This flipper bought this property from me for $420K May 4. (I now rent.)
He's now asking $525K (FSBO) with no comps north of $470K in the area. Most sales are under $400K, in fact, but this property is bigger than most.
One thing I noticed is that the cabinets in the "remodeled" kitchen are the same as the ones I sold him. Just a refacing job. Looks like he didn't even touch the old formica countertops.
Yeah, I think you're right, buddy is going to have a hard time selling a property that far north for over $500k. Unless someone is really looking for a large lot, anyone with that kind of cash to spend on a house is going to probably go for something in one of the "hotter" neighborhoods of north Seattle (Greenlake, Maple Leaf, Ravenna, Wallingford, Wedgwood...) It's not an ugly house, but way too much money for that area of town.
Wow - Here's a flip for you. Bought 04/07 for $510k. On the market yesterday for $775k.
It looks like a lot of remodeling was done, but no change in the footprint of the house (believe me, if you have roman brick house, you are not going to be matching it, not made any more)
$265k uplift in 2 months? I think that qualifies as "audacious"
They are seriously under cutting the neighborhood, must be serious distress on this one purchased exactly a year ago. The house across the street with same floor plan and size just sold for I think $430k range, after hefty reductions of course.
Here's one that's beyond audacious. This is a great advertisement for Ardell and her ilk. This is FSBO, and it is clear Carl could definitely use a Realtor reality-check.
Sure it's got nice views, but when you have what is essentially an expressway in your back yard, generally your house isn't worth a million dollars, no matter how much you edited the facts in Zillow:
The original facts and the edited facts both have finished basements, there is not mention of a 2nd story edition, but it somehow turned from a 1 story with daylight basement, 1550 sq ft house, into a 2 story, 3100 sq ft house.
Do these morons think someone will just buy a million dollar house over the internet, without, you know, going inside and realizing the sellers are so full of shit their eyes are brown?
Purchased one year ago (07/07/2006) for $390,000
now on the market at $509,000, a pretty audacious 30% gain in one year. So what did they actually do to the property to warrant that? Apparently, um, nothing. But doesn't the thought count?
The property is ready to build on with approved building permit for a three-story. 3200 SF home & 630 SF garage. Price includes house plans and permit. A great opportunity! Currently 2 bedroom rambler with lake view, 1/2 block to lake.
Ready to build on? Well except that there's still a (crappy) house on the lot--they didn't even do the demolition. Even at a generous $350/sq ft the current house is only worth about $315,000.
Purchased one year ago (07/07/2006) for $390,000
now on the market at $509,000, a pretty audacious 30% gain in one year. So what did they actually do to the property to warrant that? Apparently, um, nothing. But doesn't the thought count?
It does come with a set of plans...can you really put a value on that?
Interesting article. I remember when that house came on the market. A buddy of mine in the rental business went and looked at it. Said it was pretty scary.
Interesting article. I remember when that house came on the market. A buddy of mine in the rental business went and looked at it. Said it was pretty scary.
I was playing poker the other night, and the dealer was going on and on about his first reno-flip in.... Sultan.
Should be on the market in 2 months, he claims. Just in time for the market to close up shop.
Just a little foundation work. I'm not sure there's such a thing as "a little" foundation work, but I'm not in construction, so what do I know.
"I'm going to do very well on this" he says. Man. It's hard to feel sorry for guys like this, because there are so many blameless people that are going to get hurt, but I still did. The regulars were outright mocking him.
On the market for $825,000, or $412/square foot, which is off the chart for Ballard homes. It will be interesting to see what happens with this one.
that one is jaw dropping. talk about uglification. and you gotta love "tons of RV parking". I thought I'd just clicked on a "burbed" blog entry. I'm gonna puke if he gets anywhere near his price
Bought in late Jan for $295k
On market in early May for $440k
Price reduced a few days ago to $425k and added a 1yr home warranty
this place has no view, no balcony, the building is garbage, and there are 5-6 halfway houses within a block. BUT, all the staging furniture is included!
This one has sold.
Purchase price: $295k (Jan)
List price: $440k (May)
Sale price: $383k (Jul)
I don't think the redfin ad is up anymore, so for reference this was a 2 bdr 2 bath, 1000sq/ft condo on capitol hill. Renovations included the typical hardwood floor, granite, travertine, stainless steel... Staging furniture and tv was included in sale.
It sold for more than I expected. I don't have flipping experience but I would guess that extensive renovations, furniture/flat panel tv/appliances, 7 months holding costs, and taxes would equal close to or more than $88k.
