Bought 05/18/2007 for $400,000
Now on market for $629,000 (a 57% increase)
At $409 per square foot this is now priced about 30% above the average in the area.
Yep, this is on my running route. This place is the 3rd or 4th flip for this builder on the block. The interesting thing is that this house is the exact same floor plan as all his other flips. $409/square foot (and half of those square feet are basement) gets you a floorplan with no dining area. It is living room and kitchen only. It also has the classic Ballard poobox 'front bedroom' which I despise.
I looked at his first flip and in my opinion it had VERY poor finish work. I don't think he is going to have much luck with this one.
Now of course, the sheik roof could make the difference. Perhaps the sheik's head is a small reading library with glass-block windows in his eyes for added natural light.
What blows me away is that for the same $600K+ that you'ld spend to buy either of the last two boxes you could get several acres close to town with a nice 3-4,000 square foot home- in Spokane. Hey, the sun shows up once in a while too! Skiing, boating, opera, everything you could want. Jobs, too.
I would never in a million years pay that much to live in that neighborhood on that street: $899K!
This is interesting, and not just because some REA considers a half-mile across several major streets (including 85th) to be worth describing as "walking distance to fabulous Green Lk.". The sales history is odd:
I can't find any docs on the 2001 sale, but it seems likely to be a foreclosure or an estate sale. The 2005 sale seems to have been to a flipper, it went to NOTS (last step before foreclosure) at least twice and several liens were filed against it by construction companies. The 2006 sale was the flipper bailing out (and probably not even breaking even despite the $145K gain). The truly stunning sale is the Mar. 2007, a full $185K over three months earlier--these guys should be stars on Flip That House. I can't fathom who would have thought this was a good buy, there are many nicer homes in much nicer areas for less (including ones within actual walking distance to Green Lake), but he's now clearly hoping for a Greater Fool to rescue him (there's already a lien from a heating company, this may be heading to FC soon).
Let me help. $5,000/mo. moves you in, covers: p+i, taxes, lost income on the down, and 1% for maintenance. To spend that responsibly, i.e. housing costs equal to 1/3 of gross income, you'll need a household income of $180,000/yr. Can't do that? Then you're priced out forever!!
And I don't want to hear any talk about some mystical housing bubble.
This can be fun, as much fun as they are having on the Craigs list thread. I've been watching the market for well over a year (yes, with the intent to buy, but now we're waiting until spring to see what happens). I know of lots of flips on the market.
This one kills me because it's one block from son's school, exactly where we need to be. There's no way I'll even consider this price, though:
Here's an odd one. Price has been dropped $159k since it went on the market 9+ months ago. Still asking $640k vs a zestimate of $563k
820 N 60th St
Seattle, WA 98103
Beds: 4
Baths: 3
Sq. Ft.: 2,558
$/Sq. Ft.: $250
Lot Size: 4,122 sq. ft.
Type: Residential
Style: 1 Story With Basement
Year Built: 1910
View(s): Lake, Territorial
Community: Green Lake
County: King
MLS#: 27041125
Status: Active
On Redfin: 252 days
Unsold in 45+ days
Great Investment!!Huge price drop $159K. This 1910 Green Lake Beauty has much to offer. Upper unit has gleaming hrd/wood flrs, gas fp, french doors to 2nd bdrm, large formal dining, open chef's kitchen, lots of cup board storage, newer washer/dryer. Mother in law in lower unit, remodeled in Mar with pergo flrs, new cup boards, & countertops, wood burning fp, 2 bdrm, 2 full bth, large utility rm with new washer dryer. Buyer/Seller to verify all sq ft. Seller to pay up to $7k for closing costs.
Redfin listing
Sales History
Date Price Appreciation
02/27/2004 $395,000 21.8%/yr
11/29/1999 $170,940 0.0%/yr
11/19/1999 $170,938 50.0%/yr
12/28/1998 $119,000 --
This isn't actually a flip, but some builder put this up over the summer on spec believing that if you pop some solar panels on top of a "Green" (literally green as well) beach shack and pretend like it's in Wedgwood (personally I guess it MIGHT be, but I prefer to call it meadowbrook or better yet LAKE CITY) then you can charge almost a million bucks for it.
It went on the market a few months ago for $899K, dumped the realtor after a few weeks and now Windermere has it listed for $869K. I can't believe someone hasn't JUMPED on this sweet opportunity... To be financially raped that is. It's on my running route and I've been enjoying watching it for months. Likely it will provide a bit more entertainment for another bitter, jogging renter...
