Eastside Flops (www.EastSideFlops.com)
Please use this thread to capture the "flops" (opposite of "audacious flips") on the Eastside. Flops are homes that are listed below their previous sale price. Seems like we are starting to some good flops. You can access this thread directly from www.EastSideFlops.com
Here's one flop to begin with...
Newer Redmond Ridge home -- bought for $460K in June/2006 and is now listed for $425K
http://www.redfin.com/WA/Redmond/9112-2 ... ome/444759
BTW, I hadn't noticed such significant price-drops with reasonably good starter-homes in Redmond -- so far. I guess that the best is yet to come.
Here's one flop to begin with...
Newer Redmond Ridge home -- bought for $460K in June/2006 and is now listed for $425K
http://www.redfin.com/WA/Redmond/9112-2 ... ome/444759
BTW, I hadn't noticed such significant price-drops with reasonably good starter-homes in Redmond -- so far. I guess that the best is yet to come.
Comments
http://www.redfin.com/WA/Kirkland/13119 ... me/2086118
Bought in June 2006 for 521,990.
Listed at: 474,990
On redfin: 66 days
http://www.redfin.com/WA/Bothell/16624-38th-Ave-SE-98012/home/11880373
If I'm living in The Boonies, I demand an acre, minimum. Preferably 10.
I like the name but deplore the house.
Sold for $607K in 2006
Now listed for $599K (ZEstimate is $589K)
http://www.redfin.com/WA/Kirkland/13113 ... ome/453619
Why does it matter what the people are asking for their houses? They may need to sell and can't get what they paid for them.
People can spend their free time any way that they like. If you don't like this thread, feel free to ignore it.
As to whether it matters what people are asking for their houses, well, it often is the perfect illustration that the market has turned and sellers are unwilling to come to grips with this fact (and this can be highly entertaining to some people). Are you an underwater homeowner by any chance?
Even more important is what the house actually sells for (assuming that it eventually does), as that sets the comps for the neighborhood and shows what buyers think the house is worth at that time, in that condition, in that location, etc etc.
Back on-topic, the 2005 $1M McMansion down the street from me in the Grasslawn neighborhood is still on the market for $840K (bank-owned), with no takers in the past couple of months. Major flop. And you'd think that being only 1 mile from Microsoft (Redwest campus), this could never happen--D' op!
I understand how a house is priced over the years I have bought and sold a few homes. You missed my point.
Yes, I am a homeowner who is not underwater.
What are you a renter? Not that it matters. Each person can express their own opinion on this site just like you.
I am a renter who has been waiting to buy. That is one reason I came to this site. Since I am waiting to buy, I do frequently look at Redfin to see the trends in housing prices in neighborhoods that I like. I assume that most people on this site (minus the sellers) are in the same situation as me. When I see a seller out of touch with current reality I assume that people on this site, specifically in this forum called "flops", will laugh with me at what I assume to be someones greed.
I, too, am a homeowner, but bought my house ten years ago when houses were still priced according to the historic fundamentals; my house price was about 3x the median income in my area at the time, I put over 20% down, and my monthly payment (PITI) was less than 1/3 of my gross income.
Fast-forward to today. Median home price is now TEN TIMES the median income for this area. And Microsoft stopped minting millionaires several years ago.
Hence this thread.
Purchased for $925K in July/2007
Currently listed for $899K (ZEstimate is $891K)
http://www.redfin.com/WA/Issaquah/19310 ... ome/418684
Purchased for $650K in Feb/2006
Currently listed for $665k
ZEstimate is $705k
http://www.redfin.com/WA/Redmond/9912-1 ... me/2084270
172 131st Ave NE Bellevue, WA 98005
Last sold May 23, 2006: $1,160,000
Currently listed at: $849,450
Sold in Oct/2006 for $960K
Currently listed for $958K
ZEstimate is $933K
http://www.redfin.com/WA/Issaquah/2820- ... me/2115453
Sold in Oct/2006 for $809K
Currently listed for $779K
ZEstimate is $731K
http://www.redfin.com/WA/Issaquah/2960- ... me/8187943
Sold in May/2006 for $715K
Currently listed for $700K
ZEstimate is $603K
http://www.redfin.com/WA/Sammamish/1318 ... ome/269272
Sold in Apr/2007 for $998K
Currently listed for $949K
ZEstimate is $929K
http://www.redfin.com/WA/Redmond/11680- ... ome/450579
Sold in Oct/2006 for $793K
Currently listed for $739K
ZEstimate is $776K
http://www.redfin.com/WA/Redmond/16566- ... me/8186485
Sold in Mar/2008 for $827K
Currently listed for $750K
ZEstimate is $941K
http://www.redfin.com/WA/Kirkland/13353 ... ome/431286
I have been myself pretty surprised with the number of flops that are now showing up.
Sold in July/2007 for $880K
Currently listed for $815K
ZEstimate is $843K
http://www.redfin.com/WA/Issaquah/5560- ... ome/418430
Sold in Dec/2005 for $849K
Currently listed for $799K
ZEstimate is $907K
http://www.redfin.com/WA/Issaquah/1654- ... me/2080104
Sold in July/2006 for $410K
Currently listed for $400K
ZEstimate is $389K
http://www.redfin.com/WA/Issaquah/2402- ... ome/465909
Sold in Feb/2006 for $599K
Currently listed for $549K
ZEstimate is $647K
http://www.redfin.com/WA/Issaquah/558-L ... me/2066278
Sold in July/2006 for $966K
Currently listed for $800K
ZEstimate is $884K
http://www.redfin.com/WA/Issaquah/24001 ... ome/465609
Sold in Oct/2006 for $835K
Currently listed for $825K
ZEstimate is $794K
http://www.redfin.com/WA/Issaquah/750-N ... ome/421938
Sold in July/2007 for $778K
Currently listed for $699K
ZEstimate is N/A
http://www.redfin.com/WA/Issaquah/2113- ... e/12448581
Sold in Nov/2006 for $425K
Currently listed for $399K
ZEstimate is $497K
http://www.redfin.com/WA/Redmond/16123- ... ome/323791