I live on MI. I will agree that there is not much to do here and think that the houses generally lack character. But I love the location, I feel generally safe walking around at anytime of day (cyclists are the largest danger), and the schools are good.
I think that you are right, that foreclosures will be less of an impact on MI, but I think that as a result, rents in places where people can afford to hang on to homes will be where you can find good deals. I seen several houses for rent here for very good deals.
I live on MI. I will agree that there is not much to do here and think that the houses generally lack character. But I love the location, I feel generally safe walking around at anytime of day (cyclists are the largest danger), and the schools are good.
I think that you are right, that foreclosures will be less of an impact on MI, but I think that as a result, rents in places where people can afford to hang on to homes will be where you can find good deals. I seen several houses for rent here for very good deals.
Ya I think old money will gobble up any price drop immediately, sort of like Medina area. So I don't think MI would suffer much.
It looks like this condo is not doing nearly as well as once hoped. I think it is still owned by the developer based on my driveby today. There were three on the list. I don't think it has ever been lived in.
Built in 2006. Been listed for over 1 year and has dropped 20% or $100,000 from the original listing.
Listing Price History
Date Price
Aug 11, 2007 $499,950
Sep 10, 2007 $489,950
Sep 24, 2007 $479,950
Nov 23, 2007 $474,950
Dec 26, 2007 $459,950
Feb 11, 2008 $429,950
Apr 30, 2008 $409,950
Jun 06, 2008 $399,950
It looks like this condo is not doing nearly as well as once hoped. I think it is still owned by the developer based on my driveby today. There were three on the list. I don't think it has ever been lived in.
Built in 2006. Been listed for over 1 year and has dropped 20% or $100,000 from the original listing.
At the peak of the bubble this place would've had a hard time selling for $400K. A 1700 sq. ft. single-family house in a more convenient part of Issaquah sold for $425K then, on a greenbelt too.
Now there's a 2000 sq. ft. single-family house in Issaquah that's been on the market at $425K for two months or so, meaning it's probably worth less than $400K. So I doubt this townhouse would sell for more than $350K today.
It looks like this condo is not doing nearly as well as once hoped. I think it is still owned by the developer based on my driveby today. There were three on the list. I don't think it has ever been lived in.
Built in 2006. Been listed for over 1 year and has dropped 20% or $100,000 from the original listing.
At the peak of the bubble this place would've had a hard time selling for $400K. A 1700 sq. ft. single-family house in a more convenient part of Issaquah sold for $425K then, on a greenbelt too.
Now there's a 2000 sq. ft. single-family house in Issaquah that's been on the market at $425K for two months or so, meaning it's probably worth less than $400K. So I doubt this townhouse would sell for more than $350K today.
At $350,000 it would almost be worth buying as an investment to rent. 3 br and 2.5 ba. 1,500 sq ft. Plus it is in a good location close to Issaquah Highlands Transit Center and all of the shopping in Issaquah directly below. That place would rent for a little over $2,000 per month.
At $350,000 it would almost be worth buying as an investment to rent. 3 br and 2.5 ba. 1,500 sq ft. Plus it is in a good location close to Issaquah Highlands Transit Center and all of the shopping in Issaquah directly below. That place would rent for a little over $2,000 per month.
I have seen SFH in Issaquah Highlands for about $2000/month -- that price for a townhome would be high. After the end of summer, I wouldn't pay more than $1.05/sqft/month or so as rent.
I had a friend that bought house in Talus, although I had suggested not to. The house was bought for ~730k, any idea for comps around that area?
Talus homes are doing pretty badly, in terms of price & time-to-sell (worse than even Issaquah Highlands). Yes, some more details about the home would be helpful.
At $350,000 it would almost be worth buying as an investment to rent. 3 br and 2.5 ba. 1,500 sq ft. Plus it is in a good location close to Issaquah Highlands Transit Center and all of the shopping in Issaquah directly below. That place would rent for a little over $2,000 per month.
I have seen SFH in Issaquah Highlands for about $2000/month -- that price for a townhome would be high. After the end of summer, I wouldn't pay more than $1.05/sqft/month or so as rent.
This particular townhome has a view of southern Lake Sammamish and the valley overlooking Issaquah. That is why I think it would go for $350,000 and rent for at least $2,000 per month.
Rents are higher than that ($1.05/sqft/month) for nice townhomes in good locations. You might get rent that cheap if it were buried several miles from anything useful. But in close like that is still in higher demand. I was in the market recently for a 3 br townhome to rent. At $1,500 sq ft, relatively new condition (recently built in the past few years) and in a good location, the rents are easily $2,000 / month for that type of unit. I couldn't find anything cheaper. Those that were cheaper were old, in poor condition and/or in lousy locations.
Just my opinion. A brand new luxury condo, in a good location like that (near Issaquah Highland Transit Center and shopping) will sell at $350,000. That being said, the developer is still $50,000 too high at $399,950.
