{"id":443,"date":"2006-11-14T11:49:00","date_gmt":"2006-11-14T18:49:00","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=443"},"modified":"2006-11-14T11:49:00","modified_gmt":"2006-11-14T18:49:00","slug":"spotlight-condo-flipper-in-greenwood","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2006\/11\/14\/spotlight-condo-flipper-in-greenwood\/","title":{"rendered":"Spotlight: Condo Flipper in Greenwood"},"content":{"rendered":"

Found on Ziprealty.com: 633 NW 8th St<\/a>, Ballard\/Loyal Heights (98117)<\/p>\n

A developer from California has purchased a 1978 six unit apartment complex and began converting to condos in June. They’ve been working on a unit by unit basis and appear to be close to finishing unit #201, listed 3 days ago.<\/p>\n

There’s no image posted on ziprealty, but I’ve posted a satellite shot here<\/a>. Note the green barn-like pattern on the North face of the structure.<\/p>\n

From Ziprealty.com<\/a>:<\/p>\n

Newbury north in greenwood is nearly complete & now selling! Beautifully appointed 2 bed 1.75 bath unit in a cozy 6 unit bldg in a great location near hip 85th & greenwood ave intersection. Stainless appliances, granite countertops, hardwood floors, fireplace, balcony, and designer paint. 10 minute commute to seattle via i-5, or take aurora ave or 15th ave. Walking distance to greenlake; a bike ride away from ballard and u.W. Don’t miss out-quality at this price doesn’t come along very often!<\/p><\/blockquote>\n

Records indicate<\/a> the property was purchased on 06\/23\/06 for $800,000. Five of the Six units are 2 bed\/1.75bt with 950 sq ft, while one unit is a 1\/1 and 650 sq ft.<\/p>\n

I drove by this unit a few weeks ago and noticed that they were installing cheap vinyl siding over the original 3-story rectangular 1978 concrete stucco. Property Shark<\/a> lists the property in “average” condition and judging by what I saw, it requires a total overhaul. In addition, the building is 2 doors down from a self car wash and the overall area looks to be in general disrepair.<\/p>\n

Let’s be generous and say it’ll cost $65,000 per unit, not including holding costs or realtor commissions. That would bring the cost of the project to about $1,190,000.<\/p>\n

If the developer is able to sell all 5 units at $275,500, and the 1 bedroom unit for $229,000, that would be $1,606,500 – or a profit of $416,500. Not too shabby.<\/p>\n

Comparable units for sale in the area<\/strong>:<\/p>\n

8354 11TH Ave NW #2, 98117
$ 284,950 (reduced 10\/19\/06)
939 SqFt, 2bd\/1bt
59 Days on Market
MLS# 26156431<\/p>\n

8721 2ND Ave NW, 98117
$ 289,900 (reduced 10\/19 – Bank Owned)
1370 SqFt, 3bd\/2bt
37 Days on Market
MLS# 26169242<\/p>\n

4102 Stone Way N, 98117
$ 229,500 (has been relisted)
Condo Conversion 1bd\/1bt
Sq Footage not Shown
MLS# 26177048
<\/span>
On the surface it would appear that the pricing is considerably less (under $300,000) than other condos in the area. However, we’re talking a conversion here and as the market tightens one could easily assume that buyers are becoming increasingly picky in their decisions. Still, I think he’s got a good shot at turning a profit since these units are priced near the KC Median of $259,700. (down slightly from a high of $269,500 in August)<\/p>\n

Questions for readers<\/strong>:<\/p>\n

How much do you think the actual cost of a full renovation of this unit would be? Is NW 85th\/8th Ave in Greenwood a desirable area? Are people willing to purchase a quickly thrown together conversion at these prices? Where can I find comparable units that have already sold in this area? (I’ll add them to this post)<\/p>\n

It’s hip, cozy and has granite countertops! What more could anyone want?<\/p>\n

\n
Seattle Bubble Tip Jar<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Found on Ziprealty.com: 633 NW 8th St, Ballard\/Loyal Heights (98117) A developer from California has purchased a 1978 six unit apartment complex and began converting to condos in June. They’ve been working on a unit by unit basis and appear to be close to finishing unit #201, listed 3 days ago. There’s no image posted…<\/p>\n","protected":false},"author":3,"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":[],"tags":[4],"coauthors":[],"class_list":["post-443","post","type-post","status-publish","format-standard","hentry","tag-condos"],"yoast_head":"\nSpotlight: Condo Flipper in Greenwood \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\/2006\/11\/14\/spotlight-condo-flipper-in-greenwood\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Spotlight: Condo Flipper in Greenwood \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"Found on Ziprealty.com: 633 NW 8th St, Ballard\/Loyal Heights (98117) A developer from California has purchased a 1978 six unit apartment complex and began converting to condos in June. 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