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Flipper!

JazenJazen
edited June 2007 in Seattle Real Estate
Beware of this one! We should have a forum where we can post any flips we may come across to alert the unaware!
http://www.redfin.com/stingray/do/print ... -id=757756

Comments

  • bilirubenbiliruben
    It looks to me like they are only trying to recoup the losses incurred by foolishly employing a Realtor.

    There are much worse flips out there.
  • EleuaEleua
    Amazing. I live not far from there, and it really isn't in the part of Poulsbo that commands that kind of multiple for the income. It's not hard to see why if you find it on the map.

    At 12X median income for Poulsbo, I wonder why this would be a good deal. His commute to Seattle is the same as mine, and you are looking at a minimum of 1 hour (provided you make your boat). It's fine if you do it every now and then, but 2x/day gets really old, really quick.

    Half a million for Poulsbo/Suquamish? It looks like a nice setup. I need to do a drive by and check it out.
  • EleuaEleua
    My cousin delivers for UPS. One time, not far from this place (less than a quarter mile), he went up to a house and saw a truck running with a hose ducting the exhaust around the corner of the house.

    Fearing the worst, he followed the hose around the house to the side yard. He found two naked guys sitting in a tub of water and were using the exhaust to create a homemade jetted tub.

    Drugs were probably involved.

    I'm not making any generalizations about the owners of the flipper house, but that kind of thing happens out here.

    There is a reason that Bainbridge's income is 2X that of mainland Kitsap.
  • JazenJazen
    So where abouts are you in Poulsbo, I was wondering what it would be like to live there and commute to Seattle catching the bainbridge ferry. Do you know how long it takes appr. to get to the ferry from say, around Agate pass?
  • EleuaEleua
    Commuting from Kitsap can be nice or a challenge. Those that do have the romance of the ferry wear off pretty quickly.

    I live close to your point of interest. The AP bridge is 7 miles to the ferry. The ferry traffic backs up for a mile or so under the worst conditions.

    If you walk on, parking can be challenging, as you are not the only one with that idea. Driving on means that you have to get to the ferry early enough to make sure you get on the boat. Normally, this isn't much of a problem, but if you miss the boat, you are behind by almost 45min to an hour and change.

    Bainbridge has a decent bus system that drains to the ferry. For Poulsbo, you would have to catch the 90 bus. It runs to meet the ferry.

    If you live west of Poulsbo, you have to fight your way through town. Today at noon, I went through town and it took me 30 minutes to drive the length of SR305. Without traffic, it should take 12 minutes. There is no way around SR305, so if it gums up, you are stuck.

    The Kitsap life is good for me, but I'm a hick and grew up here. It really is a stretch to call this a Seattle bedroom community. Bainbridge - yes, Poulsbo on a good day, all else - forget about it.

    I commute on a very irregular basis, so it works for me. If I had to do it every day, and I didn't work right in the downtown section, I would move to the Eastside, buy an armored car, and a bunch of guns.

    I'm not trying to scare you. If it sucked here, I would move. I am just trying to paint a reasonable picture of what to expect. Many love it, but they work here. The commuters spend a lot of time commuting. That's why they are called commuters.

    From Eastern Poulsbo/Suquamish...

    5 min to BI
    10 min to the ferry
    15 min wait
    35 min crossing
    10 min unload
    10 min to I-5

    From Poulsbo add 15 min.

    From Western Poulsbo/Vinland add another 15-20 onto the Poulsbo time.

    Also, if you need any of the big city amenities, Tacoma is a bit of a drive, and the bridge traffic stinks. That leaves Seattle. As long as you know this, you will be fine. If you need big city stuff, you will be pulling your hair out within a few months. Kitsap has a bunch of chain restaurants and stores. Bainbridge schools are good. Every other district is so-so. Bremerton is absolutely abysmal. Bremerton has the highest crime rate in the state (yeah, that surprised me as well), due to meth and the Navy.

    On the good side, the ferry filters out much of the hussle/bussle of the city. Smaller towns work for many.

    Median household income for mainland Kitsap is $35-45K, so housing is no bargain. Bainbridge income is $75K.

    If you want advice...try it before you buy it. Basing your decision on a weekend trip in July is probably not going to give you an accurate read. I can't tell you how many Californians did that, got depressed, and moved back to the OC. Do the morning commute in January.

    Rent something for a year. It won't kill you, and in this market, it may save you some dough.
  • JazenJazen
    Dude, that is the most in depth explanation I have gotten from anyone here, including the multitude of realtors I have been dealing with. I just relocated here from Chicago. No, not downtown, I lived way north, close to the Wisconsin border. It was where my work was located, but I also liked it, it was very hickish, two lane roads, cornfields everywhere, very open and uncrowded. So that is why I like the Bainbridge/Poulsbo area, more wide open, larger lots, but my Lord is it overpriced! I just can't see how people can afford a house on Bainbridge unless they make 150K. Poulsbo is a lot more reasonable at least. So I figured a place near Agate pass would be "almost" the same as being on the island itself. Personally I don't like riding my motorcycle in crowded Seattle, too dangerous. I much prefer the open road to kill myself on! I was thinking about what you just suggested for a while, perhaps just rent a place out there and see what the commute is like. I rent now, so what is the difference?
    Thanks again, I owe you a beer or five.
    Jason
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