Maybe my old eyes are weak, but I couldn't find the sq. footage of the house. It looks itty-bitty. The size of the lot is easy to locate, but not the living area. Humm....
Maybe my old eyes are weak, but I couldn't find the sq. footage of the house. It looks itty-bitty. The size of the lot is easy to locate, but not the living area. Humm....
Not on Redfin Either.
But it is on Zillow - 870 sq feet.
MLS: 27194611
7520 30th Ave NW
Seattle WA 98117
2 beds, 1.0 baths, 870 sq ft
I guess you can't blame them. If my house was 870 sq feet and I was asking $630k, I'd try to keep that a secret too. I'd also try to hid the fact that I bought the house back in May for $400,000.
$400K was too much even then. What on earth are they thinking??? Any lender who does even mediocre due diligence on the appraisal won't fund this puppy.
I wonder if the sellers have an agenda that doesn't include moving this house, or maybe the Realtor(R) made a mistake when entering the asking price. There is something going on here that we don't know.
The travertine is on the floor of the 2nd picture of a bath, where you can't see the shower/tub. Reminds me of the stainless steel laminate the "Designed to Sell" team (on HGTV) puts on old refrigerators and dishwashers.
Nothing like $749,950 ($417 a square foot) for a plywood townhouse in Greenlake. Did anyone tell this builder that you can buy a very nice upgraded free standing house for the same price (with actual land ). Brand new lising! and there are 3 more just like it. I bet they are going to see an army of people beating a path to that open house tomorrow.
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.
105 days in and down another 50 grand to $735,000. I still predict no sale till it's in the mid 6's, or a bit lower if it takes too long to get there. Carrying cost on this can't be too fun.
New listing, new price, finally through the $700K barrier (by $50). I make it about 164 days since first going on the market.
I really don't understand how someone can decide that $50,000/year (PITI, after 20% or $150,000 down), to live in either of the two above examples is a good deal. Think about it- for $30,000/year LESS you could rent the same property, leave your $150,000 down invested, and have $30,000/year left over to spend on European vacations, nicer cars, private education for your kids, etc. WTF.
Like the diamond cartel who has everyone thinking they need a diamond engagement ring, the Realtors have got the sheep thinking that ownership, at any cost, is the only accepted/legitimate way to live.
So $80K gain in the past 1.5 years, probably unrealistic but not audacious. But check this:
Purchased 7/07/2004 for $395,000
395 -> 920 is a 525K or a 132% gain. That's pretty effin' audacious. Anyone who can more than double their money without bulldozing the lot and building a bigger house has pulled off an impressive flip. I'm afraid the buyer wasn't so lucky: You looking ahead to that 2 year OA resetting in a few months? I fear there's no greater fool to bail you out of this one.
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.
This house just saw its first price reduction. It has been reduced to $554,950.
Down to $535k and on the market 149 days... this price reduction did not included a "reduced price" sign like the previous cut. That one ended up in my front yard after a windstorm.
So $80K gain in the past 1.5 years, probably unrealistic but not audacious. But check this:
Purchased 7/07/2004 for $395,000
395 -> 920 is a 525K or a 132% gain. That's pretty effin' audacious. Anyone who can more than double their money without bulldozing the lot and building a bigger house has pulled off an impressive flip. I'm afraid the buyer wasn't so lucky: You looking ahead to that 2 year OA resetting in a few months? I fear there's no greater fool to bail you out of this one.
I have a feeling that the 2004 buyer did a major renovation, including turning a very nice 6000 sq ft yard into a 6000 sq ft brick patio :roll: and redoing most of the interior of the house... and suckered someone into paying $920k for it. There's no way a decent 5/4 would have only gone for $395k in '04 unless it was an in-family transaction or something.
That property on 30th has a new listing at $589k. Yep, still a bad deal.
Hey look! It's STI now, too. I'm telling you all -- even the most audacious homes are going STI right now. I hope they enjoy their sheik house. :roll:
The old $40K off trick. Get's 'em every time.
Actually I've seen several houses I've been eying in Ballard go STI and come off, a couple more than once. I think in this market no one wants to outright reject any bid, even low-balls , so protracted negotiations with multiple counters may be getting more common. If it does go through it will be interesting to see where the final price falls relative to the original cost + improvements + carrying cost. I fear the Ballard Flippopotamus is becoming an endangered specieis.
