Lynnwood man gets wet when local housing bubble pops
http://www.enterprisenewspapers.com/art ... ate=ETPart
"The burst of the housing bubble caught Ryan in the middle of his most ambitious gamble ever: In 2006, he bought a 10-bedroom, 6-bathroom mansion in the 8000 block of Cyrus Place for $1.9 million, and spent a year and nearly $1 million installing granite and marble throughout, refinishing the floors and the walls, and spit-shining what had been a worn, adult home."
Hmmm, does this seem crazy to anybody else? I mean, if you are a retired M$ Millionaire and plan on actually living in the place for a long time and can afford the upgrades, then sure, no problem. But how many people are buying $3M+ houses in the Puget Sound area right now? That's a pretty small pool of (very selective) buyers to be fishing in! Especially when one is carrying an $18K/mo mortgage on the property until it sells. What's the average time on market for houses in that price range? Maybe a year or so?
OOPS! :shock:
"The burst of the housing bubble caught Ryan in the middle of his most ambitious gamble ever: In 2006, he bought a 10-bedroom, 6-bathroom mansion in the 8000 block of Cyrus Place for $1.9 million, and spent a year and nearly $1 million installing granite and marble throughout, refinishing the floors and the walls, and spit-shining what had been a worn, adult home."
Hmmm, does this seem crazy to anybody else? I mean, if you are a retired M$ Millionaire and plan on actually living in the place for a long time and can afford the upgrades, then sure, no problem. But how many people are buying $3M+ houses in the Puget Sound area right now? That's a pretty small pool of (very selective) buyers to be fishing in! Especially when one is carrying an $18K/mo mortgage on the property until it sells. What's the average time on market for houses in that price range? Maybe a year or so?
OOPS! :shock:
Comments
There a several houses like that going up now along West Mercer Way that I see on my bike ride. Maybe they are for bankruptcy attorneys.
He's netted millions in the past decade, and he can't afford a measley 18k/month payment? Why again am i supposed to feel sorry for this guy? I feel sorry for his kids, and maybe his wife, but not for him.
Ok...and somehow he qualified for the mortgage?
I feel bad for this guy, where's the link to donate $ to save his dream?
Here's the Zillow page for it, which despite what the article says, does not have a "for sale" price attached to it, although there are several owner-supplied photos.
Based on a search of Snohomish county records, this home appears to be one of six this guy bought in 2006. He bought at least one more in 2007, and it looks like even two in January 2008.
Among the properties he and his wife are still listed as the owners of (this is seven, the article says he currently "owns" nine):
Sympathy meter: 0
Parcel Legal Description SEC 31 TWP 27 RNG 4 QTR SW - HANBURYS SOUND VIEW TRS BLK 020 D-00 - TH PTN OF LOTS 4 & 5 BLK 20 EXC N 166.50FT AS MEAS ALG E LN OF W 190.92FT AS MEAS ALG N LN TGW TH PTN OF VAC ST WH WOULD ATTACH BY OPERATION OF LAW PER BLA 150-92 REC AF 9208210046 & CORR PER AF 9209030553 & 9303190515 - DAF COM AT SE COR OF TH ABOVE DESC TR OF LAND BEING TH TPOB TH N00 15 00W ALG E LN THOF A DIST OF 85.50FT TH S89 45 00W A ...It reminded me of one time when I was in Boston I went to look in the Registry of Deeds for some 100 year old records. The farther back you went you could see the technology change. Before the typewritten carbon paper they were hand-written. It was endless thick books of exquisite penmanship. Now they have all this technology making the copying free, and it is just IM-speak.
I had a contract on that house for way less then what this guy bought it for. It was going to be a 6 lot subdivision with great views, since it is blocks from my place, it was an inside deal before they went to their agent on it and had it listed for 8 months. Then this guy came a long.
This house is a dead deal even for $1.5m at the moment as there is a subdivision right below it, that can't sell for $300k a lot.
The guy that bought it is just another example of someone biting off too much.
But then, we all know you're mean spirited
You realize that an attack on Tim coming from someone who sells sausage for a living is pretty weak.
Sympathy factor = maybe I'll flip him a quarter (from my ever growing savings as a renter) into his begging bowl when I am walking among all the empty office buildings in downtown Seattle two years from now.
Bring it on Charles Dean!!! Go ahead and hit me with your best sausage!!!
(could you please wrap it before you strike me with it? thanx) :twisted:
You're thinking of Charles' cousin Jimmy.
http://www.jimmydean.com/
NOTICE OF TRUSTEES SALE
hat tip: mukoh