It looks like a nice house and all, but nearly doubling the price in 6 months...
Looks like an almost total renovation, with a newly finished attic/upstairs. The public record lists it as a 4/1.75 instead of the 4/3 listed, so I'm guessing part of the renovation was adding more bathroom space.
Still overpriced, but there is *some* added value in it.
Also, what a horribly written ad. Way to not take the 2 minutes to convert the MLS shorthand to real words.
This is a flipper alright - no thought put into how a person would live in it. The downdraft vent next to the Kitchen Stove is worthless - so don't use it for anything other than boiling water. Two bedrooms in the basement, the master on the main level and one bedroom and an office upstairs - kind of a strange configuration. Most of these flippers are builders grade once you start looking into the quality of the cabinetry, paint, drywall, etc. It looks new so I'm sure they'll find a sucker.
I must confess that one got me literally laughing out loud. There is a serious paradigm shift underway, and it is about to hit a certain seller/flipper right between the eyes.
I used to be an agent. I don't think a lot of sellers have been told, or are willing to accept, that houses are a little like cars. That is, they must compare to the other make/models that are in the same price range. When a buyers agent is taking a client around to look at homes. They were chosen by the agent based on location, need and price considerations. If this house is actually WORTH what they are asking, fine. But I suspect that as agents show buyers around, they will compare it to the others in the price range and just laugh at this one.
My father and I had this experience in 1970 when I was looking for a car to drive to high school. A local dealership wanted $1,000 for a seven year old Nova that was repainted WITH A BRUSH and very high miles. This is 1970 dollars. I found a comparable car for $325, but my dad talked him down to $310.
Frankly, if a house is TOO high priced, agents will sometimes show it to make the others look like great deals. The carpet gets worn out for nothin'.
Bought in July (a mere 3 months ago) for $560k.
On the market last week for $745k.
To earn their anticipated 33% appreciation, the sellers applied a crappy Home Depot quality remodel. From the comments: "You will like what the sellers have done to update this home. Must see". (really? do I have to like it?)
Taxable value is $585k Zillow is $621k and falling.
They had a "make me move" of $825k this morning. Now it is listed as "for sale" at $749k. I guess buying off zillow costs more.
It's actually a good location, far enough from Aurora to not have the noise / random drug dealers passed out in your lawn. The hookers have moved closer to the Aurora Bridge where all the sleazy hotels are.
But it's not Green Lake by any definition other than "figment of Realtor's imagination".
Well, they did rezone it to multifamily it looks like - so you went from being able to put maybe 20 units on it to 100 units. that sounds like value. but the of course, according to David Losh I can't understand business
15-20 SFH vs 54 townhomes is worth $3 million? In a heavily overbuilt market?
Oh sorry, I looked at the sr center numbers. I am sure it is worth something, but 261 days on market would say not $3mm
but if they'd have sold pre-boom - pencil out 54 town homes at $450k that cost $125k a door to build - thats $17mm profit. Try to earn that on 20 houses. Townhouses aren't only more dense, they cost squat to build. No hvac ducting, PEX instead of copper, Shared roof lines, assembly line construction...
Builders need a version of that bumper sticker they used to have in texas: Please god, give me one more housing boom. I promise I won't piss it away this time.
Yeah...I understand what you're saying...but regardless...it looks like a builder that already figured out that they couldn't get it to pencil out (safely) in a declining market even at the 1.25MM purchase price so they're dumping it after getting it rezoned. Still...the seller is seemingly looking for a pretty hefty profit.
Speaking of rezoning...how much does it cost? How does one go about it? Where can you find info on stuff like that? Can I buy a lot in a SFR area and get it rezoned for a duplex? Or will the neighbors show up with pitchforks? Just curious.
Comments
Arggghhhh! You sneaky son of a ...
It looks like a nice house and all, but nearly doubling the price in 6 months...
Looks like an almost total renovation, with a newly finished attic/upstairs. The public record lists it as a 4/1.75 instead of the 4/3 listed, so I'm guessing part of the renovation was adding more bathroom space.
Still overpriced, but there is *some* added value in it.
Also, what a horribly written ad. Way to not take the 2 minutes to convert the MLS shorthand to real words.
This one is off the market but has replaced by another:
Granite countertops and stainless steel appliances!!!
Purchased Oct 12, 2007 $325,000
Now only $625,000 !!!