While I don't put too much stock in the "zestimate" for an indivual house - the neighborhood feature should be a pretty good indicator of trend across all sales.
Actually I've seen several houses I've been eying in Ballard go STI and come off, a couple more than once. I think in this market no one wants to outright reject any bid, even low-balls , so protracted negotiations with multiple counters may be getting more common.
But it isn't STI until mutual acceptance; i.e. after all offers and counteroffers are done. The seller can't get out of the deal, so if it goes back on the market, that's the buyer's doing.
Actually I've seen several houses I've been eying in Ballard go STI and come off, a couple more than once. I think in this market no one wants to outright reject any bid, even low-balls , so protracted negotiations with multiple counters may be getting more common.
But it isn't STI until mutual acceptance; i.e. after all offers and counteroffers are done. The seller can't get out of the deal, so if it goes back on the market, that's the buyer's doing.
I think femto is referring to buyers backing out or asking for concessions. In this market, inspections are the easiest way for a buyer to get out of a deal or force concessions.. Ask for the moon in terms of fixes or concessions, that shoots the deal right there. Done it myself (albeit 8 years ago!). 12-18 months ago, you pretty much had to waive inspection as a buyer.
Actually I've seen several houses I've been eying in Ballard go STI and come off, a couple more than once. I think in this market no one wants to outright reject any bid, even low-balls , so protracted negotiations with multiple counters may be getting more common.
But it isn't STI until mutual acceptance; i.e. after all offers and counteroffers are done. The seller can't get out of the deal, so if it goes back on the market, that's the buyer's doing.
I think femto is referring to buyers backing out or asking for concessions. In this market, inspections are the easiest way for a buyer to get out of a deal or force concessions.. Ask for the moon in terms of fixes or concessions, that shoots the deal right there. Done it myself (albeit 8 years ago!). 12-18 months ago, you pretty much had to waive inspection as a buyer.
Don't forget the latest escape hatch, the 'neighborhood review'. In a non-Ponzi market, negotiations continue well into the STI phase. Femto's point is indeed relevant.
Comments
Maybe my old eyes are weak, but I couldn't find the sq. footage of the house. It looks itty-bitty. The size of the lot is easy to locate, but not the living area. Humm....
Not on Redfin Either.
But it is on Zillow - 870 sq feet.
MLS: 27194611
7520 30th Ave NW
Seattle WA 98117
2 beds, 1.0 baths, 870 sq ft
http://www.zillow.com/HomeInfo.htm?zprop=48889087
I guess you can't blame them. If my house was 870 sq feet and I was asking $630k, I'd try to keep that a secret too. I'd also try to hid the fact that I bought the house back in May for $400,000.
I wonder if the sellers have an agenda that doesn't include moving this house, or maybe the Realtor(R) made a mistake when entering the asking price. There is something going on here that we don't know.
From the looks of it, I think I have a Travertine bath too!
What's a Travertine bath, and why does it cost $200,000!?!
This thread has gotten long enough we are now repeating things.
Here are two that really stick in my craw. I would have bought either of these earlier this year and LIVED in them, rather than immediately flip them:
Case #1:
http://www.redfin.com/stingray/do/print ... id=1126527
1413 25th Ave E
Seattle, WA 98112
last sale: 08/23/2007 $545,000
now: $689,950
Case #2:
And this one really gets me, it's right in the neighborhood we need and I remember how fast the signs were down last year ~~
http://www.redfin.com/stingray/do/print ... id=1358985
6319 Latona Ave NE
Seattle, WA 98115
last sale: 01/31/2007 $507,700
now: $730,000
7815 Stroud Ave N
Seattle, WA 98103
http://www.redfin.com/stingray/do/print ... id=1375328
Not really a flip or remodel but my god....
Nothing like $749,950 ($417 a square foot) for a plywood townhouse in Greenlake. Did anyone tell this builder that you can buy a very nice upgraded free standing house for the same price (with actual land ). Brand new lising! and there are 3 more just like it. I bet they are going to see an army of people beating a path to that open house tomorrow.
