Eastside Flops (www.EastSideFlops.com)

1131416181923

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  • http://www.redfin.com/WA/Redmond/7349-1 ... ome/516535

    Check out the history on this one. Below 2005 price!!! and so close to microsoft.

    Dec 02, 2008 Price Changed $800,000 -- NWMLS #28166661
    Oct 31, 2008 Price Changed $820,000 -- NWMLS #28166661
    Oct 02, 2008 Listed $845,000 -- NWMLS #28166661
    Oct 02, 2008 Off Redfin * -- Inactive NWMLS #3
    Sep 03, 2008 Listed * -- Inactive NWMLS #3
    Aug 06, 2008 Sold $855,000 -23.0%/yr Public Records
    Jun 18, 2007 Sold $1,150,000 23.6%/yr Public Records

    May 29, 2007 Listed * -- Inactive NWMLS #2
    Aug 29, 2006 Sold $969,950 -24.9%/yr Public Records
    Jun 13, 2006 Price Changed * -- Inactive NWMLS #1
    Sep 16, 2005 Price Changed * -- Inactive NWMLS #1
    Aug 30, 2005 Listed * -- Inactive NWMLS #1
    May 17, 2005 Sold $1,400,000 126.9%/yr Public Records

    28166661_0.jpg
  • http://www.redfin.com/WA/Sammamish/4379 ... ome/268727

    Very likely will fall to its 2002 price!!!

    Dec 01, 2008 Price Changed $714,000 -- NWMLS #28176328
    Sep 10, 2008 Sold $795,800 3.2%/yr Public Records
    Dec 31, 2002 Sold $665,000 20.7%/yr Public Records

    28176328_0.jpg
  • http://www.redfin.com/WA/Newcastle/1562 ... me/2092200

    Check out the view on ths one. Still on market after 17 months and 17 price reductions.

    Nov 30, 2008 Price Changed $1,795,000 -- NWMLS #28128854
    Nov 08, 2008 Price Changed $1,820,000 -- NWMLS #28128854
    Oct 16, 2008 Price Changed $1,845,000 -- NWMLS #28128854
    Oct 04, 2008 Price Changed $1,870,000 -- NWMLS #28128854
    Aug 25, 2008 Price Changed $1,895,000 -- NWMLS #28128854
    Jul 25, 2008 Listed $1,995,000 -- NWMLS #28128854

    Feb 03, 2006 Sold $1,995,000 159.5%/yr Public Records


    28128854_0.jpg
  • http://www.redfin.com/WA/Bellevue/1920- ... ome/432864
    28192751_0.jpg

    Dec 04, 2008 Listed $422,000 -- NWMLS #28192751
    Mar 14, 2007 Sold $580,000 14.7%/yr Public Records
    Jul 17, 2001 Sold $267,000 7.6%/yr Public Records
    Jun 30, 1989 Sold $110,000 -- Public Records
  • http://www.redfin.com/WA/Bellevue/5004- ... ome/416278
    28194206_0.jpg

    Dec 09, 2008 Listed $412,250 -- NWMLS #28194206
    May 27, 2008 Sold $427,407 -11.3%/yr Public Records
    Jan 17, 2007 Sold $503,000 22.8%/yr Public Records
    Dec 04, 2003 Sold $265,000 6.7%/yr Public Records
    Apr 20, 1988 Sold $96,500 -- Public Records
  • 50% drop in the past 2 years! Seems fishy?

    http://www.redfin.com/WA/Bellevue/10018 ... ome/506355
    28194346_0.jpg
    Dec 09, 2008 Listed $700,000 -- NWMLS #28194346
    Sep 26, 2007 Sold $1,400,000 132.2%/yr Public Records
    Jan 29, 2007 Sold $805,000 9.4%/yr Public Records
    May 31, 1984 Sold $104,000 -- Public Records
  • Really? Someone bought that for over a million dollars? That is a piece of crap for a million dollars. If I could afford a million dollar house, I would buy a house that looks like it is worth a million dollars. Did people just have an extreme lack of perspective or what?
  • It is a piece of crap.

