Audacious Flips and Renovations cont'd

Cougar

http://www.redfin.com/WA/Kirkland/12416 ... s-28065659
Flippers are still out there - hello...... this looks like crappo! Wake up!
Is it a Gem?
Purchased Nov 30, 2007 $250,000 - Today's asking Price: $395,000

redmondjp

One word: teardown. That neighborhood (far North Rose Hill, just south of Totem Lake area) has a bunch of those single-story, built-on-slab, flat-roof sorry excuses for houses that are already becoming surrounded and infiltrated by newer, higher-density development. I would guess that most of these houses will gradually succumb to the wrecking ball, and good riddance, I say--whoever thought that flat roofs are appropriate for residential construction in this climate needs to have their heads examined!

biliruben

Honestly. It must sometimes be hard to live with yourself as a Realtor, after having to write this kinda schlock.

It must really wear you down. I can only imagine the seller insisted on way over-pricing it, and they're just going through the motions. Maybe the seller really sees what the description reads like. Deluded. Or on De lauded.

"Breathtaking Sound & Mountain views..."



"Fully remodeled..."



"Beautiful yard and covered patio...."




And all this can be yours for the low, low price of $699,950. Less than 700K!

ira s

Nu? So what should the listing agent have written?
" Lower middle class look, but need a CEO salary to afford it?"
Or " schlocky tasteless remodel" or " view of parking lot" or "methadone clinic nearby"?

faster

biliruben wrote:

"Fully remodeled..."

Doesn't look like those cabinets are high enough to let a wine bottle sit underneath them. If that's the case it's a nightmare because everything you set on the counter that's moderatly tall blocks you from opening the cabinet. Wine, soda, knife block etc. and appliances won't fit under them either. Total annoyance and waste of space.

mukoh

That is an awefull price for that house.

biliruben

True dat. I am full of awe at the audaciousness.

PublicEnemy#1

Having just completed installing cabinets and countertops in my home I would say that back splash height is about 11 or 12 inches. The tiles look like 4 x4 judging by the 1 inch mosaics. In a diamond pattern they probably are about 5 1/2 inches tall.

That's a major oops.

ira s

Then there's this one, overlooking the Renton Fred Meyer parking lot.

http://www.redfin.com/WA/Seattle/8600-S ... ome/195864

deejayoh

PublicEnemy#1 wrote:

Having just completed installing cabinets and countertops in my home I would say that back splash height is about 11 or 12 inches. The tiles look like 4 x4 judging by the 1 inch mosaics. In a diamond pattern they probably are about 5 1/2 inches tall.

That's a major oops.

Counter to cabinet is sposta be 17", IIRC.

Cougar

http://www.redfin.com/WA/Redmond/16680- ... ome/323293

Apr 19, 2004 $345,470 0.1%/yr
Jul 27, 2007 $558,500 15.8%/yr

Today's asking price $600,000

Beautifully renovated w/ state-of-art gourmet ktchn/granite counters/SS appl/hardwds. Not sure where agents get their "selling" verbage~ ugh.....ugly~

deejayoh

That's funny. I just viewed that listing. I like Mid-Century modern, so it caught my eye. Then I saw the home depot style kitchen remodel -which is totally inappropriate for the house, and thought "flipper"

redmondjp

Cougar wrote:

. . . Beautifully renovated w/ state-of-art gourmet ktchn/granite counters/SS appl/hardwds. Not sure where agents get their "selling" verbage~ ugh.....ugly~

I agree. In 20 years people will walk through that very same kitchen and scoff at it, saying, "it's SO 90s" and want to tear everything out and replace it by whatever the current housing fashions dictate (maybe Harvest Gold and floral curtains will be in again!). I'm not a fan of wood flooring (or laminate, hard to tell from the picture) in the kitchen. It looks great, but doesn't hold up well to liquids spilled on the floor and the constant wet-cleaning that needs doing (assuming that you actually use the kitchen to cook).

And e-gads! They did all that work on the countertops and DIDN'T even install an undermount sink???? :evil: Now that should be a crime. Any new countertop install should have one--it makes cleaning the sink so much easier w/o spashing water over the top, and it's just too nice to be able to sponge off the countertop right into the sink, especially if you spill liquids on the counter.

Cougar

The worst part about this kitchen, no lighting! One single fixture in a vaulted ceiling? I can just imagine coming home at 5pm on a winter night and fixing dinner with no light to work by. And it looks like a bowling alley! The bones of the home are great, although replacement of the windows would be a huge cost. 2X4 construction means less insulation, must be chilly with a draft, wonder what the last few years winter heat bill was. And not mentioning updated plumbing? Rusty water streaming out of a new faucet just doesn't work for me. The price reflects what the owner needs to get rather than what the house it worth! Sad....

cheapseats

Umm... someones proud of something?

