This one doesn't qualify as a flip - as it's new construction. But it's infill on Capitol Hill so it's definitely an investor special. They took an L2 lot with an existing house on the back half and built this on the front.
On the corner of 12th and John, which is pretty busy. It's basically a townhouse - 1650 sqft, on a 1700 sqft lot. No views, except from the roof. I happened to be walking by yesterday and stopped into the open house. It was kind of cool, but when I saw the price my jaw just dropped.
Re the house at 12th & John, I think Pb Elemental's houses sell well. Some people will pay a big premium for modern design.
Yeah, I have seen their stuff before, that is why I stopped in. But even for the design, I think that price is pretty bold. No view, postage stamp sized lot, busy street.
Townhouse of similar size in a much better location in the same neigbhorhood goes for about $650k right now. I think they have $100-150k premium potential - half what they are looking for, but we shall see.
I think the PB/MD guys are using them for comps!!!
The ones in the back do have terrific views, but I think they already sold
I just did a search of Capitol Hill new construction, 2+BR/2+BA sold in the last 6 months. Of the 30 sales, only 4 sold for over $500/sqft - and they were all real houses/north of Aloha. Big difference.
It's kinda funny, because he gave me this long lecture about dropping aggressively before the listing gets stale.
I think his profit margin is too thin to cut significantly. He's only making 20K for his 1000 hrs at this price. $20/hr makes it worth the work. A 10K price drop, and it's $10/hr, and he should have gone back to detailing.
He's probably carrying about 3K/mo in PITI, so he's in a squeeze.
Again, I really like him and wish him well, but this kinda puts the lie to flipping profitably in a down market. At least with this house it does. I really assumed this would be a tear-down when it went up for sale last fall.
I think his profit margin is too thin to cut significantly. He's only making 20K for his 1000 hrs at this price. $20/hr makes it worth the work. A 10K price drop, and it's $10/hr, and he should have gone back to detailing.
I think your neighbor is probably going to get a lesson in that accounting concept known as "sunk cost", as it's hard to negotiate your $/hr on the back end.
It's kinda funny, because he gave me this long lecture about dropping aggressively before the listing gets stale.
I don't even think it has anything to do with staleness at this point in time. Let's say in February you priced a house $10k too high. In theory, you should be able to realize that a month later, drop the price $10k and you'd sell.
The problem is that in that month, the market just fell another $10k because the average comp already dropped their price that much. So you drop your price $10k and you are still overpriced by about the same amount.
So people are dropping prices faster to try and beat the rest of the market. I've seen a number of place on the east side with $20k-$30k price drops in just the last month.
You might suggest to him that he put the square footage in the listing. Otherwise people may assume that the house is too small for them (so small that the seller wants to omit its square footage from the listing).
I don't live there anymore and no longer see him. He never lived there, and probably has little reason to visit. I sold my house a month ago, which had the identical layout when they were both built, in 5 days.
Actually, yeah. As a potential shopper, I essentially rule out any incomplete listings from houses to even look at. If it's missing price, sq footage, or lot size, I'm usually done. If it has only one picture total...and that's a picture of the back fence, I'm often done.
It definitely generates immediate negative feelings when they leave it out, but if it looks good otherwise, I just go look it up on the parcel viewer. In fact, even if they do have sq ft, I look it up on the parcel viewer, because I'm pretty adamant about getting 2000 non-basement sq. ft, and the county records are the only place that splits sq ft out by floor.
How about MLS 27163445? At $767/sq. ft., it's marked down from $907/sq. ft. It's been 3 months since the last price drop.
I used to live in that bldg. It was a great place to be a renter in the early 1990s. I'm pretty sure this unit would have rented then for about $1500/mo. Now you can buy it for $1.1MM, plus pay $1150/mo in dues & taxes.
That Queen Anne condo started at $1.3M - it won't sell unless it drops another $200k or more; especially given a DOM of 273. It's kind of funny but you can get a SFH for close to the price of a condo given the price per sqft differential. This house (MLS: 28090537) is on the west side of the south slope of Queen Anne. It doesn't have a view but I bet you could get one with the difference (~$260k).
King County Records indicates a square footage of 1950 even with a finished basement ($25k worth of labor and materials tops). Above grade (appraised higher) is 1170 sqft or $623/sqft AGLA. Good luck with that in Ravenna.
Wow, is it short in here, or is it just me? Target market for this house: Hobbits.
The house I'm renting has a ~7' ceiling height in the basement. I kinda like it, since I won't be heating an extra foot of empty space in the winter. Wouldn't want less than 7' though.
Wow, is it short in here, or is it just me? Target market for this house: Hobbits.
The best part of that picture is the light switch. I've never seen one quite so close to the ceiling of a room before. Usually, they are about 4' high, which would make that a 5' ceiling?
