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North Seattle Flip goes Flop

mike2mike2
edited May 2007 in Seattle Real Estate
10733 14TH AVE NE
SEATTLE, WA 98125

last sold 8/28/06 for $415K, now pending sale at $350K. Ouch. -16% YOY.

The person that purchased it last August bought a total of 5 homes in 3 months late last year.

I'm finding more of these strapped gamblers than I saw last year. It looks like the easy money of 2006 created a few local Casey Serins. This is the third one I've seen in the past few weeks bailing out.

Comments

  • hesotriflinhesotriflin
    Thanks for sharing the info. It would be cool if you could compile your findings sort of like how the bubbletracking blog does.
  • mike2mike2
    Thanks for the suggestion - I'm making some lists, but haven't compiled them yet.
  • synthetiksynthetik
    oh, that's just some remote suburb of seattle. That will never happen in Seattle, because we're _________.

    Btw, the blog idea is great.
  • bilirubenbiliruben
    Bubble tracker has some inside help - full access to the MLS as well as loan docs. It became a lot harder to dig up info when the Deeds of Trust went offline in the name of "Privacy".

    They claimed SS#s were being harvested, but as far as I know SS#s haven't been on Deeds in over 20 years. If I were a conspiracy theorist...
  • JustiseJustise
    Check out this one, it doesn't seem real almost.

    http://www.redfin.com/stingray/do/print ... -id=506481
  • mike2mike2
    Justise wrote:
    Check out this one, it doesn't seem real almost.

    http://www.redfin.com/stingray/do/print ... -id=506481

    Condo conversions often show up like that since the new parcel numbers haven't been assigned or show up properly in the records yet.

    Even some of the new condo buildings like 2200 don't have individual units showing in the county parcel viewer (last time I checked).

    What's interesting about that building though is it appreciated 11% in 7 years prior to 03, then 60% from 03-06, and god only knows how much more after being cut up and sold as condos.
  • JazenJazen
    That's because the dude didn't listen to Armando Montelongo.
    He is da man.
  • AwaySoonerAwaySooner
    Housing is still hot here. I sold my 2/1 condo in Kirkland end of Feb, it was on the market for 1 day, I received 3 offers. Didn't even make it to open house for the weekend. The only reason I sold it is because I came to my senses how ridiculously overprice my small condo is, plus I now have a 1 year old daughter. We rent a 3/2 apartment now for the same monthly payment. It's going to be a while for this craze to die down.
  • Lake Hills RenterLake Hills Renter
    Excuse my skepticism, but I somehow doubt that one condo in Kirkland selling the month before the lending standards tightened is representative of the current market of the entire region.
  • AwaySoonerAwaySooner
    I hope not too! I am a renter now. :)
    Lake Hills Renter wrote:
    Excuse my skepticism, but I somehow doubt that one condo in Kirkland selling the month before the lending standards tightened is representative of the current market of the entire region.
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