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 |
|---|---|---|---|---|---|---|---|---|
| 9633 59th Ave S | $162,500 | 2 | 1 | 690 | 4,176 sqft | Rainier Valley | $236 | bank owned |
| 7926 44th Place S | $189,888 | 3 | 1 | 1,540 | 5,508 sqft | Rainier Valley | $123 | – |
| 4806 S Rose St | $180,000 | 2 | 2 | 850 | 4,750 sqft | Rainier Valley | $212 | bank owned |
The number one and number two homes from last month have since gone pending, pushing the number three home up to number one this month.
Stats snapshot for Seattle Single-Family Homes Under $200,000 (excluding short sales)
Total on market: 10
Average number of beds: 2.1
Average number of baths: 1.2
Average square footage: 1,259
Average days on market: 67
Inventory of non-short sale homes under $200,000 in Seattle dipped slightly in September, but remained just barely in double digits. Beds and baths are mostly unchanged, square footage bumped up again, and days on market spiked.
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 |
|---|---|---|---|---|---|---|---|---|
| 8319 42nd Ave S | $140,000 | 2 | 1 | 900 | 6,400 sqft | Beacon Hill | $156 | 08/14/2014 |
| 10765 59th Ave S | $141,750 | 3 | 1.75 | 1,350 | 6,630 sqft | Rainier Valley | $105 | 08/11/2014 |
| 5352 S Bangor St | $164,808 | 3 | 1.5 | 1,250 | 5,411 sqft | Rainier Valley | $132 | 08/11/2014 |
A Flipper Thinks 20% Down Crimps Investment Cash
A bank thinks 20% down gets a “pre-approved” status.
In my neighborhood the $400K HOA loan for property improvements still in limbo [more likely disapproved]….the HOA thinks the units it manages have equity it can demand to use for another bank’s loan collateral….appears a very bad assumption and/or financial advice to date now.
NEVER fails to amaze me that people are actually getting these prices for these houses. The cheapest one listed is pending – really? $140K for an OLD less than 1,000 square foot house and some one thinks it’s a DEAL???? Oh My Goodness.
RE: mmmarvel @ 2 – It’s location. Sometimes it’s just the value of the lot–the lot might be more valuable if the house was gone. It wouldn’t surprise me that any flat unimproved 4000 square foot lot inside the city limits of Seattle would be worth at least $200,00, particularly if it had already been connected to sewer for a prior house. (I’m assuming the King County Capacity charge only gets charged once per lot.).