Rents are higher than that ($1.05/sqft/month) for nice townhomes in good locations. You might get rent that cheap if it were buried several miles from anything useful.
I haven't been tracking rents on townhomes, but we were in the market for renting a SFH in December. I could find a lot of homes for less than $1/sqft/month (in fact, we had seen a 2300sqft Issauqah Highlands home with an asking price of $2000/month). I guess asking-rents go up in the Summer.
Rents on SFHs in Bellevue are around $1/s.f. Is it more expensive in Issaquah?
It think so. When I was looking for a rental in January, an Issaquah townhome like that above, but no good view, was about $1800. There were a couple SFHs in the Issaquah Highlands for $2000.
Rents on SFHs in Bellevue are around $1/s.f. Is it more expensive in Issaquah?
While Bellevue might be better in terms of location, most of the SFMs and townhomes are fairly old and they show it. At least that is my impression. There is a lot more selection that is newer around Issaquah Highlands and along that ridge.
When I was looking back in May, it was difficult to find a rental that was actually nice to live in. There is plenty of crap available. They are priced accordingly.
Nice place to live is going to more than $1 sq ft per month.
Just my opinion from recently looking.
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.
NY guy....in my opinion you would be best off by renting for 6 months get to know the area and watch the prices go down...while you determine what is the best area for you..Redmond and Woodinville will probably give you the best value in the immediate area...Bothell may have better prices yet especially if you get one in the Snohomish county part of Bothell...Taxes are killer in King County....there is also a Snohomish county part of Woodinville
While Bellevue might be better in terms of location, most of the SFMs and townhomes are fairly old and they show it. At least that is my impression. There is a lot more selection that is newer around Issaquah Highlands and along that ridge.
Agreed. I like the old houses better, but they're not for everyone. When I was looking at one of the Issaquah Highlands townhomes, the owner told me he really wishes it had air conditioning. You can see why; the developer clear-cut all the lots! The place I got in Bellevue, for about $1/sq. ft., has a basement that stays cool. But it also has a bug problem.
I like Issaquah because it has almost everything you want, in a relatively small area.
I had a friend that bought house in Talus, although I had suggested not to. The house was bought for ~730k, any idea for comps around that area?
Talus homes are doing pretty badly, in terms of price & time-to-sell (worse than even Issaquah Highlands). Yes, some more details about the home would be helpful.
Thanks for the info! This home was bought around Summer/Fall of 2006 at 750k brand new. SFR toward the top near the greenbelt.
While Bellevue might be better in terms of location, most of the SFMs and townhomes are fairly old and they show it. At least that is my impression. There is a lot more selection that is newer around Issaquah Highlands and along that ridge.
Agreed. I like the old houses better, but they're not for everyone. When I was looking at one of the Issaquah Highlands townhomes, the owner told me he really wishes it had air conditioning. You can see why; the developer clear-cut all the lots! The place I got in Bellevue, for about $1/sq. ft., has a basement that stays cool. But it also has a bug problem.
I like Issaquah because it has almost everything you want, in a relatively small area.
I used to be alright with living in Issaquah, having lived there for several years growing up. But now I can't imagine the commute, it is little too far for me.
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.
NY guy....in my opinion you would be best off by renting for 6 months get to know the area and watch the prices go down...while you determine what is the best area for you..Redmond and Woodinville will probably give you the best value in the immediate area...Bothell may have better prices yet especially if you get one in the Snohomish county part of Bothell...Taxes are killer in King County....there is also a Snohomish county part of Woodinville
Good Luck
Born in Brooklyn
Hey Big Mike 34
Thanks for the info. We both like Woodinville.
Just so you all get a understanding about those who believe in the "that it can't happen here" theory. In Manhattan things have also gotten very slow. Not exactly sure if this is the beginnig of the downturn but people here are surely not jumping to buy as quickly as they were last year.
I really think it has to do with the credit market. It is just not as easy to get a mortage now as it use to be. Here in Manhattan where it is 70% Co-Op apartments you need at least 25% down to get into a building. With prices averaging over 1 million that is a lot of cash to have to put down. But on the other hand we do not have the amout of forclosers (Manhattan) because of that vetting (Co-Op boards are more demanding about finances then banks are). We also
(because of pricing) have almost none of the speculation. It is just too damn expensive.
BTW Mike I was born and raised in Brooklyn also!
Comments
I think that you are right, that foreclosures will be less of an impact on MI, but I think that as a result, rents in places where people can afford to hang on to homes will be where you can find good deals. I seen several houses for rent here for very good deals.
It looks like this condo is not doing nearly as well as once hoped. I think it is still owned by the developer based on my driveby today. There were three on the list. I don't think it has ever been lived in.
Built in 2006. Been listed for over 1 year and has dropped 20% or $100,000 from the original listing.
