Audacious Flips and Renovations

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  • Damn...I'm on a roll, had to edit this.
    This is the right listing/MLS, only thing right in the original was the address.

    http://www.redfin.com/stingray/do/print ... id=1028313

    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
  • Still not sure I understand what is going on - but check out the Zillow graph for the link you posted above...

    not sure I have seen one with THAT trajectory before!

    tempzd5.png
  • Here's a property in greenwood that was purchased last year by an investor. Does not appear to be in foreclosure.

    9230 1st Ave NW
    Seattle, WA 98117

    Last Sale 10/2006 $410,000
    Currently listed at $375,000

    http://www.redfin.com/stingray/do/print ... id=1018680
  • deejayoh wrote:
    Still not sure I understand what is going on - but check out the Zillow graph for the link you posted above...

    not sure I have seen one with THAT trajectory before!

    tempzd5.png

    That house is now off the market after only like a day or 2.
    Strange.
  • http://www.redfin.com/stingray/do/print ... id=1029380


    2003 Federal Ave E
    Seattle, WA 98102
    MLS: 27144750

    Bought 08/16/2006
    $710,000

    Listed now
    $1,499,000
  • Jesus. If I'm gonna waste a million and a half, I better not have to watch my head when I get up from a crap.
  • Seems audacious on it's face, but FWIW I think that Federal Ave is one of the nicest streets in all of Seattle. I am amazed something on that street sold for $710k only a year ago. It must have been a real dump.

    Check out the other listings on Federal, you won't find anything less than $1.5mm.
  • Actually, almost everything that sold in the last couple of years on the north end of federal where that house is went in a range around 700k.

    Only when you start going further south into mansion row with the acre lots do you see the multi-million dollar homes.
  • biliruben wrote:
    Actually, almost everything that sold in the last couple of years on the north end of federal where that house is went in a range around 700k.

    Only when you start going further south into mansion row with the acre lots do you see the multi-million dollar homes.

    ah, that could be. now that I note the lot size.
  • I don't even know what to make of this condo flip.

    3820 NE 155th Pl #403
    Lake Forest Park, WA 98155

    http://www.redfin.com/stingray/do/print ... -id=828205

    Purchased 11/2006 for $167,500
    Currently listed at $227,500

    Comes "fully furnished" with some Ikea furniture and a state of the art 19" tube tv with rabbit ears. That's gotta add about $3 in equity right there. I can easily see the buyers getting whipped into a mad frenzy when they find out it comes with a FREE VCR! Woo Hoo!
  • mike2 wrote:
    I don't even know what to make of this condo flip.

    3820 NE 155th Pl #403
    Lake Forest Park, WA 98155

    http://www.redfin.com/stingray/do/print ... -id=828205

    Purchased 11/2006 for $167,500
    Currently listed at $227,500

    Comes "fully furnished" with some Ikea furniture and a state of the art 19" tube tv with rabbit ears. That's gotta add about $3 in equity right there. I can easily see the buyers getting whipped into a mad frenzy when they find out it comes with a FREE VCR! Woo Hoo!

    Looks like someone went to jail, unexpectedly.
  • Nude wrote:
    Looks like someone went to jail, unexpectedly.

    Ha, no doubt. The owner is the listing agent. Maybe he's just under house arrest.
  • mike2 wrote:
    I don't even know what to make of this condo flip.

    3820 NE 155th Pl #403
    Lake Forest Park, WA 98155

    http://www.redfin.com/stingray/do/print ... -id=828205

    Purchased 11/2006 for $167,500
    Currently listed at $227,500

    Comes "fully furnished" with some Ikea furniture and a state of the art 19" tube tv with rabbit ears. That's gotta add about $3 in equity right there. I can easily see the buyers getting whipped into a mad frenzy when they find out it comes with a FREE VCR! Woo Hoo!

    I live right next to those condos and rent a comparable apartment for $710/mo. I'm on the top floor though, so I have a nice view of the lake. :P
  • Ah, good to see justice in action.

    This is the Loyal Heights flip previously owned by the Huling brothers sales manager charged with stealing from a disabled customer.

    http://www.redfin.com/stingray/do/print ... id=1054850

    FORECLOSED!

    Instrument Number: 20070814001849
    Sequence #: 0
    Date Received: 08/14/2007 1:31:52 PM
    Document Type: TRUSTEE DEED
    Book: 000
    Page: 000
    Image:
  • EconE wrote:

    $872 per sq. ft.?

    you could gold plate the entire apartment for half that (seriously! to a generous 5 micron thickness!)

    Malibu Beach mansions with a view of Pamela Anderson's bedroom don't go for that much.

    Sanity has officially left the building.
  • Uh, when the price per sq ft number exceeds the total sq ft., $872 vs. 752, especially for a condo, penthouse or not. Elvis will never be coming back.

    That is actually SMALL for a top floor penthouse...
  • Explorer...this is actually a "sub" penthouse unit. From my understanding it is also the first "double" flip in my building if not in the whole 2200 complex. So far I have only seen two units sell (1605 and 1704) in my building...one at a loss (I believe) when factoring in carrying costs and commissions.

    Also...FWIW...nobody seems to want to touch the units on the 14th floor. Four out of six are for sale. 1400 (MLS# 27012257), 1402 (MLS# 27095986), 1403 (MLS# 27038243) and 1404. Who knows...maybe it's because the 14th floor is actually the 13th floor and people actually believe in that superstition...after all...the elevator buttons go from 12 to 14. It's also kind of strange that all the 14th floor 2br's seem to be in love with 1.19M as an asking price.
  • http://www.redfin.com/stingray/do/print ... id=1109562

    3811 140th Ave NE
    Bellevue, WA 98005
    MLS: 27163258

    Last Sale 11/17/06: $885,000

    Current Asking: $1,395,000
  • This house just up the road from where I live. Had for sale up in july for roughly 2 days. Then the sign disappeared.

