Eastside Flops (www.EastSideFlops.com)

barista · May 2009

Largest loss on ownership: 12K per month

we have seen thsi before and this is also the biggest %age loser per mont at 2% depreciation per month

http://www.redfin.com/WA/Medina/619-84t ... ome/251861

May 08, 2009 Price Changed $689,950 -- NWMLS #29052905
Apr 27, 2009 Price Changed $699,950 -- NWMLS #29052905
Apr 22, 2009 Delisted * -- Bank-Listed Foreclosures #3189478
Apr 15, 2009 Listed $724,500 -- NWMLS #29052905
Feb 13, 2009 Delisted * -- Inactive NWMLS #4
Feb 13, 2009 Delisted * -- Inactive NWMLS #3
Feb 10, 2009 Listed * -- Inactive NWMLS #4
Feb 09, 2009 Listed * -- Inactive NWMLS #3
Jan 16, 2009 Listed * -- Bank-Listed Foreclosures #3189478
Dec 29, 2008 Sold $750,000 -10.8%/yr Public Records

barista · May 2009

Top 2 % losers pe month are already featured above so the next one is line is: at 1% loss per month (3K per month)

http://www.redfin.com/WA/Bellevue/10047 ... home/55691

May 04, 2009 Price Changed $225,000 -- NWMLS #28121949
Apr 28, 2009 Price Changed $255,650 -- NWMLS #28121949
Apr 02, 2009 Price Changed $269,100 -- NWMLS #28121949
Mar 19, 2009 Price Changed $284,500 -- NWMLS #28121949
Mar 11, 2009 Price Changed $299,000 -- NWMLS #28121949
Nov 12, 2008 Price Changed $310,000 -- NWMLS #28121949
Jul 14, 2008 Delisted * -- Inactive NWMLS #2
Jul 14, 2008 Listed $319,000 -- NWMLS #28121949
Jun 16, 2008 Price Changed * -- Inactive NWMLS #2
Apr 30, 2008 Price Changed * -- Inactive NWMLS #2
Mar 28, 2008 Price Changed * -- Inactive NWMLS #2
Feb 18, 2008 Price Changed * -- Inactive NWMLS #2
Dec 19, 2007 Listed * -- Inactive NWMLS #2
Jan 30, 2007 Sold $310,000 19.5%/yr Public Records

barista · May 2009

Biggest %age loser: 33%

This was probably subdivided after it was sold.

http://www.redfin.com/WA/Kirkland/1620- ... ome/461549

May 04, 2009 Price Changed $435,000 -- NWMLS #29005627
Apr 17, 2009 Price Changed $455,000 -- NWMLS #29005627
Mar 17, 2009 Relisted -- -- NWMLS #29005627
Jan 22, 2009 Delisted -- -- NWMLS #29005627
Jan 10, 2009 Listed $479,000 -- NWMLS #29005627
Jan 09, 2009 Delisted * -- Inactive NWMLS #4
Nov 07, 2008 Price Changed * -- Inactive NWMLS #4
Oct 27, 2008 Listed * -- Inactive NWMLS #4
Oct 27, 2008 Delisted * -- Inactive NWMLS #3
Jul 11, 2008 Listed * -- Inactive NWMLS #3
Apr 04, 2008 Delisted * -- Inactive NWMLS #2
Dec 07, 2007 Listed * -- Inactive NWMLS #2
Jul 25, 2006 Sold $645,000 12.8%/yr Public Records

perfectfire · May 2009

I used to live on the same street as this one:

Jul 20, 2005 Sold $400,000
May 07, 2009 Listed $250,000

13626 SE 10th St Bellevue, WA 98005

This has got to be the lowest (or close to the lowest) price of any house in Bellevue. Not to mention the low $/sf. Probably a short sale though.

Alan · May 2009

I thought maybe it had termite damage or possibly mold or asbestos. Who knows. I believe their are no deals. If you buy the cheapest house in an area, you are probably overpaying to take on hidden problems.

What is that street like?

ira s · May 2009

SE 10th is not a bad street. Quiet. The house is a short sale, and in the NWMLS agent remarks they state that they will be reviewing offers today at 5 PM.
So I think it's one of those deals where they know perfectly well they will get numerous offers, that the accepted price will be considerably higher than 250,000 dollars, and that they set the price that low specifically to attract interest and multiple offers.

perfectfire · May 2009

SE 10th is a weird street. As you drive down to the end you feel as if you've suddenly went from the suburbs to the boondocks. At first I thought it was quite nice. It was like living in the country, but with all of the conveniences of living in populated area.

Alan · May 2009

Thanks, Ira. That make a lot of sense.

Anyone want to start a pool on the closing price?

I bet it will sell for around $390k.

