With the dramatic drop in sales price on the listing, it seems like capitulation. This person is desperate for a buyer. When you see 20% declines YOY for the entire region, then we might expect a floor to be established. I expect to see a lot more like this in the coming 12 months.
I am seeing a few SFH listed below $600k ...somewhat rare in the last 12 months... Several others that were listed near 600k have also been pulled off the market
I am seeing a few SFH listed below $600k ...somewhat rare in the last 12 months... Several others that were listed near 600k have also been pulled off the market
I love this site! My wife and I are relocating from New York City. She is already here starting in a practice in Kirkland. I will follower her in the next year. We will be selling our 2 bedroom apartment in Manhattan which I bought in 1996. Real Estate in our neighborhood goes for around $1100.00 a square foot now.
It is great to have such a resource as this website to help us decide where and when and most importantly "IF" we should buy or rent.
Keep up the great work.
Yeah I stopped really pushing the "Fundraising Drive" after about a week, and once I stopped making front-page posts about it, the donations predictably slowed to a trickle. However, I do want to thank everybody that donated and might make a wrap-up post on the blog this weekend or something.
Eastsider- If you are not, I'd love to see you looking at the fair Isle of Mercer Island in your analysis.
I wasn't tracking Mercer Island. I will add it to my list.
Doesn't look like there are a lot of flops on Mercer Island -- could find only 3 of them, so far :-(
I don't think Mercer Island like most of Medina/Yarrow Bay area would suffer much foreclosure. Simply too much old money and I doubt new money would like island living anyway. There's nothing on that little island, nothing.
Eastsider- If you are not, I'd love to see you looking at the fair Isle of Mercer Island in your analysis.
I don't think Mercer Island like most of Medina/Yarrow Bay area would suffer much foreclosure. Simply too much old money and I doubt new money would like island living anyway. There's nothing on that little island, nothing.
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If you are new money with kids or want to start a family I have to disagree... a little bit. True there is not much night life or shopping on the Mercer Island, but it does have a nice sense of community and it can be a great place to raise a family, if you are into the stereotypical suburban past times of watching your kids play youth sports and going to church. Lots of homogeneous nice people and short commutes to downtown Seattle and Bellevue/Redmond make it a safe and convenient place to live.
Comments
Sold in Mar/2000 for $1.85m (also sold in Mar/2000 for $1.05m?)
Currently listed for $1.599m (13% discount from the 2000 price?)
ZEstimate is NA
http://www.redfin.com/WA/Bellevue/5269- ... ome/430709
Sold in Sep/2005 for $375k
Currently listed for $316k (15% discount from the 2005 price)
ZEstimate is $437k
http://www.redfin.com/WA/Bellevue/4465- ... ome/415469
Sold in Sep/2006 for $462k
Currently listed for $441k
ZEstimate is $474k
http://www.redfin.com/WA/Bellevue/110-1 ... ome/500346
With the dramatic drop in sales price on the listing, it seems like capitulation. This person is desperate for a buyer. When you see 20% declines YOY for the entire region, then we might expect a floor to be established. I expect to see a lot more like this in the coming 12 months.
Sold in Sep/2006 for $606K
Currently listed for $560K
ZEstimate is $537K
http://www.redfin.com/WA/Issaquah/375-B ... ome/421723
Sold in Mar/2007 for $2.99m
Currently listed for $2.88m
ZEstimate is $3.5m
http://www.redfin.com/WA/Bellevue/9430- ... ome/252893
Pretty bad flop here.
I am seeing a few SFH listed below $600k ...somewhat rare in the last 12 months... Several others that were listed near 600k have also been pulled off the market
$575K
http://www.redfin.com/WA/Mercer-Island/ ... ome/258185
$598k
http://www.redfin.com/WA/Mercer-Island/ ... ome/254456
$580k
http://www.redfin.com/WA/Mercer-Island/ ... ome/260039
and they aren't flying off the shelf
I wasn't tracking Mercer Island. I will add it to my list.
For the next 1-2 years, I don't except to see any good flips (assuming that one enters a transaction now).
Seems like a good one.
Bellevue home
Sold in Feb/2008 for $2.8m
Currently listed for $2.36m
ZEstimate is $2.54m
http://www.redfin.com/WA/Bellevue/10039 ... ome/506521
Listing Price History
Date Price
May 16, 2008 $699,000
Jun 25, 2008 $649,000
Aug 13, 2008 $579,999
That Mercer Island seller is getting desperate.
It is great to have such a resource as this website to help us decide where and when and most importantly "IF" we should buy or rent.
Keep up the great work.
It's probably a bit of the nature of the site that it's a bit difficult to get these folks to open their wallets, but good on ya for trying.
Keep up the good work!
Sold in Apr/2005 for $3.3m
Currently listed for $3.17m (after a total-reduction of $1m over the past 11 months)
ZEstimate is $4.79m
http://www.redfin.com/WA/Mercer-Island/ ... ome/254058
Sold in Mar/2006 for $877K
Currently listed for $869k
ZEstimate is $857k
http://www.redfin.com/WA/Mercer-Island/ ... ome/256004
Sold in Jun/2007 for $700K
Currently listed for $665k
ZEstimate is $647k
http://www.redfin.com/WA/Mercer-Island/ ... ome/254110
Doesn't look like there are a lot of flops on Mercer Island -- could find only 3 of them, so far :-(
If you are new money with kids or want to start a family I have to disagree... a little bit. True there is not much night life or shopping on the Mercer Island, but it does have a nice sense of community and it can be a great place to raise a family, if you are into the stereotypical suburban past times of watching your kids play youth sports and going to church. Lots of homogeneous nice people and short commutes to downtown Seattle and Bellevue/Redmond make it a safe and convenient place to live.