Year Built: 1984
Sep 13, 1993 $220,000 --
Nov 30, 1995 $235,000 3.0%/yr
Feb 28, 2003 $383,150 7.0%/yr
Apr 03, 2006 $508,000 9.5%/yr
2008 Price: $849,950

40K higher than the high Zestimate

http://www.redfin.com/WA/Seattle/2110-N ... ome/304234

Cougar

We will be seeing the last of the "flippers" desperately trying to sell to cover their remodeling costs. Most got carried away with all the advertisements of "bigger is better". Many will lose money (a lot) from now on. Is it worth the price? No. Another listing to that will sit on the market and take a monthly reduction until sold.

biliruben

Gawd. It's one of those skinnies (looks like they did a 2 lots to 3 short plat). I hate skinnies. 100K is too much.

biliruben

The flip next-door:



Some of you may know I just sold my house (we close today). You may also know I've been watching and chatting with the dude renovating and flipping the house next door (above). This house was built at the exact same time mine was, with the same layout. The difference was that our house was continuously improved and expanded through the years. Our house sold for $312,500 in five days with multiple bidders.

He is listing at 319,500. I thought it would be interesting to compare our two experiences.


He has greatly improved the property, which had been very badly neglected for decades by a nice lady now in her 90s, who could barely check her mail. He purchased it in October for 225K. He put in a 3rd bedroom, replaced some exterior walls, replaced the roof, replaced the siding, went the granite route in the Kitchen, and put in sod for landscaping.

I wish him well, and hope he sells quickly and for what he's asking. To be clear, there is nothing about this that is audacious. This just seemed to be the best place for this post. He's just trying to get paid a reasonable amount of money for the estimated 1000 hours he put into this house. I fear he won't and will end up in the red.

Lake Hills Renter

There's a house down the street in my ~1950s rambler neighborhood that was owned by an elderly person and it was in bad shape as well. Now that someone else seemingly owns it, it has been completely gutted and is now being built into... wait for it... a McMansion. It will stick out like a sore thumb in this neighborhood. I guess they are going to sell to the people that have never heard of buying the cheapest house in a neighborhood, not the most expensive.

There's another one on my street that's been under extensive remodelling for longer than I can remember. I have no idea what's taking so long, aside from the fact they were stopped last year for not having the proper permits. They seem to be keeping the rambler style, but fixing it up quite a bit. I suppose they have to since there was a murder/suicide in the house 2 years ago. I wonder if that will be in the advertisement.

deejayoh

Wow - If that's what it looks like now, it should have been a tear down. I wish him luck, but I think he may be one sandwich short of a picnic...

Alan

Why doesn't he include the sqft in his listing? I hate it when that is omitted and don't even look at the listing.

biliruben

Wow - If that's what it looks like now, it should have been a tear down

No shit. That's exactly what I assumed would happen when it went on the market.

I hate that too, Alan. It's 840 sq ft, or at least it was. He lists it at 900 sq ft in Zillow, but I don't think he built it out any. The 3rd bedroom makes it awfully tight in there.

For comparison, ours is 1140 sq ft next door, with only 2 beds.

Rhonda P

Just curious...how often do SB readers check listings and are you doing it because you're considering buying a home or because your facinated with the market/it's kind of a hobby?

Biliruben--congrats!

Alan

I check every few days -- new listings only (since yesterday on redfin) below $350k, no condos. I would like to buy a house and I want to know what is out there. So far there is nothing I have seen that I can afford that I would be happy in long term.

ira s

I check listings probably ten times per day, but only because I'm an obsessive compulsive real estate agent.

biliruben

Thanks Rhonda!

Once or twice a day, which is more often than necessary. I'm passively in the market, as you know, and just want to keep a feel for the trends, what's selling, what's sitting, and how much they are selling for.

Estately makes this tracking very easy.

Lake Hills Renter

The only reason I ever look at listings at all is to see what houses near me are going for out of curiosity. I've put off the idea of buying for at least a year if not more. A single Microsoft income can't afford anything but a condo within reasonable commuting distance from work, and I'm not interested in buying a condo.

deejayoh

Rhonda P wrote:

Just curious...how often do SB readers check listings and are you doing it because you're considering buying a home or because your facinated with the market/it's kind of a hobby?

Biliruben--congrats!

I have RSS feed set up for certain types of homes (mid-century modern) in certain neighborhoods. If I found the right deal, I'd buy. As it turns out, in the process of watching these I see many of these 50's/60's places that have been the target of shoddy flips.

biliruben

Sounds like we're competing for the same damn home, DJ.

Find your own town!

deejayoh

biliruben wrote:

Sounds like we're competing for the same damn home, DJ.

Find your own town!

ah, there's the rub. I'm looking for the one where I don't have to compete with anybody!

biliruben

Bringing this back on-topic, I think we need to see the death of the flipper for the vast majority of our competition to disappear. I think we are pretty much there.

My bud next-door said he's not going to flip anymore houses. He's done for the foreseeable future. Without appreciation, I think he realizes he just can't recoup his investment, at least so far as the time he put into it.