    I especially like the Redfin page for this listing...
    From the Listing Notes:
    Excellent location - minutes from Downtown Bellevue! Older home, value is in land.

    and then scroll down and check out the Property Tax info:
    Property Tax
    Taxable Value
    Land $510,000
    Additions $20,000
    Total $530,000
    Tax (2008) $3,906

    LOL
    Maybe I should just offer $510K then?? (...or not)
  • How this could have appraised for $1.4 is beyond me. Very very suspicious.

    Records search reveals not so surprising data.
  • http://www.redfin.com/WA/Redmond/8036-1 ... ome/515862
    28195022_0.jpg

    Dec 10, 2008 Listed $370,405 -- NWMLS #28195022
    Jul 28, 2008 Sold $551,555 -9.9%/yr Public Records
    Apr 19, 2007 Sold $630,000 8.1%/yr Public Records
    Jul 26, 2006 Sold $595,000 29.6%/yr Public Records
    May 28, 2004 Sold $340,000 11.6%/yr Public Records
    Aug 25, 2000 Sold $225,000 -- Public Records
  • http://www.redfin.com/WA/Bellevue/2022- ... ome/506736

    Not just a flop but a liar listing too... check out one of the images on this one

    28180875_10_0.jpg

    the place realy looks like this...


    28180875_2.jpg

    Dec 12, 2008 Price Changed $789,000 -- NWMLS #28180875
    Nov 05, 2008 Listed $850,000 -- NWMLS #28180875
    Aug 21, 2007 Sold $1,156,000 23.1%/yr Public Records
  • http://www.redfin.com/WA/Sammamish/2401 ... ome/265124
    28195789_0.jpg

    Dec 17, 2008 Listed $749,936 -- NWMLS #28195789
    Oct 06, 2005 Sold $769,000 6.1%/yr Public Records
    Dec 29, 1997 Sold $485,000 4.8%/yr Public Records
    Mar 03, 1994 Sold $405,500 5.2%/yr Public Records
    Feb 05, 1992 Sold $365,000 -19.2%/yr Public Records
    Jul 31, 1991 Sold $407,545 25.0%/yr Public Records
    Sep 14, 1989 Sold $268,000 -- Public Records
  • Ubersalad wrote:
    EastSider wrote:
    Medina home

    Sold in Jun/2006 for $2.65m, and then for $3.9m in July/2006 (fraud??)
    Currently listed for $3.2m (18% drop from 2006)
    ZEstimate is $3.9m

    http://www.redfin.com/WA/Medina/8245-NE ... ome/251430
    28111067_1.jpg
    I think that exchange of price in 2006 is probably due to warranty deed in relation to the construction loan used to build the house. After it was built, the house was then quickly sold to a new owner at 3.9 million. These engines don't interpret some of the data well.

    I posted this over on the main page as well - but easier to search here.

    Still on the market, now listed for $2.5mm after 195 days.

    Zillow still has the value at $3.7mm
  • This is really snotty to say, but there was a trend for a while that put Bellevue, Redmond, and Kirkland properties at Seattle prices. There was and still is a massive run up in pricing in the Bellevue area that stretched to Issaquah and North Bend. The problem is that there is unlimited amounts of cheap dirt to build on and a very sketchy employment base east of Lake Washington.

    There was in my opinion a mistaken belief that the Bellevue down town core would some how transform into an Urban Center. There the problem was that the economic driving force in the area was old money with properties on Lake Washington, in Medina, or Hunts Point. People of wealth like exclusion so they can be exclusively in control of the neighborhood.

    Microsoft millionaires changed the dynamic for about ten years but Microsoft isn't churning out wealth like they used to. Those young hipster millionaires are also turning out to be pretty stand offish. So to me it looks like Bellevue is going back to being a neighborhood for the very wealthy of the Eastside and no others need apply.

