Wow. Look how far off Zillow is. Perhaps it's the only "just shy of 200 sq ft" home around there? It will be interesting to see if the seller really got a good deal a month ago.
Bank owned 5 bedroom 1.75 bath home
Since the buyer was the bank, one would think the seller didn't really have a lot of other options - it appears they were foreclosed upon, no?
What I've come to find is Bank Owned homes have gone to auction, and the reason they are now in the bank inventory is because the bank put in a floor bid for the property and nobody else offered more.
Banks obviously think they can get more than the auction value by marketing them on the MLS. However, I'm seeing in the more distressed markets that the floor bids were very optimistic and actual market prices have blown right through them - sometimes in under 2 months.
Seems like a dangerous juggling act for companies that aren't in the business of holding homes. It's a gamble that holding a depreciating asset for several months will allow time to secure a higher priced offer. Many banks are finding that the wait time erases any premium the home value might have had over the auction price.
Femto-
The June 06 purchasers did move in briefly. They appeared to be a group of early 20 something "professionals". Three or four new Mercedes were parked in the driveway during their stay. Oddly, nobody mowed the lawn ONCE during the few months they were there. Not the kind of pride of ownership one would expect from someone who recently purchased a ¾ million dollar property. They moved out hastily before the "Notice of Sale" was posted on the front door. The Jan. 07 buyer appeared to be running some sort of business from the property. There were 6-8 damaged older cars in the driveway at all times and I would see various people "fixing" them presumably for resale. I can't say for certain that anybody actually lived in the house. The lights were seldom on in the evening and as with the previous owners not yard maintenance whatsoever.
And here's a weird one. At first glance it just looks like any other run down older home, but check out the picture in the unfinished basement. Is that 4 makeshift single bedframes?
And here's a weird one. At first glance it just looks like any other run down older home, but check out the picture in the unfinished basement. Is that 4 makeshift single bedframes?
Anecdote from my neighborhood. A house down the street went up for sale last week, and given the comps from last year I expected an outrageous price, particularly since this same house sold only a year or so ago. I was surprised to find that it's up for $419k. Based on last year's comps I expected more like $519k. I still think it's overpriced (the neighborhood was going for ~$225k 4 years ago), but it's definitely lower than I expected. It will be interesting to see how it does on the market.
Edit: Here's the listing: 16237 SE 7th St. Seems the last sale was a little longer ago than I remembered, May 2005.
I wasn't sure where to post this but here: just came on the market today, LOVE the photos! (in other words, photos of how trashed the house is rather than of the house itself)
Redfin doesn't have a very good price history for it. KC public records says that it went into bank ownership on 1/14/2008. The forclosee purchased it 11/2006 for $440k. There is no history before that.
Regarding the house on 14th - I bet the previous owner thought they got a screaming deal only to find out they'd bought a tear down. I can only imagine what they found in there that made them walk away.
I wasn't sure where to post this but here: just came on the market today, LOVE the photos! (in other words, photos of how trashed the house is rather than of the house itself)
I wasn't sure where to post this but here: just came on the market today, LOVE the photos! (in other words, photos of how trashed the house is rather than of the house itself)
It's STI now.
That is amazing-- I'm shocked (but maybe not so shocked considering my experiences lately).
I'm not shocked at all by that one. it's amazing what a contractor can do with $100k. And they'd likely turn it back into a duplex and rent it. Get in for less than $500k and renting both units for $3000-3500 a month in total - a no brainer.
taking a 2500 sqft lot in Seattle zoned L2 and turning it into a SFH is pretty stupid, IMO
I'm on a roll! This 8 bedroom house would've been perfect for my wife's family (she has six brothers). 3255 165th Ave Bellevue, WA 98008
Last Sale: Oct 27, 2006 $859,950
Bank owned, now asking: $619,950
Almost a 28% drop since Fall 2006, which was a full 9 months before the peak! Unsold in 114 days. How low will they go?
Regarding the house on 14th - I bet the previous owner thought they got a screaming deal only to find out they'd bought a tear down. I can only imagine what they found in there that made them walk away.
Bought for $400k in 2006, they spent nearly a year trying to renovate it, finally gave up and built what's there now. It's priced reasonably based on 6-month comps, but I just can't see them getting $900k for that.
I'm on a roll! This 8 bedroom house would've been perfect for my wife's family (she has six brothers). 3255 165th Ave Bellevue, WA 98008
Last Sale: Oct 27, 2006 $859,950
Bank owned, now asking: $619,950
Almost a 28% drop since Fall 2006, which was a full 9 months before the peak! Unsold in 114 days. How low will they go?
