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Regular Contributor
hibiscus
Posts: 120
Registered: ‎09-20-2012
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one to watch

This house just came on the market. It is four bedrooms, one house from a busy street and on a pretty small lot. It looks like the kitchen has been nicely redone and is in generally good shape. Clearly the house has had a lot of work since it was purchased in 2007. They are asking a quarter of a million more. Wallingford is a distorted market because of the immersion school, but what do you think? Will they get it? 

 

http://www.redfin.com/WA/Seattle/3926-Sunnyside-Ave-N-98103/home/119489

Silver Contributor
bld999
Posts: 474
Registered: ‎04-15-2011
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Re: one to watch

I know nothing in terms of a premium that would accrue to houses near the immersion school, what is your guess as a premium?

 

Just using the dpd, county parcel viewer, and sales page, I wonder what improvements went on since 2007. DPD shows no pemits pulled, the county shows the basement as unfinished, but the advertisement indicates a finished bsmt. It's usually pretty difficult do do a decent full basement fit-out without an electrical permit at a minimum, but not impossible. Same on the interior, lots of new stuff, looks fully buffed out,  but no permits? Again, not impossible but highly unlikely.

Be interesting to see if the interior quality holds together in person vs the sales photos.

 

 

The county's parcel viewer page on the house,

http://info.kingcounty.gov/Assessor/eRealProperty/pictures.aspx?ParcelNbr=9178601350&View=1

shows a fairly messed-with 1924 house.

 

 

What is the view worth?

Regular Contributor
hibiscus
Posts: 120
Registered: ‎09-20-2012
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Re: one to watch

View north would be of houses that are on the busy street. The down slope and views are toward the south. 

 

No permits seems like a big red flag with a new kitchen. I live in a DIY house, and I definitely won't go that route again. 

 

To be clear, I am not interested in this house, I just think it is an interesting case study- high demand neighborhood. Fully remodeled house a quarter of a million over its top-of-the-bubble sale price. 

Contributor
crunchy
Posts: 14
Registered: ‎12-20-2009
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Re: one to watch

Yes, I noticed this one too. The interesting thing is that the house was obviously flipped in 2007 in a three month turn-around that netted $180k. The street view shot in 2008 is the same exterior and metal roof, there is just one tree missing and some new beauty bark on the ground in the new listing. It looks to be wishful pricing on a house that was renovated in 2007.
Silver Contributor
bld999
Posts: 474
Registered: ‎04-15-2011
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Re: one to watch


hibiscus wrote:

View north would be of houses that are on the busy street. The down slope and views are toward the south. 

 

No permits seems like a big red flag with a new kitchen. I live in a DIY house, and I definitely won't go that route again. 

 

To be clear, I am not interested in this house, I just think it is an interesting case study- high demand neighborhood. Fully remodeled house a quarter of a million over its top-of-the-bubble sale price. 


I agree. I personally think they are smoking a home-rolled fat one, but watch it succumb to a bidding war!

 

I just hate franken-houses [ " craftsman contemporary" ] , they can't decide what they are supposed to be, and aside from functionality, don't do a good job of most things. [jmo] 

Redfin Coordinator
briancarraway
Posts: 105
Registered: ‎05-19-2010
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Re: one to watch

Even if this gets caught in a bidding war, which everything seems to these days.  But the issue that these sellers and listing agents have when pricing too high, which seems to be the case considering we can justify this price at first glance, is that it ultimately wont appraise, and this will either end up being negotiated to fair market value or buyers will walk. 

 

It makes no sense to over inflate pricing even in a sellers market, because the ends wont justify the means and on one wins

 

Brian

Regular Contributor
hibiscus
Posts: 120
Registered: ‎09-20-2012
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Re: one to watch

Wow, Crunchy, I hadn't noticed that the 2007 sale was post flip. The kitchen does look brand new, but I wonder how much other work was done between then and now. Very interesting. But it may be smart to price high and see if the market will bear it. (But Brian, I do agree with you and the strategy of pricing fairly. With tremendous demand out there, the market does correct a low price.)

 

 

Super Contributor
oddman
Posts: 308
Registered: ‎10-26-2009
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Re: one to watch

"that it ultimately wont appraise"

 

Of course @ 1M  the buyers may well put down a few hundred thousand.

Super Contributor
ardell
Posts: 345
Registered: ‎08-27-2011
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Re: one to watch

Hibiscus,

 

The April sold 2007 listing said "Bring your ideas for dream kitchen & bath remodeling & this house will be amazing." So it did not appear to have had kitchen and bath remodeling in the 2007 sale. Also there is an additional bath up now. The 2007 listing had one bath on the main and one bath up. The new listing says one bath on the main and two baths up.

 

I think the April 2007 sale being "a flip" of the Jan 2007 purchase is an erroneous assumption. The Jan 2007 purchase appears to have been "an off market transaction" and it was merely "cleaned up" and put on market. It sold for more than expected in April as the market bid it up $50,000 over asking at that time. The roof appears to be the same through all three time-frames mentioned.

 

As to what it will or won't sell for now, as an agent I cannot offer public opinion on that. Just wanted to point out that nothing other than modest clean up appears to have happened between the Jan 2007 purchase and April 2007 purchase, and the remodeling including an additional bathroom that you see in the current listing appears to all have happened since April 2007.

ARDELL DellaLoggia
Sound Realty
Regular Contributor
hibiscus
Posts: 120
Registered: ‎09-20-2012
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Re: one to watch

Thanks for the correction, Ardell. That makes so much more sense. I have no doubt that this house is going to sell for market value- I'm just very curious to see what that is! 1m sure doesn't go very far these days.