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.
A few months ago, I thought this was a flop at $425k. Now, the builder (Quadrant homes) is selling very similar homes, in the adjacent community starting at $339K -- check out http://quadranthomes.com/findyourhome/r ... rplans.php
Theses new homes come with reasonable options/upgrades (unlike a typical Quadrant home) and has a front-loaded garage. I think these prices are reasonably good for Redmond, even for the current market -- and I believe that these homes are getting sold very fast.
The only catch seems to be that these come with the "Arch housing" covenants (can't rent it out; later sale prices can't include more than 4.5% appreciation per annum). There are no income restrictions to bu these homes.
Hit the "download results" button in the lower left corner
In the XLS that opens up
- Get rid of listings with no last sold date
- get rid of those that have a built date that is greater than the last sold date (these are teardowns)
- find the ones were the asking is less than the last sold
those are your flops! you can review hundreds of listings in minutes
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 in Woodbridge: 28176736. Someone didn't take kindly to the foreclosure:
Bank owned fixer in great Bellevue neighborhood priced WAY below tax value. Home updated but was damaged on the way out. Plumbing/electrical has been tampered with. Baths and kitchens have damaged granite and tile, as well as tubs. Missing fixtures, etc. ..
The loan was apparently $495K (the last sale price, the bank the buyer). Listed for $359K. The land is assessed at $333K.
28177972, a split-level in Issaquah, has been on the market for 5 days at $375K, after having been listed (and vacant) for ~5 months at $450K, then $425K, then $400K. I bid $400K (list price) on it in 2006; it sold for $402K. I think they could have sold it 5 months ago for $360K. Looks like they're intent on following the market down.
Here's one in Woodbridge: 28176736. Someone didn't take kindly to the foreclosure:
Bank owned fixer in great Bellevue neighborhood priced WAY below tax value. Home updated but was damaged on the way out. Plumbing/electrical has been tampered with. Baths and kitchens have damaged granite and tile, as well as tubs. Missing fixtures, etc. ..
The loan was apparently $495K (the last sale price, the bank the buyer). Listed for $359K. The land is assessed at $333K.
How does this work? The $495k loan doesn't show up as a sale, so it was a cash-out re-fi? The NTS shows a $540K loan back in 12/06 from our good friends at WaMu.
One of the (ex) owners is a real estate professional.
Oct 30, 2008 Price Changed $525,000 -- NWMLS #28177403
Oct 29, 2008 Listed $520,000 -- NWMLS #28177403
Apr 06, 2006 Sold $575,000 11.5%/yr Public Records
Comments
Sold in Sep/2008 for $795k
Currently listed for $760k (5% drop in the past 2 months)
ZEstimate is $899k
http://www.redfin.com/WA/Sammamish/4379 ... ome/268727
A few months ago, I thought this was a flop at $425k. Now, the builder (Quadrant homes) is selling very similar homes, in the adjacent community starting at $339K -- check out http://quadranthomes.com/findyourhome/r ... rplans.php
Theses new homes come with reasonable options/upgrades (unlike a typical Quadrant home) and has a front-loaded garage. I think these prices are reasonably good for Redmond, even for the current market -- and I believe that these homes are getting sold very fast.
The only catch seems to be that these come with the "Arch housing" covenants (can't rent it out; later sale prices can't include more than 4.5% appreciation per annum). There are no income restrictions to bu these homes.
10044 SE 8 St
Bellevue, WA 98004
Price: $595,000
http://www.redfin.com/WA/Bellevue/10044 ... ome/253189
Last sale
May 29, 2007 $750,000
Issaquah, WA 98029
Price: $419,000
http://www.redfin.com/WA/Issaquah/1859- ... ome/467637
Last sale
Jun 30, 2005 $429,990
Sammamish, WA 98074
Price: $580,000
http://www.redfin.com/WA/Sammamish/2131 ... ome/269040
Last sale
Jan 11, 2007 $646,500
Sammamish, WA 98075
Price: $760,500
http://www.redfin.com/WA/Sammamish/4379 ... ome/268727
Last sale
Sep 10, 2008 $795,800
Owned by bank
Sammamish, WA 98074
Price: $359,950
http://www.redfin.com/WA/Sammamish/217- ... ome/268822
Last sale
Aug 12, 2005 $399,000
Sammamish, WA 98075
Price: $695,000
http://www.redfin.com/WA/Sammamish/2260 ... ome/433563
Last sale
Sep 18, 2007 $723,000
Sammamish, WA 98075
Price: $750,000
Last sale
Mar 08, 2007 $799,000
http://www.redfin.com/WA/Sammamish/1829 ... ome/434203
Sammamish, WA 98074
Price: $999,990
Last sale
Oct 27, 2006 $1,200,000
http://www.redfin.com/WA/Sammamish/3500 ... ome/268635
So far it seems at least one out of every ten houses I looked at is selling for less that bought for.
Also there sure are alot of houses listed that were purchased in the past 3 years...good luck to them.