Markor · May 2009

I doubt it will sell for $390K, since nicer houses exist for that list price. I say $325K, if it sells at all.

Alan · May 2009

It last sold in 2005 for $400k. I think prices are around 2005 levels. I would be surprised if it sold for as little as $325k.

But then I've often been surprised by this market.

Markor · May 2009

Alan wrote:

It last sold in 2005 for $400k. I think prices are around 2005 levels. I would be surprised if it sold for as little as $325k.

Compare it to nearby 28189117, which is listed at $380K (and sitting) and looks a lot better in a drive-by. Has a smaller lot though.

barista · May 2009

barista · May 2009

Biggest loser of the week: 516K!

http://www.redfin.com/WA/Issaquah/2904- ... ome/436012

May 14, 2009 Price Changed $839,000 -- NWMLS #29058693
Apr 27, 2009 Listed $880,000 -- NWMLS #29058693
Jul 16, 2007 Sold $1,355,000 13.8%/yr Public Records

barista · May 2009

Fastest loser: 2 months

http://www.redfin.com/WA/Issaquah/21926 ... ome/436168

May 15, 2009 Price Changed $539,500 -- NWMLS #29029778
Apr 02, 2009 Price Changed $549,000 -- NWMLS #29029778
Mar 06, 2009 Sold $561,000 -5.3%/yr Public Records

barista · May 2009

Biggest rollback: 110K below 2000:

Was this subdivided after last sale?

http://www.redfin.com/WA/Bellevue/4815- ... ome/235299

May 14, 2009 Price Changed $599,888 -- NWMLS #29027366
Apr 15, 2009 Relisted -- -- NWMLS #29027366
Apr 06, 2009 Delisted -- -- NWMLS #29027366
Apr 01, 2009 Price Changed $699,888 -- NWMLS #29027366
Mar 19, 2009 Price Changed $749,888 -- NWMLS #29027366
Feb 24, 2009 Listed $799,000 -- NWMLS #29027366
Apr 14, 2000 Sold $709,800 -- Public Records

barista · May 2009

Biggest loss on ownership: the biggest loser takes the cake here at 23.4K loss per month

Second in line is a familiar listing here at 20K loss per month

http://www.redfin.com/WA/Medina/619-84t ... ome/251861

May 12, 2009 Price Changed $649,950 -- NWMLS #29052905
May 08, 2009 Price Changed $689,950 -- NWMLS #29052905
Apr 27, 2009 Price Changed $699,950 -- NWMLS #29052905
Apr 22, 2009 Delisted * -- Inactive Bank-Listed Foreclosures #3
Apr 15, 2009 Listed $724,500 -- NWMLS #29052905
Feb 13, 2009 Delisted * -- Inactive NWMLS #5
Feb 13, 2009 Delisted * -- Inactive NWMLS #4
Feb 10, 2009 Listed * -- Inactive NWMLS #5
Feb 09, 2009 Listed * -- Inactive NWMLS #4
Jan 16, 2009 Listed * -- Inactive Bank-Listed Foreclosures #3
Dec 29, 2008 Sold $750,000 -10.8%/yr Public Records
Sep 24, 2008 Delisted * -- Inactive NWMLS #2
Sep 08, 2008 Listed * -- Inactive NWMLS #2
Jun 23, 2006 Sold $1,000,000 31.4%/yr Public Records

barista · May 2009

Largest %age loss on ownership: also the above listing losing 3% per month

2nd Largest total %age loss on ownership: 28%

http://www.redfin.com/WA/Kirkland/8040- ... ome/517088

May 10, 2009 Price Changed $415,000 -- NWMLS #29026820
Mar 12, 2009 Price Changed $485,000 -- NWMLS #29026820
Feb 22, 2009 Listed $535,000 -- NWMLS #29026820
Nov 05, 2007 Sold $577,000 19.3%/yr Public Records

barista · May 2009

barista · May 2009

Biggest loser: 821K

http://www.redfin.com/WA/Bellevue/9309- ... ome/250946

May 22, 2009 Price Changed $999,000 -- NWMLS #29008642
May 22, 2009 Relisted -- -- NWMLS #29008642
Mar 26, 2009 Delisted -- -- NWMLS #29008642
Mar 11, 2009 Price Changed $1,100,000 -- NWMLS #29008642
Mar 02, 2009 Price Changed $1,190,000 -- NWMLS #29008642
Jan 15, 2009 Listed $1,290,000 -- NWMLS #29008642
May 30, 2007 Sold $1,820,000 15.2%/yr Public Records

barista · May 2009

Largest rollback: 51 months, 30K below feb 2005

http://www.redfin.com/WA/Fall-City/2792 ... ome/438095

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May 29, 2009 Price Changed $1,595,950 -- NWMLS #29029685
Feb 27, 2009 Listed $1,699,950 -- NWMLS #29029685
Feb 18, 2005 Sold $1,625,000 -- Public Records

barista · May 2009

Largest Loss per mont: 93K (back on market in 3 months!)

