Equity Stompin' Comp Killers
With growing evidence that our market's no longer headed up I thought I'd start a parallel thread to the Audacious Flips and Renovations, this time focusing on "Comp Killers", homes that are for sale well below peak prices. I'll start off with this Greenwood REO on the market for 10% off what it sold for two years ago:
Current Price: $499,000
04/12/2007 $494,481 -9.9%/yr (foreclosure)
01/31/2006 $560,000 105.1%/yr
05/17/2005 $336,500 9.0%/yr
http://www.redfin.com/stingray/do/print ... id=1260459
Worth noting that this has been on the market for 60 days now, suggesting it's got a ways further to go to find the market price.
Current Price: $499,000
04/12/2007 $494,481 -9.9%/yr (foreclosure)
01/31/2006 $560,000 105.1%/yr
05/17/2005 $336,500 9.0%/yr
http://www.redfin.com/stingray/do/print ... id=1260459
Worth noting that this has been on the market for 60 days now, suggesting it's got a ways further to go to find the market price.
Comments
http://www.redfin.com/stingray/do/print ... id=1288474
http://www.redfin.com/stingray/do/printable-listing?listing-id=1223463
Damn, they didn't last long at all. By May 2007 they were already $15K behind on the mortgage. And this home is in the good part of the highlands - Issaquah School district.
12514 145th Pl SE
Renton, WA 98059
Sold 10/11/2006: $593,300
Current Asking Price: $499,950
http://www.redfin.com/stingray/do/print ... id=1154075
Ouch. I know a guy that just bought a 1500 sq ft home in that neighborhood for $5K more Spring 2007. He is (or was) a mortgage broker at WaMu no less.
Asking $254k. Sold in 2005 for $310k.
edited to add the address
2409 Aberdeen Ave NE
Renton, WA 98056
Sold a year ago for $470k
Now listed for $350k
Wow.
Now on the market for the 3rd time in three years makes you wonder if something funny is going on. Sold for 400k in Dec 05.
A great comp killer.
910 N 82nd St
Seattle, WA 98103
The current owner is in foreclosure (surprise) and he also bought the house from someone facing foreclosure. These "double FC's" are interesting. If I had to guess, the current owner was fresh out of a "how to make money buying foreclosures" seminar and in his haste to make his first deal he grossly overpaid. Either that, or the house is just a horrible money pit bankrupting owner after owner.
Also, would it be too much to ask that you guys post the addresses in the thread? It makes it easier to look up the sales history once these places have gone off the market.
What a tiny house-- and half a block off Aurora, love it!
It also gets the post to return as a hit in Google when someone searches on the address. In other words...when someone thinking about buying a house searches for it in Google they end up with a link to Seattle Bubble.
:twisted:
It looks like someone purchased the site, had a home built in 2000 and then couldn't pay for it. Property tax lean, foreclosure. Looks like the bank is anxious to sell it. Zillow extimates $1,385,00; offered at $999,900.
This is a comp killer!
Only foreclosure, at the moment, on BI. With 8 at some stage of preforeclosure it won't be lonely long.
I don't directly put any weight in the Zestimate, but this is definitely bad news for this neighboring property:
http://www.redfin.com/stingray/do/print ... id=1196338
Around half the acreage/half the square footage and offered at $1.269MM. Apply the same price per square foot as the killer property and that would be more like $600K. Ouch.
22213 42nd Ave S #204
Kent, WA 98032
Asking Price: $245,000
Previously sold 08/16/2006 $269,000
http://www.redfin.com/stingray/do/print ... id=1363243
EDIT: Now asking $200K. Down 25% from August 2006.
34602 SE Linden Lp
Snoqualmie, WA 98065
01/05/2006: $465,500
Now: $439,900
Snoqualmie Ridge is hurting big time.
Look at the sales history on this it must be a short sale but over 150k down in only 6 months, seems fishy to me. The lot size must be wrong as well I drive by this everyday and no way is it only 2k sq ft lot.
http://redfin.com/stingray/do/printable ... -id=880574
6431 W Crest View Lp SE
Snoqualmie, WA 98065
06/30/2006: $699,900
Price: $684,950
Just lowered the price today.
Wow! I don't follow that area much, but that seems like a pretty decent house. The price decreases are hilarious. Why not just take off a buck every minute until you get a bite?
Address:
4811 Seahurst Ave
Everett, WA 98203
Last sale price (excepting the trustee sale) was $417k.
Current list is $319k.
Why can't lender owned properties take some nice pictures? It's too much trouble to close the kitchen cabinets and pick up a little trash?
Seriously though, that's a lot of square footage for being a 2/2.
Sold 11/30/2006: $685,000
Pending (as of 1/22/2008): $630,000
8% drop in a little over a year.
Pending, not sold yet, according to the RE agent.
This is fairly close to where I live so it's nice to see that we're probably already 10% off the peak.
It seems the peak is somewhere in the Spring/Summer 2007 time period for a lot of areas, so it's possible that it would have sold for more in early 2007. So we could actually be somewhere in the 10-15% off peak, depending on whether the current seller overpaid for the house originally.
http://redfin.com/stingray/do/printable ... id=1024462
2844 SW Nevada St
Price: $299,250
Last sale: 02/01/2006 $302,000
http://www.redfin.com/stingray/do/print ... id=1423946
14910 NE Woodinville Duvall Rd
Woodinville, WA 98072
Asking price: $659,300
Sales History
Date Price Appreciation
12/05/2007 $515,698 -29.1%/yr
01/22/2007 $695,000 10.1%/yr
10/22/1992 $176,000 -28.1%/yr
11/13/1991 $240,000 --
As a side note, the information available on RedFin in the Seattle area is far less revealing than what I'm seeing in the DC area. This ad says "the seller got a job offer in another state". Are we to assume that the new employer is eating the loss here? Whatever the case, if the $515K sale price is a highly suspect.
This next year there will be A LOT of homes up for sale in the DC area because of the change of administrations. Appointees need to find a soft place to land and typically resign as soon as they have a job offer. This happens, at a minimum, every 8 years. [Leaving the political prognostications to others...] Replacement hires may need to rent if they can't sell their homes.
http://www.redfin.com/stingray/do/print ... id=1366637
This has to be mortgage fraud. $840K for this place a year ago is completely nuts. Foreclosed in under a year, I wonder if they ever made a single payment? Perhaps we could persuade a local news outlet to look into this one? If someone stole $300K in cash from a bank they'd break into Dance War live to tell us about it.
So a quick peek at King Co. records shows that there was an NTS on the previous purchaser as well (Jeanie Holland), bailed out at the last second (at exactly $100K higher?) by the last purchaser (Hector Martinez), who stopped paying in April and got another NTS by August of last year. You said you watched it change hands, did these people actually move in, or were they just straw buyers?