    That leaves a lot of properties with sagging values and no buyers.
  • http://www.redfin.com/WA/Bellevue/2767- ... ome/509177
    28185687_0.jpg
    Dec 16, 2008 Price Changed $499,000 -- NWMLS #28185687
    Nov 14, 2008 Listed $539,000 -- NWMLS #28185687
    Apr 13, 2006 Sold $545,000 8.1%/yr Public Records
    Jul 23, 1999 Sold $323,000 12.2%/yr Public Records
    Jan 26, 1996 Sold $216,240 -- Public Records
  • Not exactly a flop -- but a $1m reduction in the builder's asking price.

    http://www.redfin.com/WA/Redmond/7533-2 ... e/12299711
    27203955_1.jpg
    Nov 25, 2008 Price Changed $1,698,000 -- NWMLS #27203955
    Nov 27, 2007 Listed $2,698,000 -- NWMLS #27203955
    Oct 03, 2006 Sold $279,150 -- Public Records
  • EastSider wrote:
    Not exactly a flop -- but a $1m reduction in the builder's asking price.

    http://www.redfin.com/WA/Redmond/7533-2 ... e/12299711
    27203955_1.jpg
    Nov 25, 2008 Price Changed $1,698,000 -- NWMLS #27203955
    Nov 27, 2007 Listed $2,698,000 -- NWMLS #27203955
    Oct 03, 2006 Sold $279,150 -- Public Records

    Love it. Agent's comments:
    (if buyers hurry they might be able to pick out finishes)
    Really? is that like, in the next 12-18 months?
    On Redfin: 396 days
    Cumulative: 672 days
  • http://www.redfin.com/WA/Bellevue/10209 ... ome/506438

    (No Picture)

    Dec 22, 2008 Listed $599,999 -- NWMLS #28197855
    Aug 09, 2007 Sold $725,000 7.4%/yr Public Records
    May 27, 1987 Sold $172,500 -- Public Records
  • http://www.redfin.com/WA/Redmond/12722- ... ome/450658

    28198562_4_2.jpg

    Dec 29, 2008 Listed $584,900 -- NWMLS #28198562
    Jan 04, 2008 Sold $717,192 -21.8%/yr Public Records
    Feb 26, 2007 Sold $885,000 20.3%/yr Public Records
  • Loving it...this one actually looks fabulous. It's awesome to know those types of properties can now be had in Redmond for under $600k. Keep them coming eastsider!
  • Now below 2005 price

    http://www.redfin.com/WA/Fall-City/33605-SE-44th-Pl-98024/home/465476
    Dec 30, 2008 Price Changed $239,000 -- NWMLS #28040156
    Dec 05, 2008 Relisted -- -- NWMLS #28040156
    Oct 27, 2008 Off Redfin -- -- NWMLS #28040156
    Sep 19, 2008 Price Changed $245,500 -- NWMLS #28040156
    Jul 02, 2008 Price Changed $274,000 -- NWMLS #28040156
    Jun 25, 2008 Relisted -- -- NWMLS #28040156
    Jun 14, 2008 Off Redfin -- -- NWMLS #28040156
    Mar 07, 2008 Listed $283,500 -- NWMLS #28040156
    Jan 30, 2008 Sold $307,441 10.5%/yr Public Records
    Aug 03, 2005 Sold $240,000 -- Public Records

    28040156_2.jpg
  • This has been here before but it fell further down. WAY BELOW 2005!!!

    http://www.redfin.com/WA/Fall-City/2301-279th-Dr-SE-98024/home/2079779

    28152570_1.jpg

    Dec 30, 2008 Price Changed $958,900 -- NWMLS #28152570
    Dec 10, 2008 Price Changed $973,900 -- NWMLS #28152570
    Nov 24, 2008 Price Changed $1,035,900 -- NWMLS #28152570
    Nov 03, 2008 Price Changed $1,051,900 -- NWMLS #28152570
    Oct 25, 2008 Listed $1,067,900 -- Bank-Listed Foreclosures #2892637
    Oct 14, 2008 Price Changed $1,067,900 -- NWMLS #28152570
    Sep 25, 2008 Price Changed $1,083,900 -- NWMLS #28152570
    Sep 05, 2008 Listed $1,117,900 -- NWMLS #28152570
    Sep 08, 2005 Sold $1,199,950 -- Public Records
  • And this one is moveing closer to the 2004 price!!!
    So close to 405!