Here's an example of how serial refinancers can take down values even in "good" neighborhoods. The Deed of Trust he defaulted on was for $464K. The house is now on the market for $421K. Given how high above market value banks were willing to appraise homes for last year, we're going to see more people defaulting just because they can no longer refinance at a higher value.
7032 22nd Ave NW
Seattle, WA 98117
4/14/2004 DEED OF TRUST
9/28/2004 DEED OF TRUST
6/22/2005 DEED OF TRUST
10/13/2005 DEED OF TRUST
6/27/2006 DEED OF TRUST
6/27/2006 DEED OF TRUST
2/28/2007 DEED OF TRUST
9/7/2007 NOTICE OF TRUSTEE SALE
Date Price Appreciation
Sep 01, 2004 $102,500 --
Jan 03, 2008 $427,500 53.4%/yr
What the hell?
Great potential for sweat-equity in this fixer-upper that awaits your vision and creativity! Dated home in nice neighborhood just needs some hard work and money to shine!
Date Price Appreciation
Sep 01, 2004 $102,500 --
Jan 03, 2008 $427,500 53.4%/yr
What the hell?
The September 2004 "sale" was actually one of the owners quit claiming a portion of the home to the other. The house was owned by members of the same family from the mid-90's until the foreclosure. This is a case of someone refinancing out every drop of equity (and then some) before defaulting.
We weren't seeing much of this last year in Loyal Heights. Asking price is more than 10% below 2004 sale price. Reminds me of my own neighborhood over here in Fairfax County.
So, a 25% drop since spring 2007, which was very near the peak.
Sold on the 14th of March for $500k which is -30.9% annualized appreciation and coincidentally the exact same price it sold for back on March 27, 2006. A nearly 200k loss in less than 11 months. What a great investment!
Dec 01, 2007 $609,900
Jan 24, 2008 $599,900
Feb 07, 2008 $569,900
Mar 09, 2008 $559,000 (Relisted at this time)
Mar 11, 2008 $559,900
Apr 03, 2008 $524,000
May 28, 2008 $499,900 Jun 25, 2008 $479,900
Comments
Bank owned 5 bedroom 1.75 bath home
Since the buyer was the bank, one would think the seller didn't really have a lot of other options - it appears they were foreclosed upon, no?
Banks obviously think they can get more than the auction value by marketing them on the MLS. However, I'm seeing in the more distressed markets that the floor bids were very optimistic and actual market prices have blown right through them - sometimes in under 2 months.
Seems like a dangerous juggling act for companies that aren't in the business of holding homes. It's a gamble that holding a depreciating asset for several months will allow time to secure a higher priced offer. Many banks are finding that the wait time erases any premium the home value might have had over the auction price.
The June 06 purchasers did move in briefly. They appeared to be a group of early 20 something "professionals". Three or four new Mercedes were parked in the driveway during their stay. Oddly, nobody mowed the lawn ONCE during the few months they were there. Not the kind of pride of ownership one would expect from someone who recently purchased a ¾ million dollar property. They moved out hastily before the "Notice of Sale" was posted on the front door. The Jan. 07 buyer appeared to be running some sort of business from the property. There were 6-8 damaged older cars in the driveway at all times and I would see various people "fixing" them presumably for resale. I can't say for certain that anybody actually lived in the house. The lights were seldom on in the evening and as with the previous owners not yard maintenance whatsoever.
1600 SW Dawson St
Seattle, WA 98106
Last sold 12/17/2007 for $409k.
Currently asking $345k.
15% price drop in a month and a half.
7426 PINNACLE PL SE
Snoqualmie, WA 98065
MLS# 27185478
Pending: $575,000
http://www.zillow.com/HomeDetails.htm?zprop=63338639
Sold 06/28/2005: $719,950
I have to think that something weird happened here... (Though they lowered the price from 700k to 575k in November...)
12818 65th Ave S, 98178, 1,780 square feet
Last Sale - Sept 29, 2006 at $401,000
Put on the market on Sept 27, 2007 at $299,000
Now listed at $250,000
Somebody lost a lot of money here.
