Cheapest Homes: August Edition

Let’s check in again on the cheapest homes around Seattle proper. Here’s our methodology: I search the listings for the cheapest homes currently on the market, excluding short sales, in the city of Seattle proper. Any properties that are in obvious states of extreme disrepair based on listing photos and descriptions will be excluded. This includes any listing that uses the phrases “fixer,” “rehab loan,” or “value in land.” I post the top (bottom) three, along with some overall stats on the low end of the market.

Please note: These posts should not be construed to be an advertisement or endorsement of any specific home for sale. We are merely taking a brief snapshot of the market at a given time. Also, just because a home makes it onto the “cheapest” list, that does not indicate that it is a good value.

Here are this month’s three cheapest single-family homes in the city limits of Seattle (according to Redfin):

Address Price Beds Baths SqFt Lot Size Neighborhood $ / SqFt Notes
5970 26th Ave SW $114,900 1 1 540 7,388 sqft Delridge $213 bank owned
9420 15th Ave SW $136,900 2 1 1,030 4,575 sqft Highland Park $133 bank owned
5510 S Leo St $140,000 2 1 580 4,845 sqft Rainier View $241

26th Ave and 15th Ave from last month carried over into this month. The third home on last month’s list is currently pending.

Stats snapshot for Seattle Single-Family Homes Under $200,000 (excluding short sales)
Total on market: 79
Average number of beds: 2.2
Average number of baths: 1.2
Average square footage: 1,045
Average days on market: 91

Here are cheapest homes in Seattle that actually sold in the last month, regardless of condition (since most off-market homes don’t have much info available on their condition).

Address Price Beds Baths SqFt Lot Size Neighborhood $ / SqFt Sold On
2832 NW 63rd St $75,000 3 2 1,100 5,000 sqft Ballard $68 07/22/2010
7433 48th Ave S $90,000 2 2 1,160 5,456 sqft Brighton $76 07/14/2010
938 24th Ave S $126,000 3 1 1,130 4,000 sqft Columbia City $112 07/19/2010
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About The Tim

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.

10 comments:

  1. 1
    Drone says:

    There has to be more to this story. $75K seems way too cheap for any house in Ballard.

  2. 2
    WestSideBilly says:

    Well, for one thing, it’s a purple house. Looks like it may not be well maintained based on Google Street View.

    Nice uptick in the number of houses under $200k. 54 in March, 25 in April, steady increase since.

  3. 3
    DavidB says:

    I haven’t seen any $75K Ballard homes on the MLS in the past few years since I’ve been watching.

  4. 4

    The Ballard one is some sort of odd estate situation, seemingly not an arms length transaction.

  5. 5
    Dave0 says:

    RE: Kary L. Krismer @ 4 – Yeah I was just looking at the public records. Looks like an inheritance split 3 ways. The $75k sale was a quit claim deed that appears to be one of the 3 inheritors buying out one of the other inheritors share in the property for $75k.

  6. 6
    Cheap South says:

    RE: Dave0 @ 5

    Then for $75K you only get the carport.

  7. 7
    anonimaniac says:

    What really is amazing these days is the amount of short sales showing up in until-recently-immune zip codes. In 98102, 98112, 98105, 98115 lots of short sale showing. And, did anyone notice that in 98115 Windermere closed an office along 35 NE? Serious trouble but good hunting for those waiting for a decent priced place in the future. Good hunting!

  8. 8

    RE: anonimaniac @ 7

    Closed Realtor Offices

    I’ve noticed two RE offices closed on east Kent Hill, albeit, just like the new Ford Dealership that closed in Covington a few weeks ago, they claim they just moved to another pre-existing dealership….LOL

  9. 9

    RE: softwarengineer @ 8 – Although fewer agents help agents, it doesn’t help firms. As a matter of fact, it hurts them more than the simple numbers would indicate. Depending on how the agents’ deals with the firm are cut, the firm might be better off with 20 agents that each sold one property, than with one agent that sold 20.

    As to that Covington dealership, if it’s the one I’m thinking of, it was a Ford dealership that had two locations, and they closed one. Given the other was in relatively close proximity, I had always wondered how the two locations made any sense.

  10. 10
    quadro says:

    $75K would get you about half of the dirt under that house

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