    I just zillowed and it sold on 7/3 for $411,000.

    The for sale sign cropped up yesterday and fliers state a new price of $569,000!!

    http://www.zillow.com/HomeDetails.htm?zprop=48830747

    One thing I did notice over the last month or so was the small army of obviously immigrant labor that turned the place over in less than 2 months.
  • You know, it's considered fashionable to arrive to the party late. But these people are arriving just as the party is getting over.

    Oops!
  • edited September 2007
    OK, this doesn't really qualify as a 'flip' or renovation, but it seems pretty audacious to me.

    Bought in '98 for $245,000 (from Queen Elizabeth, no joke).

    FSBO, asking $747,000.

    Update: As of 9/15, listed with Re/Max at $750,000.

    Triple the price in 9 years? That's an average of 13% per year, every year. Even for Microsoft-land, that seems pretty outrageous to me.

    Btw, this is my boss' boss, and they've already put an offer on another house. Good luck with that.
  • Regarding the house above, I know it well, as I walk past it every time I go to vote at the elementary school down the street (even saw Erik last time I walked by--he's my old boss!). Must be nice to be able to upgrade--apparently the company is paying him well.

    I will have to say that that neighborhood is one of the nicer ones in the area--super-wide tree-lined street, large yards that are mostly kept up, good-sized houses (>2K sq ft) built in the 70s, but the ones that have not been upgraded are showing their age.

    Surely somebody from CA or HI or NY will see this house as a great deal.
  • Pretty much in line with what Redmond, as well as the rest of the county has done since 1998. Maybe a slight premium.
  • ayles wrote:
    This house just up the road from where I live. Had for sale up in july for roughly 2 days. Then the sign disappeared.

    I just zillowed and it sold on 7/3 for $411,000.

    The for sale sign cropped up yesterday and fliers state a new price of $569,000!!

    http://www.zillow.com/HomeDetails.htm?zprop=48830747

    One thing I did notice over the last month or so was the small army of obviously immigrant labor that turned the place over in less than 2 months.
    Just took a look in the windows... Tell tale signs of a flip abound.
    1. Staged
    2. Granite
    3. Stainless Steel Appliances
    4. Dark Kitchen Cabinets
  • ayles wrote:
    This house just up the road from where I live. Had for sale up in july for roughly 2 days. Then the sign disappeared.

    I just zillowed and it sold on 7/3 for $411,000.

    The for sale sign cropped up yesterday and fliers state a new price of $569,000!!

    http://www.zillow.com/HomeDetails.htm?zprop=48830747

    One thing I did notice over the last month or so was the small army of obviously immigrant labor that turned the place over in less than 2 months.

    Very unscientific observation with a couple variables... The flier box on this place has never been empty. Either the agent is always on top of the supply or nobody is taking them.
  • femto wrote:
    I think this one meets the audacious criteria.

    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.

    56 days in and price now at $785,000. I'm guessing it's got another $135,000 at least to fall. At the current price with 20% down you're looking at about $4400 month in total housing payments. The most expensive rental I could find in Ballard is this one at $3000

    http://seattle.craigslist.org/see/apa/424943059.html

    Which has at least one more room, 1000 more sf, and appreciably nicer architecture.
  • ayles wrote:
    ayles wrote:
    This house just up the road from where I live. Had for sale up in july for roughly 2 days. Then the sign disappeared.

    I just zillowed and it sold on 7/3 for $411,000.

    The for sale sign cropped up yesterday and fliers state a new price of $569,000!!

    http://www.zillow.com/HomeDetails.htm?zprop=48830747

    One thing I did notice over the last month or so was the small army of obviously immigrant labor that turned the place over in less than 2 months.

    Very unscientific observation with a couple variables... The flier box on this place has never been empty. Either the agent is always on top of the supply or nobody is taking them.

    Finally up on the MLS.

    http://www.johnlscott.com/PropertyDetai ... 673&Sort=0
  • faster wrote:
    femto wrote:

    Is this really the same guy?

    http://seattlebubble.com/blog/1982/04/1 ... en-thread/

    Update: the Sales Manager at Huling Brothers that was charged with theft from a mentally disabled man has slashed the price of his Loyal Heights bungalow. 3006 nw 73rd st, originally listed at ~750K to 600K. Still ridiculously overpriced.

    ....

    Looks like it was eventually repossessed and is back on the market as an REO:

    http://www.redfin.com/stingray/do/print ... id=1104832

    Still seems steep, the bank must not really care about selling it. Anyhoo hopefully this asshat's credit and assets are both permanently destroyed.

    Update: just saw on the news that the dealership where this went down has also gone out of business.

    http://www.king5.com/localnews/stories/NW_092607WAB_huling_brothers_closure_TP.1136e99df.html
  • Multi Million $ Belltown Penthouse Foreclosure

    It appears to be listed on Foreclosure.com as there is a unit with the exact same "Zestimate" as Zillow shows for the unit.

    Zillow also shows that the property was last purchased in 11/05 for $2.1M

    So...it looks like the lenders are either trying to profit on this one or...IMHO...list their own REO at an over inflated price so that they can help the $800+/sf downtown condos appear like bargains to help move product.

    Interesting "dip" in Zillow's graph with a nice spike right back up.

    Sweet Pad.
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