Meshugy presents good facts on recent sales. Other bloggers have asked me about financing statistics. Let’s take some of Meshugy’s recent sales and find out how people are financing the home purchases. This will shed light on the fuel that drives this market. Money.
My opinion is that if people did have a significant down payment or ability to get a fixed rate, they would. And, as I research Meshugy’s sales findings, we do find the potential for a couple cash buyers. I did not post whether people had a fixed rate or ARM or whether or not it was a short term ARM at 6 mos, 1yr or longer. The majority were ARM’s.
You can bore yourself to death researching this stuff by going to the public records site of King County. Since I do this type of work all day and have tools to do it quickly, I’ll save you the trouble by showing my findings below. I find no particular pleasure or fascination with researching this stuff. It’s kind of like asking “Eleua” if it’s cool flying 737’s, 757’s or other aircraft all day. Probably excruciatingly routine, save for the occasional bumbling drunk who talks non-stop to anyone who care’s to listen during the fly-over-country flight in which Eleua is at the controls.
The following are recent sales Meshugy discusses in his comments today. Note some of the recent back to back sales and selling prices.
8348 24th Ave NW 499,950 487,500 —
No Deed of Trust recorded yet or none which would indicate a possible cash deal.
3258 NW 56th St 699,000 684,000 —
existing loan at $547K; sold previously at $375K 10/13/05
6528 26th Ave NW 475,000 379,000
Meshugy may have this wrong by accident. It was listed for $379K and sold for $379K (940 sq ft home on a 2550 sq ft lot—now that’s small!
8016 20th Ave NW 419,950 425,000
100% financed nothing down (notice price increase in this scenario? Artificial appreciation? Now this sales price will be used as a comp for another home. Existing loans: $318,750 & $106,250, Sold previous $360K on 12/3/04
5807 17th Ave NW 394,500 375,000—
basically fully encumbered at $300K 1st mtg/$56,250 2nd mtg. , Sold previous on 7/28/2000 for $184K
7310 23rd Ave NW 575,000 573,000 —
$417K 1st mtg./$98,700 2nd Mtg.
6513 Jones AveNW 429,950 429,950 –
100% financed @ $343,5501st /$85,850 2nd; Sold previous on 8/30/2004 @ $319K
2835 NW 73rd St, 409,950 409,950—
it previously sold 9/10/2004 and was 100% financed at $325,000 back then.
8346 29th Ave NW 439,000 440,000—
existing $352K 1st mtg/ $66K 2nd mtg. and previously sold 100% financed 7/8/2005 for $318,000
7524 30th Ave NW 410,000 425,000—
existing 1st at $340K & $63,750 2nd .
7302 23RD AVE NW 450,000 450,000–
$211,096 due in one year (interesting) as it is a junior lien position, which could mean many different things.
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Have a good night. My wife is yelling at me that Million dollar listing is on TV. Bravo Channel. Gotta go have some laughs. Bye.
S-Crow