Listing Price History
Date Price
Aug 11, 2007 $499,950
Sep 10, 2007 $489,950
Sep 24, 2007 $479,950
Nov 23, 2007 $474,950
Dec 26, 2007 $459,950
Feb 11, 2008 $429,950
Apr 30, 2008 $409,950
Jun 06, 2008 $399,950
Sold in May/2006 for $3.02m
Currently listed for $2.59m
ZEstimate is NA
http://www.redfin.com/WA/Bellevue/17035 ... ome/418858
Sold in Sep/2006 for $344k
Currently listed for $300k
ZEstimate is $342k
http://www.redfin.com/WA/Snoqualmie/830 ... ome/482878
That was a typo -- I have fixed it now.
Now there's a 2000 sq. ft. single-family house in Issaquah that's been on the market at $425K for two months or so, meaning it's probably worth less than $400K. So I doubt this townhouse would sell for more than $350K today.
At $350,000 it would almost be worth buying as an investment to rent. 3 br and 2.5 ba. 1,500 sq ft. Plus it is in a good location close to Issaquah Highlands Transit Center and all of the shopping in Issaquah directly below. That place would rent for a little over $2,000 per month.
I have seen SFH in Issaquah Highlands for about $2000/month -- that price for a townhome would be high. After the end of summer, I wouldn't pay more than $1.05/sqft/month or so as rent.
Talus homes are doing pretty badly, in terms of price & time-to-sell (worse than even Issaquah Highlands). Yes, some more details about the home would be helpful.
Sold in May/2007 for $725k
Currently listed for $689k (FSBO)
ZEstimate is $696k
http://www.redfin.com/WA/Sammamish/909- ... ome/439048
This particular townhome has a view of southern Lake Sammamish and the valley overlooking Issaquah. That is why I think it would go for $350,000 and rent for at least $2,000 per month.
Rents are higher than that ($1.05/sqft/month) for nice townhomes in good locations. You might get rent that cheap if it were buried several miles from anything useful. But in close like that is still in higher demand. I was in the market recently for a 3 br townhome to rent. At $1,500 sq ft, relatively new condition (recently built in the past few years) and in a good location, the rents are easily $2,000 / month for that type of unit. I couldn't find anything cheaper. Those that were cheaper were old, in poor condition and/or in lousy locations.
Just my opinion. A brand new luxury condo, in a good location like that (near Issaquah Highland Transit Center and shopping) will sell at $350,000. That being said, the developer is still $50,000 too high at $399,950.
I haven't been tracking rents on townhomes, but we were in the market for renting a SFH in December. I could find a lot of homes for less than $1/sqft/month (in fact, we had seen a 2300sqft Issauqah Highlands home with an asking price of $2000/month). I guess asking-rents go up in the Summer.
While Bellevue might be better in terms of location, most of the SFMs and townhomes are fairly old and they show it. At least that is my impression. There is a lot more selection that is newer around Issaquah Highlands and along that ridge.
When I was looking back in May, it was difficult to find a rental that was actually nice to live in. There is plenty of crap available. They are priced accordingly.
Nice place to live is going to more than $1 sq ft per month.
Just my opinion from recently looking.
NY guy....in my opinion you would be best off by renting for 6 months get to know the area and watch the prices go down...while you determine what is the best area for you..Redmond and Woodinville will probably give you the best value in the immediate area...Bothell may have better prices yet especially if you get one in the Snohomish county part of Bothell...Taxes are killer in King County....there is also a Snohomish county part of Woodinville
Good Luck
Born in Brooklyn
I like Issaquah because it has almost everything you want, in a relatively small area.
Here's a previously listed flop in Talus.
Sold in Mar/2006 for $865K
Currently listed for $825K
ZEstimate is $817K
http://www.redfin.com/WA/Bellevue/177-1 ... home/19029
Sold in Aug/2006 for $1.05m
Currently listed for $898K
ZEstimate is NA
http://www.redfin.com/WA/Bellevue/9827- ... ome/251916
Sold in Oct/2006 for $515K
Currently listed for $489K (@ $158/sqft)
ZEstimate is $551K
http://www.redfin.com/WA/Snoqualmie/339 ... me/8189295
Sold in Nov/2005 for $478K
Currently listed for $475K
ZEstimate is $478K
http://www.redfin.com/WA/Snoqualmie/370 ... me/2064076
Hey Big Mike 34
Thanks for the info. We both like Woodinville.
Just so you all get a understanding about those who believe in the "that it can't happen here" theory. In Manhattan things have also gotten very slow. Not exactly sure if this is the beginnig of the downturn but people here are surely not jumping to buy as quickly as they were last year.
I really think it has to do with the credit market. It is just not as easy to get a mortage now as it use to be. Here in Manhattan where it is 70% Co-Op apartments you need at least 25% down to get into a building. With prices averaging over 1 million that is a lot of cash to have to put down. But on the other hand we do not have the amout of forclosers (Manhattan) because of that vetting (Co-Op boards are more demanding about finances then banks are). We also
(because of pricing) have almost none of the speculation. It is just too damn expensive.
BTW Mike I was born and raised in Brooklyn also!