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Greenlake flipper goes flop, or just a FB who overpaid?

deejayohdeejayoh
edited June 2007 in Seattle Real Estate
Posted as a short sale on Craiglist
http://seattle.craigslist.org/see/rfs/340470065.html

Also listed on Redfin
http://redfin.com/stingray/do/printable ... -id=610529
MLS is 27050639

Purchased in 03/05 for $710,000. Now on the market for $699,950, but " Any offer seriously considered- subject to lender approval" negative appreciation in two "hot hot hot" years. Yup, I want to pay $700k for a "handyman special" sold AS IS. I'd love to see the inside of that baby.

Not

Last year, that thing would have sold in a day. This year - it sits for 65. :shock:

Wasn't Shug posting about Greenlake as the new "million dollar neighborhood"? This one didn't quite get over the hump.

Comments

  • GetMeTheHellOutOfCAGetMeTheHellOutOfCA
    Based on my experience in Seattle, Seattle is a story of 2 housing markets (perhaps more). The good homes that are well priced move quickly. The overpriced, ugly, fixers sit.....until price is reduced to be in line with market. I can look at a home listing as it comes on the market and with pretty good accuracy, forecasy how long it will sit on the market. Bottom line, people are not overpaying anymore and don't buy the buy now or be priced out BS. THe home you posted looks like an overpriced POS. Compare it to homes in Greenlake that are STI and you will see $745k gets you the cute, in great shape home ready to move into. Why pay $699k for the POS in your link even if it does have a tiny lake view if you stand on a kitchen stool, peer out the attic window while praying the neighbors don't add a second story?.
  • carlislematthewcarlislematthew
    They're still over paying for houses, as the coming few years will show, BUT they're getting nicer houses in the process. No longer are people desperate to overpay for a sh*t hole; instead they overpay and get something nice.

    If anything, this is a hidden price reduction as the nicer places have the same stats (size, land, bedrooms, etc) as the sh*t holes, but you won't have to spend 50K to get them up to the same standard.

    This is what's happened in San Diego (I just moved back from there). Initially, it was only the nicer places that sold, but at the same high price. All the other places either put money in to make them nice, but most just kept reducing the price to get them in line with the new reality. Right now the nicer places are being dragged down in price because the "comps" that appraisers use for financing have to be 6 months old or newer, and so "similar" houses (even if sh*t holes) will bring overall prices down. In a declining market, appraisals actually start to mean something!
  • mike2mike2
    # of Covered Parking Spaces: 0
    Parking Type: No Parking

    Spend $700K and park your 335i on the street in a high car prowl area just 1 block from lovely Aurora ave N.
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