Search for listings in Samm on redfin
http://www.redfin.com/search#v=3&lat=47 ... et=seattle
Hit the "download results" button in the lower left corner
In the XLS that opens up
- Get rid of listings with no last sold date
- get rid of those that have a built date that is greater than the last sold date (these are teardowns)
- find the ones were the asking is less than the last sold
those are your flops! you can review hundreds of listings in minutes
Sold in July/2006 for $676k
Currently listed for $498k (26% drop since 2006)
ZEstimate is $584k
http://www.redfin.com/WA/Kirkland/6216- ... ome/515351
This home is now back on the market for $419K
The loan was apparently $495K (the last sale price, the bank the buyer). Listed for $359K. The land is assessed at $333K.
How does this work? The $495k loan doesn't show up as a sale, so it was a cash-out re-fi? The NTS shows a $540K loan back in 12/06 from our good friends at WaMu.
One of the (ex) owners is a real estate professional.
http://www5.kingcounty.gov/kcgisreports ... 6205500410
Sold in Mar/2006 for $655k
Currently listed for $619k (6% drop since 2006)
ZEstimate is $634k
http://www.redfin.com/WA/Snoqualmie/359 ... me/2083362
Sold in Jun/2007 for $1100k
Currently listed for $849k (23% drop since 2007)
ZEstimate is $1057k
http://www.redfin.com/WA/Bellevue/3312- ... ome/251178
I know this isn't exactly Eastside but it is eastside of Bainbridge Island:) I can't figure this one out.......what a drop in price!
3822 Point White Dr NE
Bainbridge Island, WA 98110
Price: $2,100,000
Last sale Mar 15, 2007 Sold $3,500,000
Oct 30, 2008 Price Changed $525,000 -- NWMLS #28177403
Oct 29, 2008 Listed $520,000 -- NWMLS #28177403
Apr 06, 2006 Sold $575,000 11.5%/yr Public Records
http://www.redfin.com/WA/Redmond/9220-1 ... ome/445068
Oct 30, 2008 Price Changed $869,950 -- NWMLS #28144315
Sep 25, 2008 Relisted -- -- NWMLS #28144315
Sep 22, 2008 Off Redfin -- -- NWMLS #28144315
Sep 11, 2008 Price Changed $899,950 -- NWMLS #28144315
Aug 21, 2008 Listed $949,950 -- NWMLS #28144315
Aug 20, 2008 Off Redfin * -- Inactive NWMLS #2
Jul 25, 2008 Price Changed * -- Inactive NWMLS #2
May 22, 2008 Price Changed * -- Inactive NWMLS #2
Apr 13, 2008 Listed * -- Inactive NWMLS #2
Apr 11, 2008 Off Redfin * -- Inactive NWMLS #1
Mar 24, 2008 Price Changed * -- Inactive NWMLS #1
Mar 12, 2008 Sold $910,000 -29.7%/yr Public Records
Jun 25, 2008 Price Changed $1,090,000 -- NWMLS #28016348
Jan 28, 2008 Listed $1,140,000 -- NWMLS #28016348
Sep 28, 2007 Relisted * -- Inactive NWMLS #2
Jun 20, 2007 Price Changed * -- Inactive NWMLS #2
Apr 27, 2007 Listed * -- Inactive NWMLS #2
Mar 23, 2007 Sold $1,150,000 -- Public Records
Below july 2006 price!!!
Oct 06, 2008 Price Changed $1,799,888 -- NWMLS #28034352
Sep 05, 2008 Relisted -- -- NWMLS #28034352
Aug 31, 2008 Off Redfin -- -- NWMLS #28034352
May 14, 2008 Price Changed $2,000,000 -- NWMLS #28034352
Apr 09, 2008 Price Changed $2,150,000 -- NWMLS #28034352
Feb 28, 2008 Listed $2,300,000 -- NWMLS #28034352
Jul 19, 2006 Sold $1,875,000 6.0%/yr Public Records
Sep 19, 2008 Price Changed $1,148,000 -- NWMLS #28077889
May 05, 2008 Listed $1,248,000 -- NWMLS #28077889
Jun 14, 2007 Price Changed * -- Inactive NWMLS #2
May 24, 2007 Price Changed * -- Inactive NWMLS #2
Apr 06, 2007 Listed * -- Inactive NWMLS #2
Aug 04, 2006 Sold $1,290,000 9.6%/yr Public Records
Aug 19, 2008 Price Changed $938,000 -- NWMLS #28072733
Jun 06, 2008 Price Changed $958,000 -- NWMLS #28072733
May 28, 2008 Price Changed $988,000 -- NWMLS #28072733
Apr 28, 2008 Listed $1,088,000 -- NWMLS #28072733
Jan 28, 2008 Price Changed * -- Inactive NWMLS #2
Nov 30, 2007 Price Changed * -- Inactive NWMLS #2
Aug 10, 2007 Price Changed * -- Inactive NWMLS #2
Aug 10, 2007 Relisted * -- Inactive NWMLS #2
Jun 25, 2007 Listed * -- Inactive NWMLS #2
Oct 27, 2006 Sold $960,480 -22.4%/yr Public Records
Oct 28, 2008 Price Changed $685,000 -- NWMLS #28074447
Jul 07, 2008 Price Changed $739,000 -- NWMLS #28074447
May 01, 2008 Listed $774,888 -- NWMLS #28074447
May 22, 2006 Sold $726,211 -- Public Records
1170 Monroe Ave NE
Renton, WA 98056
Jul 15, 2003 Sold $217,000
Asking $199,900
Lower than 2003 prices.
Wow! Lower than 2003 prices -- that's a first such flop on this thread!