Your PITI is around $3200/month. Your home is around 1400 square feet. My observations put rent at about $1/sqft. You
could rent a comparable place for $1400/month.
We pay $2,400 a month. Good luck finding a comparable rental for $1400 a month...maybe $1,800 if you were really lucky. But most comparable places would be $2,000 or more. Our house is actually 1,800 sq ft (the county records are outdated).
Arg... the house in the first post just went contingent. More proof there are still some greater fools buying fast a furious in the Seattle market, though I haven't yet seen what they paid.
Purchased for $400K in 2002. Listed at 1480 sq. ft. on King County, though they have the audacity to list it at 2760 sq. ft. now that they walled up the bat-cave down below.
This baby could be yours for the low-low price 959 thousand dollars. If you offer a cool mil, they'll throw in the bats.
Not nearly as bad as one I saw down in the southtowns someplace. Photo-shopped a 'Vet out front in the driveway, and then got a little carried away photo-shopping blue sky (even though the ground was wet), and turned a whole wall into sky!
Looked like you could see right through the house via the hand of Escher.
I swore there would be no way that this condo unit (with a decent location, but in a building that's pretty comparable to the U-District apartment that I lived in from 2002-2004 during college for $850/month with one of my friends) would sell for $350k.
45 days, and it's now STI.
What did P.T. Barnum say? I guess the cheap IKEA furniture in the pictures went a long way.
Here's one that went to preforeclosure quick. 200+ days on the market, sold for $415K last year now listed at $359K and is apparently still overpriced given how old the listing is.
12556 37 Ave NE
Seattle, WA 9815
That's -13% YOY if they manage to get the asking price.
From what I see perusing the MLS, I would guess we will be seeing a lot more like that Lake City property, mike2.
Flipper/renovators who paid too much at the top of the market with loans that only make sense if you can sell/refi soon.
The shoddy reno/flips just aren't selling, so those newbie investors who stretched too far to "strike it rich in real estate" are going to be in some distress.
I think there are a lot more Seattle Erics out there than people realize.
It's a seductive route: Quit your job. Be your own boss. Work with your hands. Make a mint by the sweat of your brow.
Too bad it doesn't work when RE is so over-priced it doesn't cash flow and you buy at the top of the market and then the music stops.
Bought in late Jan for $295k
On market in early May for $440k
Price reduced a few days ago to $425k and added a 1yr home warranty
this place has no view, no balcony, the building is garbage, and there are 5-6 halfway houses within a block. BUT, all the staging furniture is included!
Was on the market for months at $240k, went through a few price reductions, finally went STI for $225k. That deal must have fallen apart though, because it's back on the market again for $240k and has been sitting there for 65 days.
Seems pretty gutsy to think they could tack another $80K appreciation onto the $225K it went up in the previous 9 months, but I suppose if your approach to figuring future values is to take two points and draw a straight line through them it fits all right.
Seems pretty gutsy to think they could tack another $80K appreciation onto the $225K it went up in the previous 9 months, but I suppose if your approach to figuring future values is to take two points and draw a straight line through them it fits all right.
Unless I'm mistaken, I saw this listed back in March sometime. I remember that unique fireplace.
$1,195,000
13419 NE 27th St
Bellevue, WA 98005
MLS: 27096298
Bought: 01/12/2006 $825,000
What do you get for your $370,000? A "contemporary fixer" with "permits [that] are almost ready for the major remodel" and the house has been "cleared inside for the construction". Do I read this right? They're asking $370k profit for a set of plans/permits and a gutted house? If so, what a bargain!
Must have nice views of 520 as well; close enough to hear it all the time.
They must have asked somebody how much to adjust the price because of the gutting, and they answered 370K; so they added that amount to the price. Of course they were supposed to subtract it from the price.
Bought 09/29/2006 for $455,000, went on market in January at $585,000 (or more, I suppose they might have come down since then). Agent says this about the apparently $130,000 worth of improvements they put in during Oct-Dec:
"House is in prime location, it could use a little love."
Sadly no pictures to explain that effusive endorsement.
Anyone have tips on how to track down historical MLS prices for properties that have been on the market a long time like this one?
Update: the Sales Manager at Huling Brothers that was charged with theft from a mentally disabled man has slashed the price of his Loyal Heights bungalow. 3006 nw 73rd st, originally listed at ~750K to 600K. Still ridiculously overpriced.
