joined: Tue Feb 20, 2007 11:12 am
Posts: 12
Post Yes!
EconE: I saw that one, too. Good grief! Why would anyone pay anything for that? I suppose if I were the errant owner of the other half I'd consider it, but anyone else would be mad. Sink a couple hundred thousand into it, and you've still got a rotting shed hanging off the side.


Thu Mar 08, 2007 3:51 pm
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Bubble Banter Boss

Joined: Sun Feb 18, 2007 4:31 pm
Posts: 575
Location: Lake City
Post 
Geez! There has to be a story regarding that house. How is that a condo in any way, shape or form?

Here is the assessor records.

Owned by Sterling commons. How can they not know about the other unit? Bizarro...

...ah. It was foreclosed upon this summer, and went up for auction this summer.

I don't know if the bank is still trying to sell it or not.


Thu Mar 08, 2007 4:36 pm
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Bubble Bloviator

Joined: Thu Mar 08, 2007 3:29 pm
Posts: 276
Post 
Biliruben...

Looks like the assessor was pretty generous on that one with the fair to average ratings.

If this thing ever goes STI I may have to fly up to Seattle just so I can go by the property and see what kind of person actually falls for a "deal" like this.


Thu Mar 08, 2007 4:57 pm
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Bubble Banter Boss

Joined: Sun Feb 18, 2007 4:31 pm
Posts: 575
Location: Lake City
Post 
Hah! Yeah. It was declared a condo in 2004. The value is pretty much all in the land, and you don't get that. Pretty worthless. Probably why the condo owner was behind 30K and then just walked away.

Here's my favorite renovation. I call it the The Renovation of the Self-Righteous!

Image

Purchased in 2004 for $549K

A litany of renovations, which this dude refers to as "re-constructions" were done.

It was put on the market again almost a year ago (or longer, given the MLS shenanigans) for $1,595,000. Jeezus. This isn't even in-city. It isn't even waterfront. In fact is dangerously close to Bothell Way. It has a bit of a view and "50 ft. water feature", whatever that is. It does seem to have a tremendous amount of the owner's ego invested in it, however. He hasn't budged on price.

He updated Zillow with the litany of updates he's made, along with the cost of each one, then simply tacked it onto the price of the zestimate. He assumes his choice of updates improve the value of the house at 100% of his cost. He doesn't realize that updates in any rational market often just maintain the value.

Major Kitchen Remodel (Upscale) + $ 135,030
Bathroom Remodel (Upscale) + $ 11,820
Bathroom Remodel (Upscale) + $ 13,356
Basement Remodel + $ 129,515
Family Room Addition + $ 69,947
Family Room Addition + $ 139,895
Deck Addition + $ 41,790
Roofing Replacement (Upscale) + $ 59,372
Siding Replacement (Upscale) + $ 37,648
Window Replacement (Upscale) + $ 12,064


My guess is that he doesn't really want to sell, but his wife is nagging him.


Thu Mar 08, 2007 7:06 pm
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Bubble Banter Boss

Joined: Sun Feb 18, 2007 4:31 pm
Posts: 575
Location: Lake City
Post 
For those too lazy to check, here's a flattering peak at the condo discussed above:

Image
Image
Image


Thu Mar 08, 2007 7:21 pm
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Bubble Bloviator

Joined: Thu Mar 08, 2007 3:29 pm
Posts: 276
Post 
:shock: whoa...the guy spent $650k on renovations?

I tried to look it up on a realtors site but couldn't find it...regardless...someone seems to be in over their head. I sure hope they have goooood incomes.

he'd be lucky to get the Zestimate price.


Thu Mar 08, 2007 7:21 pm
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Bubble Watcher

Joined: Thu Mar 08, 2007 7:08 pm
Posts: 5
Location: Seattle
Post Classic Flip
My vote goes for this house in North Bend (MLS #27016864). It was bought in December 2006 for $375. They put it on the market in January for $529. It is down to $514. Good luck with that. I went to an open house before it sold in Dec and it was in ok shape- just a little outdated. But of course, now it has a pretty new paint job and:

"Over 2000 sq ft of eloquently mastered updating. Includes,Stunning new kitchen,w/granite, stainless steel appliances, custom crafted maple cabinets, brushed nickel hardware, cherry/mahogany hardwds, designer carpet & tile.Well designed bathrms w/mohogany cabinets, lovely designer sinks, & granite counters."

That and they somehow tacked on an extra 40 square feet (It was under 2000 sqft in Dec).

[/img]


Thu Mar 08, 2007 7:34 pm
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Bubble Banter Boss

Joined: Sun Feb 18, 2007 4:31 pm
Posts: 575
Location: Lake City
Post 
Are you saying a 1977 rambler...

Image

...with a likely commute over over an hour each way ISN'T worth a cool half mil? Hater.


Thu Mar 08, 2007 7:44 pm
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Bubble Banter Boss

Joined: Sun Feb 18, 2007 4:31 pm
Posts: 575
Location: Lake City
Post 
EconE - if you just click on the picture of the realtor dude that is doing his best Jim Cramer imitation in Zillow, it will take you to the Century 21 site, where you are treated to a remarkably sophisticated slide show.

My favorite (well maybe the panoramic of the shelving's my favorite) is the view shots taken from the peak of the roof. Now that's an honest representation. I spend most of my time on the peak of the roof. That's where my PBnJ and Quick tastes the best!


Thu Mar 08, 2007 7:51 pm
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Bubble Watcher

Joined: Thu Mar 08, 2007 7:08 pm
Posts: 5
Location: Seattle
Post 
biliruben wrote:
Are you saying a 1977 rambler...
...with a likely commute over over an hour each way ISN'T worth a cool half mil? Hater.


not where I come from. :)


Thu Mar 08, 2007 7:53 pm
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Bubble Bloviator

Joined: Thu Mar 08, 2007 3:29 pm
Posts: 276
Post 
ok...saw the redfin slideshow on your first link...ooops...I overlooked that one.

It looks as if the view is legit when you see the reflection off the windows in the patio shot. Still...as much as I would like to credit that remodel as making a silk purse out of a sows ear...I think I would be more inclined to say that it is good money thrown after bad.


Thu Mar 08, 2007 10:02 pm
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Bubble Banter Boss

Joined: Sun Feb 18, 2007 4:31 pm
Posts: 575
Location: Lake City
Post 
Agreed it has a view, just a lot more roof involved than in the shot on from the roof.


Thu Mar 08, 2007 10:06 pm
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Bubble Bloviator

Joined: Thu Mar 08, 2007 3:29 pm
Posts: 276
Post 
not a flip...but a good example of using the house as an ATM.

FYI...It was originally purchased in 98 for 118k.

http://seattle.craigslist.org/see/rfs/287886055.html


Thu Mar 08, 2007 10:15 pm
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