-14.5% http://redfin.com/stingray/do/printable ... id=1299383
-14.5% http://redfin.com/stingray/do/printable ... -id=866166
-20.1% http://redfin.com/stingray/do/printable ... -id=832764
-14.0% http://redfin.com/stingray/do/printable ... id=1394169
-11.0% http://redfin.com/stingray/do/printable ... id=1411840
-11.3% http://redfin.com/stingray/do/printable ... id=1041911
-10.5% http://redfin.com/stingray/do/printable ... -id=968575
-12.2% http://redfin.com/stingray/do/printable ... id=1339530
-18.1% http://redfin.com/stingray/do/printable ... id=1265228
-15.6% http://redfin.com/stingray/do/printable ... id=1337837
-37.7% http://redfin.com/stingray/do/printable ... id=1167087
-10.4% http://redfin.com/stingray/do/printable ... id=1374992
-11.1% http://redfin.com/stingray/do/printable ... id=1355882
-26.8% http://redfin.com/stingray/do/printable ... id=1353278
-15.7% http://redfin.com/stingray/do/printable ... id=1296437
-16.3% http://redfin.com/stingray/do/printable ... id=1133545
Bellevue, WA 98006
Bubble sale price: Jun 21, 2006 $470,000
Current listing price: $380,000
http://www.redfin.com/stingray/do/print ... id=1168229
And here's a weird one. At first glance it just looks like any other run down older home, but check out the picture in the unfinished basement. Is that 4 makeshift single bedframes?
20707 Richmond Rd
Bothell, WA 98012
http://www.redfin.com/stingray/do/print ... id=1409908
Man... that just looks really sketchy. I could spin a thousand tales on that photo alone.
Edit: Here's the listing: 16237 SE 7th St. Seems the last sale was a little longer ago than I remembered, May 2005.
http://www.redfin.com/stingray/do/print ... id=1497775
7741 14th Ave NW
Seattle, WA 98117
Price: $362,000
Redfin doesn't have a very good price history for it. KC public records says that it went into bank ownership on 1/14/2008. The forclosee purchased it 11/2006 for $440k. There is no history before that.
That is amazing-- I'm shocked (but maybe not so shocked considering my experiences lately).
taking a 2500 sqft lot in Seattle zoned L2 and turning it into a SFH is pretty stupid, IMO
15522 SE 27th St Bellevue, WA 98007
Last sold:
Apr 17, 2007 $699,950
Now asking:
$524,950
So, a 25% drop since spring 2007, which was very near the peak.
3255 165th Ave Bellevue, WA 98008
Last Sale:
Oct 27, 2006 $859,950
Bank owned, now asking:
$619,950
Almost a 28% drop since Fall 2006, which was a full 9 months before the peak! Unsold in 114 days. How low will they go?
Edit: Forgot to include the address and link.
Bit off topic, but another failed flip:
http://www.redfin.com/stingray/do/print ... id=1443388
Bought for $400k in 2006, they spent nearly a year trying to renovate it, finally gave up and built what's there now. It's priced reasonably based on 6-month comps, but I just can't see them getting $900k for that.
Listed as a short-sale for 650K. Has this got to be fraud?
http://www.redfin.com/stingray/do/printable-listing?listing-id=1562947
Reduced to $599,950.
7032 22nd Ave NW
Seattle, WA 98117
4/14/2004 DEED OF TRUST
9/28/2004 DEED OF TRUST
6/22/2005 DEED OF TRUST
10/13/2005 DEED OF TRUST
6/27/2006 DEED OF TRUST
6/27/2006 DEED OF TRUST
2/28/2007 DEED OF TRUST
9/7/2007 NOTICE OF TRUSTEE SALE
http://www.redfin.com/stingray/do/print ... id=1591605
EDIT: Pending at $405K
Sep 01, 2004 $102,500 --
Jan 03, 2008 $427,500 53.4%/yr
What the hell?
I got a bag of rofls.
The September 2004 "sale" was actually one of the owners quit claiming a portion of the home to the other. The house was owned by members of the same family from the mid-90's until the foreclosure. This is a case of someone refinancing out every drop of equity (and then some) before defaulting.
"Just needs a little polish and it will shine"
3047 NW 69th ST
Seattle, WA 98117
http://www.redfin.com/stingray/do/print ... id=1578927
Sales History
Date Price Appreciation
Sep 21, 2004 $445,000 --
Dec 01, 2004 $445,000 0.0%/yr
Mar 30, 2007 $523,000 7.2%/yr
Listing Price History
Date Price
Mar 21, 2008 $500,000
Apr 03, 2008 $450,000
Apr 17, 2008 $400,000
416A 11th Ave E, Seattle WA 98102
They even listed it twice, once in residential and once in condo.
Residential Redfin Listing
Condo Redfin listing
Zillowing at $618,000.. okay...
Zillow link with prior sale info
Purchased
Feb 10, ,2006 $485,000
Dec 01, 2007 $609,900
Jan 24, 2008 $599,900
Feb 07, 2008 $569,900
Mar 09, 2008 $559,000 (Relisted at this time)
Mar 11, 2008 $559,900
Apr 03, 2008 $524,000
May 28, 2008 $499,900
Jun 25, 2008 $479,900
Well, they certainly tried to make a profit...