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.
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!
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!
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
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.
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.
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.
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
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.
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:
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.
Comments
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
not sure I have seen one with THAT trajectory before!
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
That house is now off the market after only like a day or 2.
Strange.
2003 Federal Ave E
Seattle, WA 98102
MLS: 27144750
Bought 08/16/2006
$710,000
Listed now
$1,499,000
Check out the other listings on Federal, you won't find anything less than $1.5mm.
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.
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.
Ha, no doubt. The owner is the listing agent. Maybe he's just under house arrest.
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
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:
best of luck.
$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.
That is actually SMALL for a top floor penthouse...
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.
3811 140th Ave NE
Bellevue, WA 98005
MLS: 27163258
Last Sale 11/17/06: $885,000
Current Asking: $1,395,000
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.
Oops!
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.
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.
1. Staged
2. Granite
3. Stainless Steel Appliances
4. Dark Kitchen Cabinets
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.
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.
Finally up on the MLS.
http://www.johnlscott.com/PropertyDetai ... 673&Sort=0
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
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.