MS seems pretty stable at the moment, why does there appear to be a bit more housing price pressure near their campus than most other areas? Or am I perceiving things incorrectly?
MS seems pretty stable at the moment, why does there appear to be a bit more housing price pressure near their campus than most other areas? Or am I perceiving things incorrectly?
I'm not sure things are more unstable near the campus than other parts of the Eastside. That said, I'm told that Microsoft is slowing its hiring.
Sold in Aug/2007 for $450K
Currently listed for $289K (pre-approved short sale)
Wow, that same condo, except on the 4th floor, was renting for $1250 in Aug. 2007 (I was considering, but better deals abounded). The seller overpaid by at least $200K. There's another ~5 story condo building going up next door.
From the recent sales at Cleveland in Redmond, the builder is still getting $330,000 recently for a few 1 br 1 ba condos. That person who paid $450,000 a year ago really got screwed. That short sale is going to be a real comp killer for everyone in the building.
BTW, there seem to be many 2-bed units in "The Cleveland" that have been sold for less than $200K. As an example, check out http://www5.kingcounty.gov/kcgisreports ... 1624000170 ; wonder how that's possible, when 1 bed units were getting sold between $300k-$450k
You can look at details of the other units in this complex -- if you expand the "units in this condominium complex" section on the same page.
BTW, there seem to be many 2-bed units in "The Cleveland" that have been sold for less than $200K. As an example, check out http://www5.kingcounty.gov/kcgisreports ... 1624000170 ; wonder how that's possible, when 1 bed units were getting sold between $300k-$450k
I'd like to know the answer too. $170K might buy a 2br/2ba condo in some crappy complex elsewhere in Redmond. Something fishy is going on, incl. their tax assessment at $170K.
I must say that this is a pretty nice condo (though it's still priced higher than what I would pay for a condo; plus dues are $567/month)
The dues are crazy. That is a nice car payment. That will be the next thing to crash. People are getting angry about the out of control fees/dues. I suspect some of that is going to get scaled back in the coming years. Condo owners in default are not paying their monthly dues. So that causes the budget for the Condo Assoc to get messed up. Start slashing costs.
With the dramatic drop in sales price on the listing, it seems like capitulation. This person is desperate for a buyer. When you see 20% declines YOY for the entire region, then we might expect a floor to be established. I expect to see a lot more like this in the coming 12 months.
Another price drop posted yesterday. These mo-fos are taking a bath. It is now at 399,950 and unsold in 368 days. I'm almost tempted to do a drive by and see if there is something that the ad is not showing about it. A home in my subdiv a mile from this home recently was marked as "sold" after only being on the market for a week. 375K for an 1800 sf cookie cutter home. Unbelievable. I guess some buyers out there are really just not paying attention. Then again, we'll see if the bank actually says ok to the new buyers.
16240 SE 8th St., Bellevue, 98008
4 br / 2 ba, 1670 sq. ft.
Bought in July 2006 for $425K.
Sold in July 2008 for $326K
That's a 23% drop. The last price sets a new abnormal low for the area. What's more odd is that the house was listed for $335K in April or so, after dropping off the market in March or so at a $450K price. I heard there was heaving bidding right away that reached to at least $375K. But the record shows that the house sold for less than it listed for. It took 3 months for the sale price to show up in the public records.
I must say that this is a pretty nice condo (though it's still priced higher than what I would pay for a condo; plus dues are $567/month)
The dues are crazy. That is a nice car payment. That will be the next thing to crash. People are getting angry about the out of control fees/dues. I suspect some of that is going to get scaled back in the coming years. Condo owners in default are not paying their monthly dues. So that causes the budget for the Condo Assoc to get messed up. Start slashing costs.
"The Portsmith is well-funded, w/ a strong HOA."
No doubt! $567/month is ridiculous - with 100 units (assuming some pro-rate) that place is raking in $40-60k per MONTH... on a 10 year old building! I don't see how you could possibly justify that in exchange for a small hot tub, a few exercise bikes, and a conference room.
