{"id":19190,"date":"2012-03-02T07:00:48","date_gmt":"2012-03-02T15:00:48","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=19190"},"modified":"2012-03-01T18:28:08","modified_gmt":"2012-03-02T02:28:08","slug":"the-sordid-price-history-of-a-local-mega-flop","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2012\/03\/02\/the-sordid-price-history-of-a-local-mega-flop\/","title":{"rendered":"The Sordid Price History of a Local Mega-Flop"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2012\/03\/22325-NE-Old-Woodinville-Duvall-Rd-sm.jpg\" style=\"width:250px; height:188px; float:right; margin:0 0 10px 10px; border:0;\" \/>Behold the sordid tale of a home I&#8217;ve been keeping my eye on for quite a while.  It&#8217;s a spec-built home in Woodinville (just a <a href=\"http:\/\/g.co\/maps\/b7uh9\" title=\"Google Maps\">37-minute<\/a> + <a href=\"http:\/\/www.wsdot.wa.gov\/Tolling\/TollRates.htm#520bridge\" title=\"WSDOT SR 520 Bridge Toll\">$3.50 toll<\/a> drive to downtown Seattle)&mdash;7,216 square feet on 14 acres.  This one&#8217;s got the <a href=\"http:\/\/seattlebubble.com\/blog\/tag\/avondale-albatross\/\" title=\"The Avondale Albatross\">Avondale Albatross<\/a> beat by a longshot, both in the sheer audacity of the project and in the scope of the resulting fiasco.<\/p>\n<p>Before I give you the link to the home, have a look at this price history that I compiled by digging through my past email alerts, county records, and personal notes on this home:<\/p>\n<ul>\n<li>07\/12\/2005: Lot purchased for $315,000<\/li>\n<li>10\/06\/2005: Construction loan taken out for $1,200,000<\/li>\n<li>02\/20\/2007: Loan refinanced, boosted to $1,800,000<\/li>\n<li>03\/06\/2007: Additional $350,000 financed, total $2,150,000<\/li>\n<li>07\/09\/2007: Newly-finished home listed at $2,695,000<\/li>\n<li>09\/07\/2007: Price drop to $2,595,000<\/li>\n<li>11\/27\/2007: Price drop to $2,350,000<\/li>\n<li>06\/20\/2008: Price drop to $2,100,000<\/li>\n<li>07\/20\/2008: Delisted<\/li>\n<li>08\/08\/2008: Relisted at $3,000,000 <em>(new listing agent)<\/em><\/li>\n<li>08\/21\/2008: Price drop to $2,300,000<\/li>\n<li>10\/09\/2008: Price drop to $2,100,000<\/li>\n<li>10\/24\/2008: Price drop to $1,900,500 &#8211; now officially a short sale<\/li>\n<li>11\/18\/2008: Delisted<\/li>\n<li>11\/18\/2008: Relisted at $1,900,500<\/li>\n<li>01\/22\/2009: Price drop to $1,800,500<\/li>\n<li>02\/11\/2009: Price drop to $1,750,000<\/li>\n<li>03\/03\/2009: Price drop to $1,699,995<\/li>\n<li>03\/10\/2009: Price drop to $1,650,000<\/li>\n<li>03\/23\/2009: Price drop to $1,500,000<\/li>\n<li>09\/11\/2009: Price drop to $1,250,000<\/li>\n<li>10\/06\/2009: Delisted<\/li>\n<li>10\/07\/2009: Relisted at $1,250,000<\/li>\n<li>10\/17\/2009: Price drop to $1,195,000<\/li>\n<li>11\/12\/2009: Price drop to $1,175,000<\/li>\n<li>12\/02\/2009: Pending<\/li>\n<li>08\/23\/2010: Back on market<\/li>\n<li>08\/23\/2010: Price drop to $1,000,000<\/li>\n<li>11\/23\/2010: Pending<\/li>\n<li>03\/16\/2011: Back on market<\/li>\n<li>06\/07\/2011: Price drop to $900,000<\/li>\n<li>06\/15\/2011: Pending<\/li>\n<li>02\/27\/2012: Sold for $500,000<\/li>\n<\/ul>\n<p>For those keeping score at home, that&#8217;s 83% off the peak asking price, and 77% off the total amount financed to build it.<\/p>\n<p><strong>Ouch.<\/strong><\/p>\n<p>Here&#8217;s the link: <a href=\"http:\/\/www.redfin.com\/WA\/Woodinville\/22325-NE-Old-Woodinville-Duvall-Rd-98077\/home\/18665829\" title=\"22325 NE Old Woodinville-Duvall Road\">22325 NE Old Woodinville-Duvall Road<\/a>, and here&#8217;s the data above in chart form:<\/p>\n<p style=\"margin: 5px auto; width: 600px; font-size: 0.8em; text-align: center;\"><a href=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2012\/03\/Wistful-in-Woodinville.png\" title=\"Wistful in Woodinville\" rel=\"lightbox[19190]\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/seattlebubble.com\/blog\/wp-content\/uploads\/2012\/03\/Wistful-in-Woodinville-600x435.png\" style=\"border: 0;\" title=\"Wistful in Woodinville - Click to enlarge\" alt=\"Wistful in Woodinville\" width=\"600\" height=\"435\" \/><\/a><\/p>\n<p>I&#8217;m sure that the surprisingly low final sale price was related to this bit, which appeared in the listing description near the end of its nearly five-year run:<\/p>\n<blockquote><p>As-Is condition &#8211; bank is aware of damage. Please be aware there is mold present.<\/p><\/blockquote>\n<p>Nothing like buying a brand new mansion that&#8217;s already got mold problems.<\/p>\n<p>I wonder if the <a href=\"http:\/\/www.irs.gov\/individuals\/article\/0,,id=179414,00.html\" title=\"The Mortgage Forgiveness Debt Relief Act and Debt Cancellation\">Mortgage Forgiveness Debt Relief Act<\/a> applies to &#8220;investment&#8221; homes like this.  For the builder&#8217;s sake, I certainly hope so.  Wouldn&#8217;t that just be a giant slap in the face to throw away so much money on this beast only to have the IRS subsequently come after you for taxes as if you had <em>earned<\/em> $1.6 million.<\/p>\n<p>This is easily the biggest flop I&#8217;ve seen in the Seattle area during the post-bubble crash.  Can anyone else beat an 83% discount off peak list?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Behold the sordid tale of a home I&#8217;ve been keeping my eye on for quite a while. It&#8217;s a spec-built home in Woodinville (just a 37-minute + $3.50 toll drive to downtown Seattle)&mdash;7,216 square feet on 14 acres. This one&#8217;s got the Avondale Albatross beat by a longshot, both in the sheer audacity of the&#8230;<\/p>\n","protected":false},"author":2,"featured_media":19193,"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":[382,843,699,60],"coauthors":[],"class_list":["post-19190","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-features","tag-flops","tag-mega-flops","tag-new-construction","tag-speculation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Sordid Price History of a Local Mega-Flop \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\/2012\/03\/02\/the-sordid-price-history-of-a-local-mega-flop\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Sordid Price History of a Local Mega-Flop \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"Behold the sordid tale of a home I&#8217;ve been keeping my eye on for quite a while. 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