Monuments to the Late Great Housing Bubble
I think it would be interesting to have a thread where we point out some of the most outrageous miscalculations by local flippers and builders. Properties where people either did a major remodel or ground-up construction on a massive scale, then either the finished product didn't come on the market until after the bubble popped or they came on the market way overpriced and have been slowly chasing the market down.
Comments
22325 NE Old Woodinville Duvall Rd Woodinville, WA 98077
14 acres, 7,700 square feet. Empty land purchased in 2005 for $315,000, this beast was plopped on there in 2006. Cumulative days on market currently shows 708 days, with the most recent listing coming on at $2 million in November, dropping down to $1.5 million now.
Looks to have never been lived in. Seems like it's most likely a spec built home where the builder probably priced it too high in '06 or '07 when it first hit the market.
8122 NE 190 St Kenmore, WA 98028
0.8 acres, 6,800 square feet. Property bought in December 2003 for $620,000. From the listing description:
Sweet, so for a cool $1.4 million, I get an unfinished house right next to the street with the Kenmore portal of the Brightwater sewage treatment project as my backyard.
http://www.zillow.com/homedetails/2008- ... 5595_zpid/
Edit: looks like it has new owner as of last month - Evergreen Bank for $700k - which is interesting because the property only sold for $650k back in 2007
http://www5.kingcounty.gov/kcgisreports ... 1338800240
Ha, my wife and I accidentally just happened upon this monstrosity when we made a wrong turn on our way to a dinner party. I made a comment to her that it had to be in foreclosure or something since there yard was in horrible shape with weeds and trash. Don't we all want Brightwater in our backyards?
http://seattletimes.nwsource.com/html/b ... ner09.html
Looks like they also have a 200K HELOC just by looking at the public records. I smell a "Notice of Trustee Sale" coming soon.
Redmond home: $1,000,000 - 5,200 sqft, 4-bed, 4.5-bath, 3 acres, completed home w/ decent landscaping.
Kenmore home: $1,400,000 - 6,800 sqft, 6-bed, 6-bath, 0.8 acres, unfinished home on torn-up lot
Hmm, $400k for a couple extra bedrooms and bathrooms, plus DIY finish work and landscaping, less than a third the land, and a less desirable location. Sounds like a great deal! Oh and the Redmond home has been price-dropped from an original asking price of $1,650,000 in December 2007, and it still isn't moving. Heh, good luck with that.
5 Beds, 6.5 baths, and a dainty 7000 sqft footprint.
On the market 342 days and counting, with a listing history like this:
Jul 06, 2009 Price Changed $3,299,000 -- NWMLS #28133197
Jun 10, 2009 Price Changed $3,795,000 -- NWMLS #28133197
Feb 11, 2009 Price Changed $3,885,000 -- NWMLS #28133197
Jan 12, 2009 Price Changed $3,987,000 -- NWMLS #28133197
Dec 29, 2008 Price Changed $4,198,000 -- NWMLS #28133197
Dec 03, 2008 Price Changed $4,350,000 -- NWMLS #28133197
Aug 01, 2008 Listed $4,675,000 -- NWMLS #28133197
Sep 01, 2006 Sold $1,070,000 34.8%/yr Public Records
Looks like the owner cleared out the gardens to add some RV parking or something. Nice of them to add back a single potted plant in the middle of the driveway.
http://www.seattlestreetofdreams.com/2005photo3.cfm
(from http://www.seattlestreetofdreams.com/hi ... llery3.cfm)
It's right on a main drag as well.
Architects Northwest is a catalog supplier of blue prints. You can shop and buy whatever you want from the catalog and they will fit it to your parcel.
http://www.redfin.com/WA/Seattle/3729-D ... ome/120051
I get this feeling that the owners of this one don't have much room to go lower. And I'm pretty sure there won't be any interest in a million-plus house with Brightwater Portal as the back yard. This one could definitely get interesting.