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Thursday, December 15, 2005

Follow-Up: Anecdotal Evidence, Pt. 3


NO DICE
Here's another update on the properties I've been following in my neighborhood. The house I was watching never did sell, it would seem. After stagnating on the market for over three months and lowering the asking price by 8.5%, there still were no takers for the "cozy" house. I would guess that the owner was making an attempt to cash in on the real estate madness, and since they weren't able to get a ridiculous sum out of some sucker they decided to take their ball and go home, so to speak.

Furthermore, the neighboring condo that went up for sale (a few weeks after the first condo I was watching closed) has supposedly sold (according to the sign out front, and the fact that it's no longer on the MLS), but the information indicating how much it sold for hasn't been posted online yet. I'll update you when I find out.

9 comments:

Anonymous said...

Thank you very much for the update on these properties.

It looks like that house needs a lot of work.

Anonymous said...

Okay folks, let's get this site going. I also have been tracking properties in the neighborhood I was forced to move out of in N Seattle 2 years ago because of the real estate/rental hikes.
What I'm finding is that a home that 2 years ago would have been listed for 850,000 was on the market last month (when I first started tracking) for 750,000. 2 wks ago the asking price dipped to 747,900 and now this wk. to 745,000. YAAYYYY!!!

WAblogger said...

Anonymous,

Please give the address or the MLS of the property you mentioned.

How do you estimate the $850K price for the last year? I don't think that anything sold the last year has a lower price now.

Btw, $5K of $750K is less than 1% drop.

biliruben said...

Here's a nice "Totally Remodeled Milly"

18329 8th Ave NE

Bought for 244,000 on 10/10/05. Slapped down some corian and trying to fetch 335K two months later.

Real Estate Blessings, my ass.

biliruben said...

Here's another attempt to make a cool, quick 100K+

19702 Forest Park Drive

Bought for 169,110 on 7/28/05.

Remodeled and relisted for $334,950.

Even if they invested 50,000 into the house, which I doubt, that's still obscene profit.

The house I mentioned a couple months ago with a similar mark-up, 20349 21st Ave, has been taken off the market. For the flipper's sake, I hope they aren't waiting for better conditions. I doubt they will find them by waiting 6 months.

biliruben said...

Dang. And another one:

19218 18th Ave NE

Bought a year ago for 171K, for sale now for 315K.

Redfin makes it really easy to see the last sale price and date and compare it to the asking price:
http://www.redfin.com/stingray/do/home

I swear, almost every house that's for sale in my neighborhood is a flip.

Am I just lucky to be living in the land of flippin' land of paridise or is everyone's neighborhood like this?

Dukes said...

Biliruben:

These guys are insane, actually - if someone buys these houses they are the insane ones. It actually makes me sick that asshole flippers are causing prices to skyrocket out of reach.

I am going to enjoy watching this thing come crashing down.

Michael Randallbard said...

PLEASE FOLKS....spread this web site around Seattle and help crash Canadas housing market.

http://www.notcanada.com

Matter of fact maybe its a good idea for Seattlites to make a site like this to help keep out in migration to the Northwest. Call it Phooey Phooey (take off on Louie Louie) or something like that.

Anonymous said...

Dukes-
It's not just the asshole flippers who push prices up- some of the blame's gotta be laid at the feet of asshole buyers! I watched in horror back in the late 90's as buyers bid and up-bidded again & did their fair share of creating this panic.