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 |
|---|---|---|---|---|---|---|---|---|
| 1332 S Pearl St | $139,800 | 2 | 1 | 650 | 6,512 sqft | Beacon Hill | $215 | – |
| 1224 S Concord St | $160,000 | 3 | 2 | 1,310 | 6,000 sqft | South Park | $122 | bank owned |
| 3415 SW Kenyon St | $165,000 | 2 | 1 | 630 | 1,932 sqft | Delridge | $262 | – |
Two of the homes from last month have sold or gone pending. Last month’s #3 is still on the market, but was bumped off the top three list by cheaper homes.
Stats snapshot for Seattle Single-Family Homes Under $200,000 (excluding short sales)
Total on market: 27
Average number of beds: 2.3
Average number of baths: 1.3
Average square footage: 1,050
Average days on market: 55
Inventory shot up in the month, hitting its highest point since February, while the average square footage recovered some ground as well.
Here are our usual charts to give you a visual of the trend of these numbers since I adjusted the methodology in April 2010:
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 |
|---|---|---|---|---|---|---|---|---|
| 8707 16th Ave SW | $110,000 | 4 | 1.75 | 1,630 | 5,120 sqft | Delridge | $67 | 09/19/2013 |
| 10711 55th Ave S | $120,000 | 3 | 1 | 960 | 7,350 sqft | Rainier Valley | $125 | 09/20/2013 |
| 12744 42nd Ave NE | $124,422 | 4 | 2 | 2,680 | 14,854 sqft | Lake City | $46 | 09/26/2013 |
“This includes any listing that uses the phrases “fixer,” “rehab loan,” or “value in land.””
Hmm, maybe the notes for 1332 changed, but currently it says “Value in land. Cash offers only please. AS-IS.”
RE: ChrisM @ 1 – Yeah I broke my own rules on that one because from what I could tell in the photos it looks like a perfectly decent (but very small) house.
12744 42nd Ave NE is interesting because the KC assessment has the value at 534k and it sold in 2004 for 580k, so 124k seems like a steal. With a 14k square foot lot you could potentially turn it into 2 or 3 land parcels or do multifamily if zoning allows it. I wonder what’s going on there. (BTW Love that the only photo of the house is a giant hedge, no house in site.)
Looking at the one on S Concord St, if a listing has phrases like “sold as-is with no warranties” does that pretty much imply that there are significant problems that will need to be fixed/repaired, or is that sometimes just the seller (in this case, a bank) covering their asses?
RE: Sylvia @ 4 –
Standard wording for bank-owned homes. Do your own inspections and rely on only your inspectors’ findings and your agent’s observations…not their agent. The same will appear for a perfect house as one with severe problems. The wording is usually standard and not reflective of the house, though your thinking could apply in some cases.
From $580K in 2004 to $124K today? The price drop on that house on 42nd Ave NE, combined with the home and lot size and the location on a steep bluff makes everything consistent with the scenario that the slope the house is built on is failing, meaning the value is in the land, assuming it’s possible to engineer a home with a new foundation that won’t slide.
RE: Sylvia @ 4 – That’s standard language in many listings of bank-owned homes.
http://www.redfin.com/WA/Edmonds/852-Sprague-St-98020/home/2683292
http://www.redfin.com/WA/Bothell/19711-1st-Ave-W-98012/home/2885538
http://www.redfin.com/WA/Redmond/15703-NE-53rd-St-98052/home/505272
RE: ARDELL @ 5 –
So True Ardell
I’m sprucing my present house up to look like the “perfect listed ones” too and guess what, its a lot cheaper than I thought:
Upgraded carpet on 1000 SF for like $2700 installed.
Complete interior A+ quality paint job for $2200 with BBB touted licensed contractor.
Sounds like closing costs if I sold, then I wouldn’t know what I was buying….I am good at finding the best contractors for the least buck….but a perfect house doesn’t cost that much to create.
RE: softwarengineer @ 8 –
I was telling you to fix your house, get a new couch and move to a nicer area not too long ago. You made fun of me for telling you to fix your house up since you would never get that money back. All of a sudden you are commenting on here that you fixed your house up and it wasn’t that expensive. Congratulations on the carpet and paint. You will get a much better price I’m sure.
RE: Erik @ 9 – He’s probably moving to some Midwestern paradise like Kansas or Indiana.
RE: David B. @ 10 –
Ha ha. I think you are right. His daughter lives in Kansas. I can see him moving there and staying on her couch for free and eating her food for free to save a buck.
RE: softwarengineer @ 8 –
The “old school” rule of thumb was to spend between 1/2 of 1% to 1% of the value of the home to get it ready for market. The 10% to sell can often include that. Since it costs the same to carpet a 2,000 sf house that will sell for $350,000 as it does for one that will sell for $650,000, the ability to include the upgrades in the 10% will vary based on price point.
If you didn’t live out in the boonies I’d come and stage it for you so you could post before and after photos. But you’d have to follow Erik’s advice and get a new couch…or he could lend you his for picture day. :)