Comments
Sold in July/2007 for $820K
Currently listed for $789K
ZEstimate is $773K
http://www.redfin.com/WA/Sammamish/1983 ... ome/268652
Sold in Nov/2006 for $757K
Currently listed for $725K
ZEstimate is $728K
http://www.redfin.com/WA/Sammamish/1031 ... ome/438398
Sold in Aug/2007 for $450K
Currently listed for $289K (35% discount on the 2007 price; pre-approved short sale)
ZEstimate is $413K
http://www.redfin.com/WA/Redmond/16141- ... e/12318264
I'm not sure things are more unstable near the campus than other parts of the Eastside. That said, I'm told that Microsoft is slowing its hiring.
You can look at details of the other units in this complex -- if you expand the "units in this condominium complex" section on the same page.
Sold in Aug/2007 for $450K
Currently listed for $399K (short sale)
ZEstimate is $434K
http://www.redfin.com/WA/Redmond/3608-1 ... ome/504058
Sold in Aug/2007 for $790K; and sold in Feb/1999 for $489K
Currently listed for $588K (25% discount on the 2007 price)
ZEstimate is $762K
http://www.redfin.com/WA/Kirkland/109-2 ... home/11077
I must say that this is a pretty nice condo (though it's still priced higher than what I would pay for a condo; plus dues are $567/month)
Sold in Apr/2007 for $1.7m
Currently listed for $1.59m
ZEstimate is NA
http://www.redfin.com/WA/Kirkland/5422- ... ome/459585
The dues are crazy. That is a nice car payment. That will be the next thing to crash. People are getting angry about the out of control fees/dues. I suspect some of that is going to get scaled back in the coming years. Condo owners in default are not paying their monthly dues. So that causes the budget for the Condo Assoc to get messed up. Start slashing costs.
Sold in July/2008 for $444K; and in Oct/2007 for $468k
Currently listed for $430K (foreclosure)
ZEstimate is $447K
http://www.redfin.com/WA/Bothell/12947- ... ome/287519
Sold in Oct/2006 for $704K
Currently listed for $669K
ZEstimate is $687K
http://www.redfin.com/WA/Woodinville/12 ... me/8188335
Sold in Apr/2007 for $530K
Currently listed for $435K
ZEstimate is $468K
http://www.redfin.com/WA/Kenmore/18531- ... home/94925
Sold in Oct/2006 for $535K
Currently listed for $460K
ZEstimate is $555K
http://www.redfin.com/WA/Kenmore/6164-N ... home/95141
Another price drop posted yesterday. These mo-fos are taking a bath. It is now at 399,950 and unsold in 368 days. I'm almost tempted to do a drive by and see if there is something that the ad is not showing about it. A home in my subdiv a mile from this home recently was marked as "sold" after only being on the market for a week. 375K for an 1800 sf cookie cutter home. Unbelievable. I guess some buyers out there are really just not paying attention. Then again, we'll see if the bank actually says ok to the new buyers.
16240 SE 8th St., Bellevue, 98008
4 br / 2 ba, 1670 sq. ft.
Bought in July 2006 for $425K.
Sold in July 2008 for $326K
That's a 23% drop. The last price sets a new abnormal low for the area. What's more odd is that the house was listed for $335K in April or so, after dropping off the market in March or so at a $450K price. I heard there was heaving bidding right away that reached to at least $375K. But the record shows that the house sold for less than it listed for. It took 3 months for the sale price to show up in the public records.
Edit to add: I guess it didn't really sell after all, looking at the KC records: http://www5.kingcounty.gov/kcgisreports ... 4036801215
Sold in Mar/2006 for $899K
Currently listed for $875K (short sale)
ZEstimate is $902K
http://www.redfin.com/WA/Redmond/11866- ... me/2061840
Sold in Aug/2006 for $520K
Currently listed for $499K
ZEstimate is $504K
http://www.redfin.com/WA/Redmond/10818- ... ome/324757
Sold in Aug/2008 for $912K
Currently listed for $885K
ZEstimate is $1034K
http://www.redfin.com/WA/Issaquah/18046 ... ome/418813
Or death in the family, or loss of job.
"The Portsmith is well-funded, w/ a strong HOA."
No doubt! $567/month is ridiculous - with 100 units (assuming some pro-rate) that place is raking in $40-60k per MONTH... on a 10 year old building! I don't see how you could possibly justify that in exchange for a small hot tub, a few exercise bikes, and a conference room.
Sold in Jan/2007 for $985K
Currently listed for $899K
ZEstimate is $940K
http://www.redfin.com/WA/Bellevue/15055 ... me/2084428