I keep seeing things here in Ballard which absolutely blow me away. Each week it gets more hilarious. This building was a complete POS apartment (circa 1975?) which has been condoverted. It is right on 24th (major N/S arterial). This place just screams 'pets.com':
Even in today's bubblicious market, you could buy a real nice SFH in a much better location (i.e. Sunset Hill) for this amount. How stupid would someone have to be to plop down that kind of coin? I think they will be LUCKY to get half that amount.
I live right around the block from this place. The conversion from crappy old apartments to what it is now took about 2 months work. There has to be a better way to drop $900k! As a main drag you get all the luxury of police cars and fire engines screaming by all night long. Not to mention the vast majority of people on 24th drive at freeway speeds.
Please tell me what these people are smoking.
I would like to pick the mind of the individual that buys that unit.
As a main drag you get all the luxury of police cars and fire engines screaming by all night long. Not to mention the vast majority of people on 24th drive at freeway speeds.
Don't forget the drunken parties that stumble loudly up 24th from Market St at all hours of the night after getting liqueured up at the array of trendy Ballard pubs. As an added bonus, (no extra cost), you get the gusts of wind that so kindly sweep miscellaneous debris from the nearby 7/11, bus stops, Seattle's worst QFC and littering passersby to your doorstep.
If I had that much to spend, I don't think I'd be buying this one unless I really really liked Cafe Besalu.
Too bad that breeze can't blow a little harder and get rid of some of the riff raff out of Ballard. This neighborhood has just about lost everything that made it cool 5 years ago.
Too bad that breeze can't blow a little harder and get rid of some of the riff raff out of Ballard. This neighborhood has just about lost everything that made it cool 5 years ago.
Forgive my ignorance as I just moved to Ballard in Jan. What did I miss and how has it changed?
The thing I miss most that Ballard lost in the last five+ years is the (more) reasonable housing prices, and the relative obscurity. Ballard used to be scoffed at by most of Seattle as being a boring neighborhood inhabited mainly by old timers and Scandinavians. Now it's hip and so has seen a lot of its older homes torn down (for better or worse) for new development that is drastically changing the look, the mix and the traffic patterns of the area.
On the plus side, it has more good restaurants and bars now, and the new library is a lot nicer.
$315,000 for 4 months of ownership?
Must be imported granite and extra thick stainless.
Faster -
Curious, where are you finding the March sale data? Zillow shows it last sold in '98 for $427.5k. It also shows it's "value" as $788k - so in any case the $1mm price seems like a fantasy - but I can't seem to see the flipper data ...
Comments
http://www.zillow.com/HomeDetails.htm?zprop=48682153
This flipper bought this property from me for $420K May 4. (I now rent.)
He's now asking $525K (FSBO) with no comps north of $470K in the area. Most sales are under $400K, in fact, but this property is bigger than most.
One thing I noticed is that the cabinets in the "remodeled" kitchen are the same as the ones I sold him. Just a refacing job. Looks like he didn't even touch the old formica countertops.
Good on him if he can get away with it.
Yeah, I think you're right, buddy is going to have a hard time selling a property that far north for over $500k. Unless someone is really looking for a large lot, anyone with that kind of cash to spend on a house is going to probably go for something in one of the "hotter" neighborhoods of north Seattle (Greenlake, Maple Leaf, Ravenna, Wallingford, Wedgwood...) It's not an ugly house, but way too much money for that area of town.
It looks like a lot of remodeling was done, but no change in the footprint of the house (believe me, if you have roman brick house, you are not going to be matching it, not made any more)
$265k uplift in 2 months? I think that qualifies as "audacious"
http://redfin.com/stingray/do/printable ... -id=869374
http://redfin.com/stingray/do/printable ... -id=800181
Bought 03/07 for $628k.
on the market yesterday for $899k
http://redfin.com/stingray/do/printable ... -id=873313
plenty of Seattle Erics still out there apparently - and these guys are speedy. 2 and 3 month, total remodels.
I want them for contractors after they run out of flips!
1.1 million for a house on Bothell Way.
Sure it's got nice views, but when you have what is essentially an expressway in your back yard, generally your house isn't worth a million dollars, no matter how much you edited the facts in Zillow:
The original facts and the edited facts both have finished basements, there is not mention of a 2nd story edition, but it somehow turned from a 1 story with daylight basement, 1550 sq ft house, into a 2 story, 3100 sq ft house.
