Wednesday, March 29, 2006

 

The Problem with Housing in Seattle


Here is what I see as a huge problem with the housing market in Seattle: ITS VASTLY OVERPRICED!!! This house is listed for $339,950. Its 730 square feet and is described as needing some fixing. It was bought in 1985 for $53k, the owners will make a nice profit, good for them. Here is my issue, according to county tax records, the 2006 taxable value is $223,000, over 100k less than the listed price. Zillow has estimated the house to be worth $269,534, 70k less than the list. Now I know that just because it is listed for 339k doesn't mean it will sell for that amount, but good grief are they hoping potential homebuyers don't do research? I will be tracking this house to see what it finally sells for, I hope the new owners pay a fair price.

7 Comments:

Anonymous Hazzard said...

I bet it will sell for nearly that. Being so close to UW and the city definitely has it's positives. Location, location, location. Would I buy it? HECK NO. I was just posting about a house that sold across the street from us. It sold for $440K and I think that was high. I fully expect that prices are going to flatten out. If they don't, who will be able to afford them? Prices have been rising at a pace that isn't even close to the levels that incomes are rising.

7:50 AM  
Blogger Nick said...

I bet it will sell for at least 10-15% under the list price. Maybe the current owners are the ones who didn't do their research!

Around here (northern suburb of Washington, DC), we're seeing a lot more of this lately. For a while, houses always sold at their list price. Now, not so much (especially for condos which are sitting unsold for months and months now). We've seen a few houses around here listed for $400k, but we (me, my friends, and anyone else with common sense) knows they'll sit on the market for three months and then sell for $350k.

The bubble, she is bursting!

8:27 AM  
Blogger ~Dawn said...

That is the size home I would like. Small and perfect.

10:25 AM  
Anonymous Anonymous said...

what a meth lab! nice 2 ft setback off the busy street. I wouldn't even give them their 53 large back.

1:19 AM  
Blogger kassy said...

It does look like a meth lab! And what the picture doesn't show is that is a four lane street not a 2-laner. If I lived there it would be about a 5 minute bus ride to work, but I don't like houses that close to the street especially a 4 lane street.

7:44 AM  
Blogger kassy said...

To reply to Dawn's comment, I would love to live in a 730 sq foot house as well if only because the one I'm currently in is only 670 and I could use a leetle more room. I like small because they're easier to keep clean.

11:26 AM  
Blogger supermom said...

Whoa!!! My sis has the same problem in San Diego! The real estate is outrageous. You saw the picture of my home. I live in upstate NY. The house is a duplex with 6 bedrooms, 3 full baths, 2 half bathrooms, a full finished basement, a huge storage room in the other basement, 2 kitchens, 2 living rooms, a two car garage and over two acres of land...and few neighbors at $229,000. I could rent one side for income, but I have 7 kids! The real estate is starting to sky rokcet, but not as bad as in CA!!! Makes me appreciate what I have even more...

supermom_in_ny
from
Getting Out Of Debt
Thanks for visiting my blog!

3:43 PM  

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