This one has the added advantage of being on a busy street and having a paved backyard (low maintenance!).
http://www.redfin.com/WA/Seattle/2111-N-80th-St-98103/home/306836
My father and I had this experience in 1970 when I was looking for a car to drive to high school. A local dealership wanted $1,000 for a seven year old Nova that was repainted WITH A BRUSH and very high miles. This is 1970 dollars. I found a comparable car for $325, but my dad talked him down to $310.
Frankly, if a house is TOO high priced, agents will sometimes show it to make the others look like great deals. The carpet gets worn out for nothin'.
Was this posted via text message? omg ur so abbr!
Down the (busy) street a couple blocks.
Granite countertops and stainless steel appliances!!!
Purchased Dec 21, 2007 $330,000
Now only $675,000 !!!
The kicker on this one is that they haven't even completed the renovation! They are selling the home as ready for building with specs and permits!
http://www.redfin.com/WA/Seattle/2017-N ... ome/307332
Well, not in Phinney/Ballard- some are still hitting the bong hard over there.
http://www.redfin.com/WA/Seattle/5510-3 ... ome/298699
Bought in July (a mere 3 months ago) for $560k.
On the market last week for $745k.
To earn their anticipated 33% appreciation, the sellers applied a crappy Home Depot quality remodel. From the comments: "You will like what the sellers have done to update this home. Must see". (really? do I have to like it?)
Taxable value is $585k
Zillow is $621k and falling.
They had a "make me move" of $825k this morning. Now it is listed as "for sale" at $749k. I guess buying off zillow costs more.
Purchased Sept 29, 2005 $309,000
Now only $409,905 !!!
This one is literally *on* 50th St., a block from I-5. Agent owned.
http://www.redfin.com/WA/Seattle/810-NE ... ome/311676
1616 E Harrison St, Seattle, WA 98122
It was flipper financed with an Option ARM - He's betting on a sucker.
Preferably a color-blind one.
http://www.redfin.com/WA/Seattle/9211-Mary-Ave-NW-98117/home/96584
I was wrong!
127K in 1995....
37,995,000 in 2008!
It's nice...
But not THAT nice.
Sold brand new on 5-12-08 for 1,866,000. Now only 2,675,000. :shock:
http://www.redfin.com/WA/Cle-Elum/621-C ... e/16874665
It even comes with a "car barn" (!?!?!). A car barn people! pay up! Assessed value in only 411,000 though.
I say we coin it flipstick...
Purchased Mar 28, 2008 $466,275
Now only $684,500
http://www.redfin.com/WA/Seattle/5738-2 ... ome/312198
Prestigious Greenlake location ...
Ummm. 85th and Aurora is the land of hookers and crack.
Purchased Dec 26, 2007 $412,000
Now only $648,237
http://www.redfin.com/WA/Seattle/912-N- ... 1061952117
a)
b)
Where do I pick up my prize?
That $2.8M includes the golf course, right?
Assessed value is too high.
It's actually a good location, far enough from Aurora to not have the noise / random drug dealers passed out in your lawn. The hookers have moved closer to the Aurora Bridge where all the sleazy hotels are.
But it's not Green Lake by any definition other than "figment of Realtor's imagination".
@5 acres in Factoria purchased 08/08/07 for $1,255,000
now for sale for the low low price of $4,500,000
http://www.redfin.com/WA/Bellevue/12627 ... ome/417208
No greed here :roll:
Well, they did rezone it to multifamily it looks like - so you went from being able to put maybe 20 units on it to 100 units. that sounds like value. but the of course, according to David Losh I can't understand business
15-20 SFH vs 54 townhomes is worth $3 million? In a heavily overbuilt market?
Oh sorry, I looked at the sr center numbers. I am sure it is worth something, but 261 days on market would say not $3mm
but if they'd have sold pre-boom - pencil out 54 town homes at $450k that cost $125k a door to build - thats $17mm profit. Try to earn that on 20 houses. Townhouses aren't only more dense, they cost squat to build. No hvac ducting, PEX instead of copper, Shared roof lines, assembly line construction...
Builders need a version of that bumper sticker they used to have in texas: Please god, give me one more housing boom. I promise I won't piss it away this time.
Yeah...I understand what you're saying...but regardless...it looks like a builder that already figured out that they couldn't get it to pencil out (safely) in a declining market even at the 1.25MM purchase price so they're dumping it after getting it rezoned. Still...the seller is seemingly looking for a pretty hefty profit.
Speaking of rezoning...how much does it cost? How does one go about it? Where can you find info on stuff like that? Can I buy a lot in a SFR area and get it rezoned for a duplex? Or will the neighbors show up with pitchforks? Just curious.