Last sale: 2/2/07 - $628,000
Current Asking Price: $1,195,000 (a 90+% increase)
Immaculate 1906 Capitol Hill Box completely restored in 2007 with all new systems. Formal day rooms, fireplace, hardwood floors & open staircase. Gourmet kitchen boasts Viking range & other s/s appliances, beautiful tile & ample cabinetry. French doors open to deck & yard. 3 light-filled bedrooms, 2 baths & laundry upstairs. Master bath is elegantly appointed with beautiful marble. Walk to parks, schools, restaurants & shops in this fantastic neighborhood. Single car garage with tandem parking.
Last sale: 2/2/07 - $628,000
Current Asking Price: $1,195,000 (a 90+% increase)
Immaculate 1906 Capitol Hill Box completely restored in 2007 with all new systems. Formal day rooms, fireplace, hardwood floors & open staircase. Gourmet kitchen boasts Viking range & other s/s appliances, beautiful tile & ample cabinetry. French doors open to deck & yard. 3 light-filled bedrooms, 2 baths & laundry upstairs. Master bath is elegantly appointed with beautiful marble. Walk to parks, schools, restaurants & shops in this fantastic neighborhood. Single car garage with tandem parking.
I remember when this place came on the market. It sold in one day with 14 offers. It was way underpriced. They've turned it pretty quickly.
Let's wish him luck with that price... There's a 50% larger house (with niceties such as, um, walls) two blocks away for $525K that's been sitting on the market for 5 months:
This isn't necessarily a flip but I think it provides an interesting reference point since it was built in 2000 and sold at a small loss in 2001 - at a point when the Puget Sound economy was reeling from the dot com collapse and unemployment was climbing rapidly.
Previously this home sold in March 2001 for approximately $1,700 less than it sold for in September 2000.
Now, despite the strong economy and low unemployment rate, the home is for sale for $47,700 less than it was appraised for last year (apparenlty for extension of a WaMu equity plus line of credit that was probably used as a down payment on a second home in the same area).
17349 92nd Ave NE
Bothell, WA 98011
Previous sale price: $485,000
Current asking price: $437,300
Oh Yeah!! That's how you make money in real estate- by recognizing that the parcel down the street isn't just an old house on a decent lot. No way! YOU have the wisdom to see that it's a future $9,000,000 estate (using the old rule of thumb where land is 1/3 of the total value), in an area of $1,000,000 homes.
And we all though crack was just an inner-city problem...
Unfortunately for the seller, a buyer who was willing to pay $2 million for a scrape-off house on 1 acre didn't see the parcel, because it was outside the search criteria.
Comments
Yep, this is on my running route. This place is the 3rd or 4th flip for this builder on the block. The interesting thing is that this house is the exact same floor plan as all his other flips. $409/square foot (and half of those square feet are basement) gets you a floorplan with no dining area. It is living room and kitchen only. It also has the classic Ballard poobox 'front bedroom' which I despise.
I looked at his first flip and in my opinion it had VERY poor finish work. I don't think he is going to have much luck with this one.
Now of course, the sheik roof could make the difference. Perhaps the sheik's head is a small reading library with glass-block windows in his eyes for added natural light.
http://www.johnlscott.com/propertydetai ... 469&Sort=0
$460 per sq. ft.
Bought: 2/13/07 for $418K
Listing Price: $689K
This one has ponies -- there's even a photo of a pony on the wall!
(It drives me crazy when photos focus more on the furniture/decor in the house rather than the house features).
http://www.redfin.com/stingray/do/print ... id=1202878
I would never in a million years pay that much to live in that neighborhood on that street: $899K!
This is interesting, and not just because some REA considers a half-mile across several major streets (including 85th) to be worth describing as "walking distance to fabulous Green Lk.". The sales history is odd:
03/14/2007 $825,000
12/14/2006 $640,000
08/31/2005 $495,000
05/31/2001 $83,000
06/02/1989 $115,000
I can't find any docs on the 2001 sale, but it seems likely to be a foreclosure or an estate sale. The 2005 sale seems to have been to a flipper, it went to NOTS (last step before foreclosure) at least twice and several liens were filed against it by construction companies. The 2006 sale was the flipper bailing out (and probably not even breaking even despite the $145K gain). The truly stunning sale is the Mar. 2007, a full $185K over three months earlier--these guys should be stars on Flip That House. I can't fathom who would have thought this was a good buy, there are many nicer homes in much nicer areas for less (including ones within actual walking distance to Green Lake), but he's now clearly hoping for a Greater Fool to rescue him (there's already a lien from a heating company, this may be heading to FC soon).
http://www.redfin.com/stingray/do/print ... -id=883220
1133 N 84th St
Seattle, WA 98103
Rather unremarkable 1700 sq ft home on a small lot in greenwood, asking $658K. Doesn't even have granite countertops. And it's vacant.
