This very average home in Sunset Hill — listed as a “1950’s charmer that needs some cosmetic updates” — sold for a little bit more than the asking price of $599,950.
It sold for $1.15 million. That’s 91.7% more than asking.
But forget the house, let’s look at the property. Located at 8370 Loyal Way, it spans 6,000 square feet. A quick check of the zoning map (.pdf) shows the property is just inside the “Lowrise 2” or L2 zone. “A mix of small scale to multifamily housing such as townhouses, rowhouses and apartments are encouraged,” explains the city of Seattle in its definition of LR2.
The home is right next door to an existing 3-story apartment building, which is next door to the Caffe Fiore and Cocina Esperanza building. Both businesses plan to re-open soon.
Location, location, location.
(Thanks to Andrew Kim for helping us track this down. He was not involved in the sale.)
Sister Mary Catherine! Of course since the property is zoned L2 lowrise it pretty much explains the selling price. The asking price was not set appropriately. No surprises here but too bad a nice looking house seems doomed to demolition.
I can’t say I would have been so philanthropic as to forego $550k. That goes a long way toward retirement. I’m curious if others are just far more generous to the past than I am. If the selling price were set higher, do you think the developers would have backed down? And at what point would normal families not be able to afford it anyhow? This is supply and demand, even if we don’t like all of its aspects. But yay for the family that is moving on. I hope the move was for good reasons, and that the windfall helps them in their future.
Great for the homeowner!
Seriously unbelievable new, Can’t believe !!
sometimes being in the plan of “density” is really sad – sometimes you get a windfall.
Many “Realtors” price the house very low to encourage a price war. This house was obviously worth more than $550,000. It will soon be torn down and the highe$t and be$t use of the property will prevail.
Take a look at the tax history on that house (using the King County Parcel Viewer). The assessed value jumped 48% between 2017 and 2018, so their tax bill went up almost $3400.
That’s what’s going to happen to homes in SF5000 zones once they are rezoned to LR2. Don’t be blindsided by the tax increase, and educate yourself on property values. Real estate investors are already making cash offers in the Crown Hill Urban Village, in advance of the planned upzone.
Why, for $1.15mil the Parks and Rev could almost build 2 playgrounds.
SMS, the main reason the LR2 property is so valuable is that there’s so little of it. You’re right that expanding this zoning to another very small area will have a similar effect. But if we blanketed the whole city with zoning that allowed for small apartment buildings, you would see minimal change in value on any particular home, and minimal chance that any particular home in decent shape would be demolished the next time it goes on the market.
Sorry, I have no interest in living in, or next door to, an apartment. Been there, done that, consequently stepped up and bought a house in an SF5000 zone.
Apartment life is fine when you’re young, single, and can stay out partying until 2am. That’s not as interesting when you get older, have kids, etc.
Where are the attacks on the homeowner for being greedy and only caring about money? There will be more housing created in a location that seems appropriate, and the homeowner made enough to afford a real single family home elsewhere in the neighborhood where they’re not surrounded by multifamily. Win-win.