    http://www.redfin.com/WA/Bellevue/3842-113-Ave-NE-98004/home/459514
    28099485_4.jpg

    Dec 29, 2008 Price Changed $495,000 -- NWMLS #28099485
    Dec 16, 2008 Relisted -- -- NWMLS #28099485
    Nov 20, 2008 Off Redfin -- -- NWMLS #28099485
    Nov 06, 2008 Relisted -- -- NWMLS #28099485
    Nov 06, 2008 Off Redfin -- -- NWMLS #28099485
    Nov 05, 2008 Price Changed $525,000 -- NWMLS #28099485
    Oct 09, 2008 Price Changed $579,999 -- NWMLS #28099485
    Oct 08, 2008 Relisted -- -- NWMLS #28099485
    Oct 06, 2008 Off Redfin -- -- NWMLS #28099485
    Sep 09, 2008 Relisted -- -- NWMLS #28099485
    Sep 06, 2008 Off Redfin -- -- NWMLS #28099485
    Sep 04, 2008 Price Changed $629,999 -- NWMLS #28099485
    Aug 04, 2008 Price Changed $699,999 -- NWMLS #28099485
    Jun 07, 2008 Listed $769,900 -- NWMLS #28099485
    May 08, 2008 Sold $739,500 2.9%/yr Public Records
    May 19, 2005 Sold $680,000 22.7%/yr Public Records
    Sep 08, 2004 Sold $590,000 39.2%/yr Public Records
    Feb 10, 2004 Sold $487,500 7.2%/yr Public Records
  • http://www.redfin.com/WA/Kirkland/1414-6th-St-W-98033/home/464268


    28143734_1.jpg

    Dec 31, 2008 Price Changed $1,485,000 -- NWMLS #28143734
    Dec 23, 2008 Price Changed $1,512,500 -- NWMLS #28143734
    Dec 04, 2008 Relisted -- -- NWMLS #28143734
    Dec 03, 2008 Off Redfin -- -- NWMLS #28143734
    Oct 10, 2008 Price Changed $1,575,000 -- NWMLS #28143734
    Sep 05, 2008 Price Changed $1,695,000 -- NWMLS #28143734
    Aug 27, 2008 Listed $1,849,000 -- NWMLS #28143734
    Aug 01, 2007 Sold $1,700,000 11.5%/yr Public Records
    Aug 24, 2001 Sold $890,000 86.9%/yr Public Records
  • Another short cell in prestigious redmond

    200K below 2006

    http://www.redfin.com/WA/Redmond/11866-175th-Pl-NE-98052/home/2061840

    28151102_1.jpg

    Dec 30, 2008 Price Changed $700,000 -- NWMLS #28151102
    Oct 31, 2008 Price Changed $760,000 -- NWMLS #28151102
    Oct 06, 2008 Price Changed $799,000 -- NWMLS #28151102
    Oct 02, 2008 Price Changed $839,990 -- NWMLS #28151102
    Oct 01, 2008 Relisted -- -- NWMLS #28151102
    Oct 01, 2008 Off Redfin -- -- NWMLS #28151102
    Sep 17, 2008 Price Changed $865,000 -- NWMLS #28151102
    Sep 04, 2008 Listed $875,000 -- NWMLS #28151102
    Mar 03, 2006 Sold $899,950 -- Public Records
  • walking distance to Microsoft or should I say flip-flopping distance??
    http://www.redfin.com/WA/Redmond/7349-149th-Ave-NE-98052/home/516535

    28166661_0.jpg

    Jan 02, 2009 Price Changed $785,000 -- NWMLS #28166661
    Dec 02, 2008 Price Changed $800,000 -- NWMLS #28166661
    Oct 31, 2008 Price Changed $820,000 -- NWMLS #28166661
    Oct 02, 2008 Listed $845,000 -- NWMLS #28166661
    Aug 06, 2008 Sold $855,000 -23.0%/yr Public Records
    Jun 18, 2007 Sold $1,150,000 23.6%/yr Public Records
    Aug 29, 2006 Sold $969,950 -24.9%/yr Public Records
    May 17, 2005 Sold $1,400,000 126.9%/yr Public Records
    Jul 12, 2004 Sold $700,000 -- Public Records
  • edited January 2009
    barista wrote:
    Another short cell in prestigious redmond