Nuts.
And I don't want to hear any talk about some mystical housing bubble.
This one kills me because it's one block from son's school, exactly where we need to be. There's no way I'll even consider this price, though:
http://www.redfin.com/stingray/do/print ... id=1000045
It's got all the essentials: marble, stainless, and an expansive yard for the boy:
3333 sq ft for pushing a million?!? Why that's probably at least 875 blades of grass. Only a K each!
Redfin listing
Sales History
Date Price Appreciation
02/27/2004 $395,000 21.8%/yr
11/29/1999 $170,940 0.0%/yr
11/19/1999 $170,938 50.0%/yr
12/28/1998 $119,000 --
ZipRealty Price Track:
Price Reduced: 06/19/07 -- $799,000 to $749,000
Price Reduced: 06/19/07 -- $749,000 to $699,000
Price Reduced: 08/21/07 -- $699,000 to $640,000
"Close to freeway"
It went on the market a few months ago for $899K, dumped the realtor after a few weeks and now Windermere has it listed for $869K. I can't believe someone hasn't JUMPED on this sweet opportunity... To be financially raped that is. It's on my running route and I've been enjoying watching it for months. Likely it will provide a bit more entertainment for another bitter, jogging renter...
http://www.windermere.com/index.cfm?fus ... D=19319103
Hmmm... down to $795K as of Feb!
Last sale: 2/2/07 - $628,000
Current Asking Price: $1,195,000 (a 90+% increase)
Immaculate 1906 Capitol Hill Box completely restored in 2007 with all new systems. Formal day rooms, fireplace, hardwood floors & open staircase. Gourmet kitchen boasts Viking range & other s/s appliances, beautiful tile & ample cabinetry. French doors open to deck & yard. 3 light-filled bedrooms, 2 baths & laundry upstairs. Master bath is elegantly appointed with beautiful marble. Walk to parks, schools, restaurants & shops in this fantastic neighborhood. Single car garage with tandem parking.
I noticed this house is now $595K -- still too high for what it is, but it's starting to drop.
I remember when this place came on the market. It sold in one day with 14 offers. It was way underpriced. They've turned it pretty quickly.
http://www.redfin.com/stingray/do/printable-listing?listing-id=1329326
Let's wish him luck with that price... There's a 50% larger house (with niceties such as, um, walls) two blocks away for $525K that's been sitting on the market for 5 months:
http://www.redfin.com/stingray/do/print ... -id=951949
Bought: Feb. '07 for $1,275,000
On the market today for $1,650,000 (29.4% increase in 10 months)
Full history
New construction, not improved since previous sale, so I guess this is just a plain flip, not a renovation.
Previously this home sold in March 2001 for approximately $1,700 less than it sold for in September 2000.
Now, despite the strong economy and low unemployment rate, the home is for sale for $47,700 less than it was appraised for last year (apparenlty for extension of a WaMu equity plus line of credit that was probably used as a down payment on a second home in the same area).
17349 92nd Ave NE
Bothell, WA 98011
Previous sale price: $485,000
Current asking price: $437,300
http://www.redfin.com/stingray/do/print ... id=1286106
http://www.redfin.com/stingray/do/print ... id=1350249
Bought 3/29/2006 for $470,000.
Now on the market for $829,000 (+$359,000, ~75%)
City records has square footage at 1140, so I'm guessing about 1000 of the 2147 claimed in the listing is in the basement.
12425 NE 39th St
Bellevue, WA 98005
MLS #: 27090202
http://www.redfin.com/stingray/do/printable-listing?listing-id=775019
Sold on 6/2/2006 for $897,500
No updates apparently, but now asking $2,995,000. "VALUE IN THE LAND!" The county thinks the land was worth $528K in 2006.
And we all though crack was just an inner-city problem...
Look! Nearly 50% of your interest payment could be covered by the rent! This practically cash flows!
326 N 45th St
Seattle, WA 98103
http://www.redfin.com/stingray/do/print ... id=1304321
http://www.johnlscott.com/propertydetail.aspx?GroupID=56239407&ListingID=31060263&Sort=0
That "view" is almost as much of a stretch as the price. I have a hard time believing there are comps anywhere near that asking price. Insane.