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Rentals least likely to get what they are asking

EconEEconE
edited July 2007 in Seattle Real Estate
This is one of my personal favorites from Craigslist.

http://seattle.craigslist.org/tac/apa/344237222.html

What laughable rentals are you folks coming across?

Comments

  • EconEEconE
    ok...fine...I guess I touched a nerve there with the Puyallup folk. :lol:

    but I think that I'd rather have this uber high end remodeled waterfront condo on Juanita Bay for less. And just like everything...it's all negotiable.

    make sure that you click on the link in the craigslist ad because it actually is a trick remodel. There are 3 pages of eye candy photos.

    Enjoy :D

    http://seattle.craigslist.org/est/apa/347193351.html
  • deejayohdeejayoh
    EconE wrote:
    This is one of my personal favorites from Craigslist.

    http://seattle.craigslist.org/tac/apa/344237222.html

    What laughable rentals are you folks coming across?

    I know that building - it's 3 story condos, actually pretty nice; but condos in downtown Puyallup just haven't seemed to catch on. I bet this one violates the bylaws!
  • LionelLionel
    For the first one, I love that they've calibrated the price to $76 and not $75. I wonder how they came to that. What did they need that extra buck for?
  • AlanAlan
    The odd number they chose is what they need to rent it out at to pay for the mortgage.
  • EconEEconE
    Well...you can either rent on the 30th floor of the Cosmopolitan for $3350

    http://seattle.craigslist.org/see/apa/349253291.html

    or drop down a few floors with pretty much the same view for $2150

    http://seattle.craigslist.org/see/apa/347955299.html
  • femtofemto
    Is it just me or could the Cosmopolitan be the building that initiates the downtown condo crash? seattlerentals.com lists 6 units in the building "available now", likely meaning they were bought by investors and never intended to be occupied. Cheapest is $2500 for the 11th floor, SE corner (so probably no Needle view), ranging to $4500 for the almost penthouse (floor 32 of 34). A Craigslist search for "cosmopolitan" yields 23 listings ranging from $1700 to $3600. According to seattleapartmentfinder.com the average downtown rent for a 1BR is $1100, and for a 2BR is $1450. Are these investors thinking that there are a bunch of people are willing to pay between 150% and 300% of average for these? It's not like the competition is a bunch of tenements, most of the downtown market is made up of pretty nice units in much more pedestrian friendlylocations (e.g. Harborsteps, or any number of Belltown buildings). If they can't get those rents how many of them will be willing to rent below cost when in becomes apparent that the condo market can't sustain price growth with so much inventory coming on? Anyone know anyone actually living there? How many units are really occupied?
  • brettrobrettro
    femto wrote:
    According to seattleapartmentfinder.com the average downtown rent for a 1BR is $1100, and for a 2BR is $1450.

    seattleapartmentfinder.com is smoking crack if they think that you can get an 'average' 2br downtown for 1450
  • EconEEconE
    Let's revisit the Cosmopolitan again.

    here is the 30th floor unit for $3350

    http://seattle.craigslist.org/see/apa/349253291.html

    and here is the one right upstairs on the 31st floor that was originally listed at $2500...now $2000.

    http://seattle.craigslist.org/see/apa/350432182.html
  • femtofemto
    Man carrying costs on those units must be a bitch. Even a 2-year option ARM at 4% is gonna run upwards of $3000 a month (plus HOA, taxes, ...). I'll have to go check out an open house and see if I can get a vibe for the place.
  • femtofemto
    do I read this right--fully 63 (out of 200?) units on/still on the market?

    Redfin link

    Cheapest $/sq ft seems to be well north of $500.
  • EconEEconE
    Per my search on the Cosmopolitan today I found that there were 61 units for sale either on the MLS or FSBO. 4 of those units were also listed for rent. There were 20 units also listed for rent that are not listed for sale. So currently there are 81 empties. So much for their 20% investor cap. Not to mention, my tally doesn't include units that have already been sold or rented so far this year.

    The person who runs the cosmoseattle blog asked if he could interview me for a Cosmo exclusive. We spoke on the phone and he was quite protective of his anonymity even in our conversation. Of course I was nervous as I didn't know who he was but a little research revealed who he is. I have no intention of "outing" him yet I wonder what his true motives were for the "interview". His claim was that it was because I was a "celebrity" in the Urban Blogosphere and wanted to do a CosmoSeattle "exclusive".

    Celebrity? Give me a F'ing break. Most people seem to think I'm a troll.
  • deejayohdeejayoh
    have you seen this: http://www.housingmaps.com/

    Very cool mash-up of CL housing posts + google maps. Gives you a map-based view of what is available on CL
  • EconEEconE
    DJ...that housing map doesn't work for me...not all CL listings have the address or even the name of the complex I run dozens of different search terms in order to come up with my lists.
  • EconEEconE
    $2900 1BR "corporate" rental in Bothell

    oh...but it's furnished and includes utilities, cable and internet. Joy.

    http://seattle.craigslist.org/est/apa/351933951.html
  • AlanAlan
    I think this place is likely to get what they want. I think prices are coming down. I've been watching them pretty closely.

    $975 / 2br - Kirkland / Juanita . . .great downtown location
    Large 1016 square foot 2 bedroom 1 bathroom ground floor unit with large covered patio that opens to the beautiful grounds of Park View East. Condo includes: reserved parking, washer / dryer, wood burning fireplace, dishwasher and an open floor plan. Interior shows nice, pictures to come soon

    Landlord pays: sewer / water / garbage

    $500.00 security deposit. First and last month rent and acceptable credit.
    Availiable early July
  • rentalblissrentalbliss
    So they want $9090 to move into this tract home in snohomish but they let any yahoo buy a house with zero money.

    http://seattle.craigslist.org/sno/apa/360694575.html
  • S-CrowS-Crow
    That is nutty. I'm familiar with that neighborhood and an adjacent newly built neighborhood. Take a look at how many are for sale in a 1/2 sq. mile radius on Zillow or Redfin. Just a bit off Seattle Hill Road. Took a drive through here a couple weeks ago. One small cul-de-sac of like 6 homes had 4 homes on the market. Does not look good at all.

    http://tinyurl.com/36rkzw

    Notice, if you zoom in tighter,homes are stacked on each other.
  • EconEEconE
    ok...I don't know how to post rental links from my favorite real estate site so you'll just have to enter the MLS#'s yourself.


    This one has been on the market for a loooooong time and already had a price reduction from 10k to 8k

    #27040515

    This one just came on today...carbon copy unit 3 floors lower...and for the low low price of only 15k/mo.

    #27119305

    oh...wait...it's furnished...never mind :lol:
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