    200K below 2006

    http://www.redfin.com/WA/Redmond/11866-175th-Pl-NE-98052/home/2061840

    28151102_1.jpg

    Dec 30, 2008 Price Changed $700,000 -- NWMLS #28151102
    Oct 31, 2008 Price Changed $760,000 -- NWMLS #28151102
    Oct 06, 2008 Price Changed $799,000 -- NWMLS #28151102
    Oct 02, 2008 Price Changed $839,990 -- NWMLS #28151102
    Oct 01, 2008 Relisted -- -- NWMLS #28151102
    Oct 01, 2008 Off Redfin -- -- NWMLS #28151102
    Sep 17, 2008 Price Changed $865,000 -- NWMLS #28151102
    Sep 04, 2008 Listed $875,000 -- NWMLS #28151102
    Mar 03, 2006 Sold $899,950 -- Public Records

    Wow! This home is seeing some significant drops.
  • barista wrote:
    walking distance to Microsoft or should I say flip-flopping distance??
    http://www.redfin.com/WA/Redmond/7349-149th-Ave-NE-98052/home/516535

    28166661_0.jpg

    Jan 02, 2009 Price Changed $785,000 -- NWMLS #28166661
    Dec 02, 2008 Price Changed $800,000 -- NWMLS #28166661
    Oct 31, 2008 Price Changed $820,000 -- NWMLS #28166661
    Oct 02, 2008 Listed $845,000 -- NWMLS #28166661
    Aug 06, 2008 Sold $855,000 -23.0%/yr Public Records
    Jun 18, 2007 Sold $1,150,000 23.6%/yr Public Records
    Aug 29, 2006 Sold $969,950 -24.9%/yr Public Records
    May 17, 2005 Sold $1,400,000 126.9%/yr Public Records
    Jul 12, 2004 Sold $700,000 -- Public Records

    I have to add some comments about this house since I have been following this 4-lot subdivision for years since it is just down the street from my house. You have to be careful when you look at the sales history. The 2004 sale was for the entire property that has been subdivided into four lots (upon one of which the house above sits)--at the time it was sold, it had an unoccupied 1960s rental house on the site. The 2005 sale was also for the same, so that was the best flip you could imagine (no $ into the property at all from 2004-2005 as far as I know). The 2006 sale was for the actual house pictured when it was brand new. The 2007 sale was bogus, from what I can tell (look at the records carefully, something fishy going on--first owner sold it so somebody else who then quit-claimed it back from what I recall), and I suspect they used a shady appraisal to get the value this high and then borrowed all of the increased equity out of the property.

    I strongly suspect mortgage fraud, as both of the neighboring houses both went through the exact same thing, and one has already gone through the foreclosure process (details listed in another thread here somewhere). The owner who sold this house for $1.1M in 2007 immediately bought the neighboring house from the same developer, for $1.1M, and it is a slightly bigger house (think it has one extra bedroom). I predict that this neighboring house will be next on the market or go through foreclosure, within the next year.

    Regardless, all four houses in this cul-de-sac are potential flops, with only one of them occupied by a planned long-term owner. As I suspected, the values aren't the $1M they originally sold for in 2006, nor the $1.1M they appraised for in 2007, but more closer to the $750-800K range that they seem to be selling for now. I imagine that the banking industry as a whole will probably take a $900K bath (approx. $300K loss per house x 3 flops/foreclosures), just on this one tiny cul-de-sac, right smack in the middle of Microsoft Millionaire land. This can't really be happening, right? Some RE professional said that this could never happen, I just don't get it. :roll:
  • EastSider wrote:
    Redmond/Bridle Trails Home

    Sold in July/2008 for $551k
    Currently listed for $389k (30% drop in abt 4 months)
    ZEstimate is $574k

    http://www.redfin.com/WA/Redmond/8036-1 ... ome/515862
    28186691_2_0.jpg

    Now listed at $370K
  • Thanks for that info jp... Saved me from having to look up why it seemed so phony.
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