http://www.redfin.com/WA/Redmond/3006-2 ... ome/446728

May 18, 2009 Price Changed $1,199,900 -- NWMLS #29009039
Mar 09, 2009 Price Changed $1,399,000 -- NWMLS #29009039
Feb 27, 2009 Sold $1,480,000 3.8%/yr Public Records

barista · May 2009

Largest %age loss: 48%!

http://www.redfin.com/WA/Bellevue/1011- ... ome/252459

May 18, 2009 Price Changed $799,000 -- NWMLS #29010744
Apr 29, 2009 Price Changed $899,000 -- NWMLS #29010744
Mar 11, 2009 Price Changed $999,000 -- NWMLS #29010744
Feb 04, 2009 Price Changed $1,090,000 -- NWMLS #29010744
Jan 20, 2009 Listed $1,190,000 -- NWMLS #29010744
Jun 29, 2007 Sold $1,525,000 56.8%/yr Public Records

barista · May 2009

Largest %age loss per month = 7% loss per month!

http://www.redfin.com/WA/Bellevue/1426- ... ome/510922

May 29, 2009 Price Changed $331,578 -- NWMLS #29061377
May 29, 2009 Price Changed $349,030 -- NWMLS #29061377
May 26, 2009 Relisted -- -- NWMLS #29061377
May 06, 2009 Delisted -- -- NWMLS #29061377
May 01, 2009 Listed $367,400 -- NWMLS #29061377
Apr 30, 2009 Delisted * -- Inactive NWMLS #3
Mar 17, 2009 Sold $383,000 -30.4%/yr Public Records

barista · May 2009

Fastest flop: 2 weeks?

http://www.redfin.com/WA/Sammamish/4114 ... ome/263315

May 29, 2009 Price Changed $489,900 -- NWMLS #29058332
May 18, 2009 Sold $510,000 5.0%/yr Public Records

TheMightyQuinn · June 2009

barista wrote:

Fastest flop: 2 weeks?

http://www.redfin.com/WA/Sammamish/4114 ... ome/263315

May 29, 2009 Price Changed $489,900 -- NWMLS #29058332
May 18, 2009 Sold $510,000 5.0%/yr Public Records

I wonder if that's a typo and should read:

May 29, 2009 Price Changed $489,900 -- NWMLS #29058332
May 18, 2009 Listed $510,000 5.0%/yr Public Records

barista · June 2009

The_Tim · June 2009

The Tim wrote:

Lake Hills Renter wrote:

http://www.redfin.com/WA/Snohomish/24313-133rd-Ave-SE-98296/home/2630275

Jan 29, 2009 Listed $324,000 Bank-Listed Foreclosures #3242664
Jan 07, 2009 Price Changed $324,000
Dec 08, 2008 Price Changed $349,900
Nov 11, 2008 Price Changed $359,900
Oct 06, 2008 Listed $399,900
Sep 19, 2008 Sold $501,887 Public Records

Incidentally, this is the house I highlighted in the thread Portrait of a Foreclosure. The 2008 "sale" is the bank repossession. They were owed $454,955. Not sure why it shows up as a $501k sale.

Previous actual sale to a home buyer: February 2003 for $320,000.

Funny coincidence: My wife and I drove out to this place yesterday (Saturday) just for kicks, because I knew it was vacant and I have a fascination of geodesic dome houses.

The property sits at the end of about a half-mile of non-maintained dirt road full of nasty potholes, and has something like 8 different out-buildings in various states of disrepair. The primary structure has moss growing all over the roof, the carpet looks pretty destroyed in places, and I think I spotted some mold growing one one of the interior walls (we were just looking in through the windows).

Personally I would value this place at roughly $260,000, based on structure devaluation and a general decline in the desirability of the far-flung rural location since 2003.

Update: Now back on the market at $275k -- 14% below the 2003 sale price and $180k below what the bank was owed on the property when they foreclosed. Ouch. Getting close to my valuation though.

wreckingbull · June 2009

Geodesic homes are famous for their rot problems. You want to steer way clear of them. This one appears to be no exception.

barista · June 2009

noegruts · June 2009

barista, I don't know if you are using a script to generate these, but the first three on your list are incorrect. Your "last sale" price in these cases is the sale price of the land before it was subdivided and the houses built on the resulting plots. Check out the date of the last sale vs the date of construction.

I didn't check them all out, but I'd be suspicious of anything that appears to have fallen $0.5M (unless we're talking a multi-million dollar property).

Eastside Flops (www.EastSideFlops.com)

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