...Two Huling salesmen — Ted E. Coxwell, 39, and Paul R. Rimbey, 39, and their sales manager, Adrian G. Dillard, 32 — were charged this week with exploiting the mentally ill man and stealing what amounted to his life savings.
I think that was a foreclosure in January, not a real sale (not sure what price is used, maybe the outstanding balance of the note?). It's going to be interesting to see what happens with these, as I predict a lot more of them in the coming year (though Seattle will see nothing like the forecloser s**tstorm hitting Las Vegas or CA's Riverside County).
Yes, it was a foreclosure. The odd thing is that the sale price was over $100K higher than the mortgage balance, and they've tacked on another $37K on top of that and still didn't bother to get a cleaning crew in there.
If the house is worth $369K the previous owner would have had to pull out a TON of equity to not be able to refinance or sell once they started missing mortgage payments.
Comments
We pay $2,400 a month. Good luck finding a comparable rental for $1400 a month...maybe $1,800 if you were really lucky. But most comparable places would be $2,000 or more. Our house is actually 1,800 sq ft (the county records are outdated).
Here's another up the lake just a bit:
Lists at $885,000.
Zillows at $490,663.
In remodel process:Offer by 4/15 and choose paint floor covering, cabinets, inside doors, hardware & plumbing fixtures.
Is this desperation as the market teeters on the brink, to coral a buyer before the decline? Dunno.
Did they run out of money, and need the down-payment to finish the work? Dunno that either. It will be interesting to watch.
Nah...the market is still very strong. That's all...
http://seattle.craigslist.org/see/apa/299085659.html
Way the hell nicer than a Ballard bungalow. You get a nice historic older home with a big lot and some decent square footage.
Just to rev this thread back up, and get it back on track from all that speculation about Meshugy single-handedly depressing local RE prices...
Here's a beauty in Magnolia:
Purchased for $400K in 2002. Listed at 1480 sq. ft. on King County, though they have the audacity to list it at 2760 sq. ft. now that they walled up the bat-cave down below.
This baby could be yours for the low-low price 959 thousand dollars. If you offer a cool mil, they'll throw in the bats.
Not nearly as bad as one I saw down in the southtowns someplace. Photo-shopped a 'Vet out front in the driveway, and then got a little carried away photo-shopping blue sky (even though the ground was wet), and turned a whole wall into sky!
Looked like you could see right through the house via the hand of Escher.
Too funny.
I swore there would be no way that this condo unit (with a decent location, but in a building that's pretty comparable to the U-District apartment that I lived in from 2002-2004 during college for $850/month with one of my friends) would sell for $350k.
45 days, and it's now STI.
What did P.T. Barnum say? I guess the cheap IKEA furniture in the pictures went a long way.
Whoops...that link is dead. Don't panic potential buyers, I found the new one for you. Luckily the price hasn't gone up!!
On market for "16" days.
Listed at $1,595,000
MLS#: 27082744
16131 41st Ave NE
Lake Forest Park, WA 98155
http://www.redfin.com/stingray/do/print ... -id=749552
12556 37 Ave NE
Seattle, WA 9815
That's -13% YOY if they manage to get the asking price.
http://www.redfin.com/stingray/do/print ... -id=297336
nuf said.
MLS# 27093606
From what I see perusing the MLS, I would guess we will be seeing a lot more like that Lake City property, mike2.
Flipper/renovators who paid too much at the top of the market with loans that only make sense if you can sell/refi soon.
The shoddy reno/flips just aren't selling, so those newbie investors who stretched too far to "strike it rich in real estate" are going to be in some distress.
I think there are a lot more Seattle Erics out there than people realize.
It's a seductive route: Quit your job. Be your own boss. Work with your hands. Make a mint by the sweat of your brow.
Too bad it doesn't work when RE is so over-priced it doesn't cash flow and you buy at the top of the market and then the music stops.
http://redfin.com/stingray/do/printable-listing?listing-id=734579
Bought in late Jan for $295k
On market in early May for $440k
Price reduced a few days ago to $425k and added a 1yr home warranty
this place has no view, no balcony, the building is garbage, and there are 5-6 halfway houses within a block. BUT, all the staging furniture is included!