New listing, new price, finally through the $700K barrier (by $50). I make it about 164 days since first going on the market.
http://www.redfin.com/stingray/do/print ... id=1379897
Like the diamond cartel who has everyone thinking they need a diamond engagement ring, the Realtors have got the sheep thinking that ownership, at any cost, is the only accepted/legitimate way to live.
http://www.redfin.com/stingray/do/print ... id=1389966
5002 3rd Ave NW Seattle, WA 98107
Price: $999,950
Purchased 4/21/2006 for $920,000
So $80K gain in the past 1.5 years, probably unrealistic but not audacious. But check this:
Purchased 7/07/2004 for $395,000
395 -> 920 is a 525K or a 132% gain. That's pretty effin' audacious. Anyone who can more than double their money without bulldozing the lot and building a bigger house has pulled off an impressive flip. I'm afraid the buyer wasn't so lucky: You looking ahead to that 2 year OA resetting in a few months? I fear there's no greater fool to bail you out of this one.
Down to $535k and on the market 149 days... this price reduction did not included a "reduced price" sign like the previous cut. That one ended up in my front yard after a windstorm.
http://redfin.com/stingray/do/printable ... -id=334352
For perspective you can get 5 acres with stick built home in Lake Stevens for less than 500K.
Or maybe I'm wrong and it will sell on the 563rd day on the market.
http://www.johnlscott.com/propertydetai ... 592&Sort=0
Yep, still a bad deal.
I have a feeling that the 2004 buyer did a major renovation, including turning a very nice 6000 sq ft yard into a 6000 sq ft brick patio :roll: and redoing most of the interior of the house... and suckered someone into paying $920k for it. There's no way a decent 5/4 would have only gone for $395k in '04 unless it was an in-family transaction or something.
Hey look! It's STI now, too. I'm telling you all -- even the most audacious homes are going STI right now. I hope they enjoy their sheik house. :roll:
The old $40K off trick. Get's 'em every time.
Actually I've seen several houses I've been eying in Ballard go STI and come off, a couple more than once. I think in this market no one wants to outright reject any bid, even low-balls , so protracted negotiations with multiple counters may be getting more common. If it does go through it will be interesting to see where the final price falls relative to the original cost + improvements + carrying cost. I fear the Ballard Flippopotamus is becoming an endangered specieis.
http://www.zillow.com/real-estate/WA-Seattle/Ballard
While I don't put too much stock in the "zestimate" for an indivual house - the neighborhood feature should be a pretty good indicator of trend across all sales.
http://www.zillow.com/real-estate/WA-Se ... pitol-Hill
I think femto is referring to buyers backing out or asking for concessions. In this market, inspections are the easiest way for a buyer to get out of a deal or force concessions.. Ask for the moon in terms of fixes or concessions, that shoots the deal right there. Done it myself (albeit 8 years ago!). 12-18 months ago, you pretty much had to waive inspection as a buyer.
Townhouse purchased 11/30/2005 for $459k (little more than 2 years ago)
now on the market for $560k (for 93 days)
http://www.zillow.com/HomeDetails.htm?zprop=63925779
also for rent, asking $2,500/month for a 15-18 month lease
http://www.windermereseattlepm.com/view ... .php?id=96
I rent a nicer, bigger T/H of the same vintage for $400/month less - in a better neighborhood
I wish them luck with their fantasy price or rent!
Don't forget the latest escape hatch, the 'neighborhood review'. In a non-Ponzi market, negotiations continue well into the STI phase. Femto's point is indeed relevant.
"I'm on a roll now:
http://www.redfin.com/stingray/do/print ... id=1474042
630 NW 48th St
Seattle, WA 98107
last sale: Aug 31, 2007 $384,950
price today: $549,950
Unbelievable. :shock:"
Nice basement, reminds me of Lestercorp's floor #7½... :roll: What is next? Drywalling crawlspaces and adding that to the square footage?
It's listed at $2375/mo, but that's still easily $500-600/mo overpriced based on the current market. Good luck with that one.
12407 NE 140th St
Kirkland, WA 98034
Purchased 6/2007 for $218k.
They tore down the garage to subdivide the lot and I guess they ran out money. The house still needs to be repaired from where the garage used to be.
Asking $289k.
:shock:
http://www.redfin.com/stingray/do/print ... id=1498493
Sold 3 times in the last 2 years, each time at a lower price, then listed for significantly above its 2006 sale.