{"id":1856,"date":"2008-04-23T06:00:44","date_gmt":"2008-04-23T13:00:44","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=1856"},"modified":"2011-12-23T11:00:46","modified_gmt":"2011-12-23T19:00:46","slug":"some-local-home-listing-anecdotes","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2008\/04\/23\/some-local-home-listing-anecdotes\/","title":{"rendered":"Some Local Home Listing Anecdotes"},"content":{"rendered":"<p>It&#8217;s been a while since I posted any anecdotal observations, so I think it&#8217;s time for a few.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" style=\"border: 1px solid #000000; margin: 5px 0pt 5px 5px; float: right\" title=\"Horray for condos!\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2008\/04\/local-townhome.jpg\" alt=\"Horray for condos!\" width=\"250\" height=\"375\" \/>First up, the 8-unit condo\/townhome complex in my neighborhood, which we have <a title=\"Anecdotal Evidence\" href=\"http:\/\/seattlebubble.com\/blog\/2005\/09\/06\/anecdotal-evidence\/\">visited<\/a> a <a title=\"Follow-Up: Anecdotal Evidence\" href=\"http:\/\/seattlebubble.com\/blog\/2005\/10\/31\/follow-up-anecdotal-evidence\/\">few<\/a> times <a title=\"Hello Again, Condo Anecdote\" href=\"http:\/\/seattlebubble.com\/blog\/2007\/01\/23\/hello-again-condo-anecdote\/\">before<\/a>.  Here&#8217;s the summary of the action in this complex of eight essentially identical units since 2005:<\/p>\n<ul>\n<li><strong>September 2005:<\/strong> Unit #5 listed for $274,950 (<a title=\"Anecdotal Evidence\" href=\"http:\/\/seattlebubble.com\/blog\/2005\/09\/06\/anecdotal-evidence\/\">link<\/a>)<\/li>\n<li><strong>October 2005:<\/strong> Unit #5 sold for $280,950 (<a title=\"King County Parcel Report: 8035550050\" href=\"http:\/\/www5.kingcounty.gov\/kcgisreports\/property_report.aspx?PIN=8035550050\">link<\/a>)<br \/>\n<em>18% more than the previous sale just 14 months prior<br \/>\n+15.5% average YOY<\/em><\/li>\n<li><strong>October 2005:<\/strong> Unit #6 listed for $300,000 (<a title=\"Follow-Up: Anecdotal Evidence\" href=\"http:\/\/seattlebubble.com\/blog\/2005\/10\/31\/follow-up-anecdotal-evidence\/\">link<\/a>)<\/li>\n<li><strong>December 2005:<\/strong> Unit #6 sold for $300,000 (<a title=\"King County Parce Report: 8035550060\" href=\"http:\/\/www5.kingcounty.gov\/kcgisreports\/property_report.aspx?PIN=8035550060\">link<\/a>)<br \/>\n<em>28% more than previous sale 4 years prior<br \/>\n+5.8% average YOY<\/em><\/li>\n<li><strong>March 2006:<\/strong> Unit #3 sold for $293,000 (<a title=\"King County Parce Report: 8035550030\" href=\"http:\/\/www5.kingcounty.gov\/kcgisreports\/property_report.aspx?PIN=8035550030\">link<\/a>)<br \/>\n<em>40% more than previous sale 4 years prior<br \/>\n+8.26% average YOY<\/em><\/li>\n<li><strong>January 2007:<\/strong> Unit #6 listed for $350,000 (<a title=\"Hello Again, Condo Anecdote\" href=\"http:\/\/seattlebubble.com\/blog\/2007\/01\/23\/hello-again-condo-anecdote\/\">link<\/a>)<br \/>\n<em>taken off the market without selling<\/em><\/li>\n<li><strong>April 2008:<\/strong> Unit #5 listed for $360,000 (<a title=\"7218 NE 182nd St Kenmore, WA 98028\" href=\"http:\/\/www.redfin.com\/WA\/Bothell\/7218-NE-182nd-St-98028\/unit-5\/home\/18911450\">link<\/a>)<\/li>\n<\/ul>\n<p>This latest listing has an asking price 20% higher than any unit in this complex has ever sold for, and 28% higher than this specific unit sold for just over two years ago.  We&#8217;re talking Kenmore here, which is not exactly &#8220;close in,&#8221; but not really the boonies either, so this should make an interesting test of how soft the condo market is outside the downtown cores of Bellevue and Seattle.<\/p>\n<p>Personally, I doubt they&#8217;ll get more than $320,000, if even that.  They may well just pull it off the market when they can&#8217;t get their fanciful price.  According to <a title=\"Estately Search\" href=\"http:\/\/www.estately.com\/map\/?min_x=-122.28143692016603&amp;max_x=-122.20118522644044&amp;min_y=47.73597540417895&amp;max_y=47.77584827823541&amp;order=price_desc&amp;min_price=-1&amp;max_price=-1&amp;min_feet=-1&amp;max_feet=-1&amp;property_type=cond&amp;full_text=&amp;location=98028&amp;location_buffer=0&amp;zoom=14&amp;search_order=price,feet,property_type,full_text&amp;permalink#map\">Estately<\/a>, there are 47 condos on the market in the 98028 zip code right now (after eliminating duplicates).  This townhome is priced higher than 78% of the competition, and for just $30,000 more, <a title=\"6401 NE 181st St. #B1, 98028\" href=\"http:\/\/www.redfin.com\/WA\/Kenmore\/6401-NE-181st-St-98028\/unit-B1\/home\/35618\">you could get a pretty nice view<\/a>.  Good luck friend, you&#8217;re going to need it.<\/p>\n<p>The second anecdotal update is much shorter.  Just a quick note to point out that the sellers of <a href=\"http:\/\/seattlebubble.com\/blog\/2007\/12\/13\/anecdote-this-place-again-seriously\/\">my favorite million-dollar home over on Avondale<\/a> have dropped the price twice now since listing in December at $1,650,000: once to $1,590,000 in March, and again to $1,550,000 a few weeks ago.<\/p>\n<p>They paid $1,275,000 in February last year, and if they don&#8217;t get more than $1,385,000, they won&#8217;t even make enough to cover agent commissions and excise tax.  I have a feeling this will be sitting on the market even longer than the nine months it languished last time.<\/p>\n<p><b><i>Update:<\/i><\/b> May 13: Another 60k price drop on the <a href=\"http:\/\/www.redfin.com\/WA\/Woodinville\/13425-Avondale-Rd-NE-98072\/home\/2083895\" title=\"Redfin: MLS# 27211034\">Avondale Albatross<\/a>, down to $1,490,000.  That&#8217;s $160,000 in total price drops spread across 150+ days on the market.  Coming up quick on that six-month mark&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It&#8217;s been a while since I posted any anecdotal observations, so I think it&#8217;s time for a few. First up, the 8-unit condo\/townhome complex in my neighborhood, which we have visited a few times before. Here&#8217;s the summary of the action in this complex of eight essentially identical units since 2005: September 2005: Unit #5&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[206],"tags":[5,825,4,309,269],"coauthors":[],"class_list":["post-1856","post","type-post","status-publish","format-standard","hentry","category-features","tag-anecdote","tag-avondale-albatross","tag-condos","tag-million-dollar-homes","tag-townhomes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Some Local Home Listing Anecdotes \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2008\/04\/23\/some-local-home-listing-anecdotes\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Some Local Home Listing Anecdotes \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"It&#8217;s been a while since I posted any anecdotal observations, so I think it&#8217;s time for a few. 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