Not a flip, but in the same building there's also this unit:
http://redfin.com/stingray/do/printable-listing?listing-id=604202
Was on the market for months at $240k, went through a few price reductions, finally went STI for $225k. That deal must have fallen apart though, because it's back on the market again for $240k and has been sitting there for 65 days.
SEATTLE 2646 EAST VALLEY STR,
SEATTLE WA 98112 SFR MICHAEL RANKIN $469,900.00
http://www.zillow.com/HomeDetails.htm?zprop=48941324
On market now for $829,000
Sold 01/22/2007 for $750,000
Sold 04/24/2006 for $525,000
http://www.redfin.com/stingray/do/print ... -id=780115
Seems pretty gutsy to think they could tack another $80K appreciation onto the $225K it went up in the previous 9 months, but I suppose if your approach to figuring future values is to take two points and draw a straight line through them it fits all right.
Unless I'm mistaken, I saw this listed back in March sometime. I remember that unique fireplace.
1839 N 57th St
Seattle, WA
So here it is now:
$829,000
MLS: 27091607
Here it is back in early May
$879,000
MLS: 27066334
Little harder to find, and no date, but...
$899,500
MLS: 27048543
Another link
Here's one:
http://www.zillow.com/HomeDetails.htm?zprop=38528179
Ouch. I'm thinking Seattle Eric would have done better to hang on a few more months at Acquantive rather than quit to work full time at flipping.
Acquantive (AQNT) was just acquired by Microsoft and the stock has more than doubled since he left!
Hopefully he did not forfeit too many stock options on departure.
$1,195,000
13419 NE 27th St
Bellevue, WA 98005
MLS: 27096298
Bought: 01/12/2006 $825,000
What do you get for your $370,000? A "contemporary fixer" with "permits [that] are almost ready for the major remodel" and the house has been "cleared inside for the construction". Do I read this right? They're asking $370k profit for a set of plans/permits and a gutted house? If so, what a bargain!
They must have asked somebody how much to adjust the price because of the gutting, and they answered 370K; so they added that amount to the price. Of course they were supposed to subtract it from the price.
http://www.redfin.com/stingray/do/print ... -id=353437
Bought 09/29/2006 for $455,000, went on market in January at $585,000 (or more, I suppose they might have come down since then). Agent says this about the apparently $130,000 worth of improvements they put in during Oct-Dec:
"House is in prime location, it could use a little love."
Sadly no pictures to explain that effusive endorsement.
Anyone have tips on how to track down historical MLS prices for properties that have been on the market a long time like this one?
Femto, that is a gem
Allow me to help you out with a bit more info. From ZipRealty - here is the listing history.
Price Reduced: 03/21/07 -- $762,500 to $610,500
Price Reduced: 04/06/07 -- $610,500 to $601,500
Price Reduced: 04/25/07 -- $601,500 to $585,500
He's already come down almost $180k. C'mon - this is a bargain! Perhaps you could get a Sweet Deal on that sweet view.
Is this really the same guy?
http://seattlebubble.com/blog/1982/04/1 ... en-thread/
Update: the Sales Manager at Huling Brothers that was charged with theft from a mentally disabled man has slashed the price of his Loyal Heights bungalow. 3006 nw 73rd st, originally listed at ~750K to 600K. Still ridiculously overpriced.
Car salesmen accused of bilking mentally ill man
...Two Huling salesmen — Ted E. Coxwell, 39, and Paul R. Rimbey, 39, and their sales manager, Adrian G. Dillard, 32 — were charged this week with exploiting the mentally ill man and stealing what amounted to his life savings.
http://www5.metrokc.gov/reports/propert ... 2872100746
Address 3006 NW 73RD ST 98117
Taxpayer: DILLARD ADRIAN G
8706 18th Ave NW
Seattle, WA 98117
Har Har.
http://www.redfin.com/stingray/do/print ... -id=762900
If the house is worth $369K the previous owner would have had to pull out a TON of equity to not be able to refinance or sell once they started missing mortgage payments.
910 N 82nd St
Seattle, WA 98103
Current Asking Price: $469,950
Last Sale: $470,000 (12/29/2006)
It appears the previous owner was getting foreclosed on so the current owner bailed her out. She came away with $70K and he's going to lose money.
http://www.redfin.com/stingray/do/print ... -id=796810