MLS #27214356 is the $425K 2br Bellevue condo of (apparently) the person posting comments on seattlepi.com about how they will absolutely not drop their price, due to Bellevue's future growth prospects. Check out the sales history, price drops so far, and days on market. Ouch!
I'm bullish on Bellevue myself, but even I don't think this place is worth $425K. Especially not when a real house can be had for less, elsewhere in Bellevue.
Comments
Aug 01, 2007 $240,000 - Todays asking price $349,000
Does this remodel justify $109,000 gain in just 10 months? At least they could have redone the driveway! In Monroe you can buy new at this price.
click for link to listing
They are asking $912k!!!!
On the corner of 12th and John, which is pretty busy. It's basically a townhouse - 1650 sqft, on a 1700 sqft lot. No views, except from the roof. I happened to be walking by yesterday and stopped into the open house. It was kind of cool, but when I saw the price my jaw just dropped.
Un-effing-believable
Yeah, I have seen their stuff before, that is why I stopped in. But even for the design, I think that price is pretty bold. No view, postage stamp sized lot, busy street.
Townhouse of similar size in a much better location in the same neigbhorhood goes for about $650k right now. I think they have $100-150k premium potential - half what they are looking for, but we shall see.
lol. I know that one too. a few blocks from my house. There are 2 of them on the MLS. http://www.redfin.com/WA/Seattle/429-13 ... ome/144329
the second one is listed for $840k - and is bigger. go figure.
I think the PB/MD guys are using them for comps!!!
The ones in the back do have terrific views, but I think they already sold
I just did a search of Capitol Hill new construction, 2+BR/2+BA sold in the last 6 months. Of the 30 sales, only 4 sold for over $500/sqft - and they were all real houses/north of Aloha. Big difference.
check it out
Time for a $500 price drop!
It's kinda funny, because he gave me this long lecture about dropping aggressively before the listing gets stale.
I think his profit margin is too thin to cut significantly. He's only making 20K for his 1000 hrs at this price. $20/hr makes it worth the work. A 10K price drop, and it's $10/hr, and he should have gone back to detailing.
He's probably carrying about 3K/mo in PITI, so he's in a squeeze.
Again, I really like him and wish him well, but this kinda puts the lie to flipping profitably in a down market. At least with this house it does. I really assumed this would be a tear-down when it went up for sale last fall.
I think your neighbor is probably going to get a lesson in that accounting concept known as "sunk cost", as it's hard to negotiate your $/hr on the back end.
I don't even think it has anything to do with staleness at this point in time. Let's say in February you priced a house $10k too high. In theory, you should be able to realize that a month later, drop the price $10k and you'd sell.
The problem is that in that month, the market just fell another $10k because the average comp already dropped their price that much. So you drop your price $10k and you are still overpriced by about the same amount.
So people are dropping prices faster to try and beat the rest of the market. I've seen a number of place on the east side with $20k-$30k price drops in just the last month.
Personally, I am having my doubts it will sell in the 3s. He will end up in the red. The longer he waits to cut, the deeper, darker red it will be.
840 sq ft, BTW.
I don't live there anymore and no longer see him. He never lived there, and probably has little reason to visit. I sold my house a month ago, which had the identical layout when they were both built, in 5 days.
Actually, yeah. As a potential shopper, I essentially rule out any incomplete listings from houses to even look at. If it's missing price, sq footage, or lot size, I'm usually done. If it has only one picture total...and that's a picture of the back fence, I'm often done.
I used to live in that bldg. It was a great place to be a renter in the early 1990s. I'm pretty sure this unit would have rented then for about $1500/mo. Now you can buy it for $1.1MM, plus pay $1150/mo in dues & taxes.
445K last year, 729K today.
Drop some carpet in the basement so you can "double" the square feet,
add some shiny appliances,
and profit!
I can't believe the flippers are still playing this game, or trying to.
King County Records indicates a square footage of 1950 even with a finished basement ($25k worth of labor and materials tops). Above grade (appraised higher) is 1170 sqft or $623/sqft AGLA. Good luck with that in Ravenna.
The best part of that picture is the light switch. I've never seen one quite so close to the ceiling of a room before. Usually, they are about 4' high, which would make that a 5' ceiling?
Being John Malkovich much?
good movie
No kidding. When I see "vaulted ceilings" I read it: "extra cubic footage that you have to heat 9 months out of the year but never get to use."
Price down to 309K.
I'm sure it will sell now. After all, according to the description "There is little left to be desired in this fully remodeled home! "
That must have been some remodel
I'm bullish on Bellevue myself, but even I don't think this place is worth $425K. Especially not when a real house can be had for less, elsewhere in Bellevue.
was that the one thing he left to be desired? cuz sounds like he took everything else with him.