Do these morons think someone will just buy a million dollar house over the internet, without, you know, going inside and realizing the sellers are so full of shit their eyes are brown?
http://www.redfin.com/stingray/do/print ... -id=964775
Purchased one year ago (07/07/2006) for $390,000
now on the market at $509,000, a pretty audacious 30% gain in one year. So what did they actually do to the property to warrant that? Apparently, um, nothing. But doesn't the thought count? Ready to build on? Well except that there's still a (crappy) house on the lot--they didn't even do the demolition. Even at a generous $350/sq ft the current house is only worth about $315,000.
It does come with a set of plans...can you really put a value on that?
http://www.builderplans.com/ecommerce/p ... chase+Plan
Maybe a little more if it's customized to size of lot/grade/etc.
But those plans only have use if their "dream home" was also your dream home, which seems unlikely.
More curiously, how did he miss us? You think he would have popped in and posted a link.
http://seattlepi.nwsource.com/local/324937_fixer25.html
1509 23rd Ave S
Seattle, WA 98144
Previous sale price: $470K
Contingent at: $413K
http://www.redfin.com/stingray/do/print ... -id=743889
I checked the parcel #'s and there are 2 at 1509 (A &
Their neighbor at 1517 (same builder) didn't do so hot either...
Sale Date 5/8/2006 Sale Price $454,000
Sale Date 6/16/2006 Sale Price $465,000
Sale Date 5/18/2007 Sale Price $392,000
Just checked the 1517 property, and that was also bought by a flipperon 6/16/2006. She got foreclosed on 2 of the 3 homes she purchased last summer.
Nope, no speculators in Seattle.
Interesting article. I remember when that house came on the market. A buddy of mine in the rental business went and looked at it. Said it was pretty scary.
The listing on Redfin
And in Zillow
C'mon...you know you want to own the most expensive house (by quite a bit) in the neighborhood
I was playing poker the other night, and the dealer was going on and on about his first reno-flip in.... Sultan.
Should be on the market in 2 months, he claims. Just in time for the market to close up shop.
Just a little foundation work. I'm not sure there's such a thing as "a little" foundation work, but I'm not in construction, so what do I know.
"I'm going to do very well on this" he says. Man. It's hard to feel sorry for guys like this, because there are so many blameless people that are going to get hurt, but I still did. The regulars were outright mocking him.
http://www.redfin.com/stingray/do/print ... -id=997095
Last purchase 12/01/2006 $401,000.
On the market for $825,000, or $412/square foot, which is off the chart for Ballard homes. It will be interesting to see what happens with this one.
This one has sold.
Purchase price: $295k (Jan)
List price: $440k (May)
Sale price: $383k (Jul)
I don't think the redfin ad is up anymore, so for reference this was a 2 bdr 2 bath, 1000sq/ft condo on capitol hill. Renovations included the typical hardwood floor, granite, travertine, stainless steel... Staging furniture and tv was included in sale.
It sold for more than I expected. I don't have flipping experience but I would guess that extensive renovations, furniture/flat panel tv/appliances, 7 months holding costs, and taxes would equal close to or more than $88k.
http://www.redfin.com/stingray/do/print ... id=1010248
From the listing: "Home occupies Lot 3 of new Madison Ridge, a five-lot plat adjacent to newer homes on Idel Weis Court. ".
I'd guess it is correct, but they have since subdivided the lot.
http://windermere.com/index.cfm?fuseact ... D=18293090
Even in today's bubblicious market, you could buy a real nice SFH in a much better location (i.e. Sunset Hill) for this amount. How stupid would someone have to be to plop down that kind of coin? I think they will be LUCKY to get half that amount.
Please tell me what these people are smoking.
I would like to pick the mind of the individual that buys that unit.
http://www.johnlscott.com/PropertyDetai ... 885&Sort=0
Much better digs for the same money. I just don't get it.
If I had that much to spend, I don't think I'd be buying this one unless I really really liked Cafe Besalu.
On the plus side, it has more good restaurants and bars now, and the new library is a lot nicer.
7223 57th Ave NE
Seattle, WA 98115
MLS#: 27143668
Bought 3/30/07
$720,000
Currently listed at
$1,035,000
$315,000 for 4 months of ownership?
Must be imported granite and extra thick stainless
Faster -
Curious, where are you finding the March sale data? Zillow shows it last sold in '98 for $427.5k. It also shows it's "value" as $788k - so in any case the $1mm price seems like a fantasy - but I can't seem to see the flipper data ...