04/28/2015 at 12:48 pm #80423
It’s official. The market has gone completely insane.04/28/2015 at 1:51 pm #80424
Wow. Must be this one:
And the backup offer was even higher! Crazy.04/28/2015 at 1:58 pm #80425
Cute place, but not worth that much for the size.04/28/2015 at 2:00 pm #80426
Seems pretty high, but maybe the book collection is included?04/28/2015 at 2:41 pm #80427
Now watch them get DPD to approve building 3 of those $700K townhouses in the backyard.04/28/2015 at 2:44 pm #80428
Its a great time to be a seller, and a horrible time to be a buyer. There is no inventory. This seems like an unhealthy market to me; not the high prices, but with prices so high, more should be willing to sell, yet people don’t. Something is wrong.04/28/2015 at 2:58 pm #80430
Sure you could sell high, and then what, get in a bidding war with cash buyers for your next place?
More folks are coming too people, this town is changing fast:
At my current employer I set up interviews. More often than not they are Skype interviews and hires are moving to Seattle sight-unseen. Welcome to the neighborhood!04/28/2015 at 3:40 pm #80431
CR – That is just crazy, for the buyers sake I hope the market stays stable for many years to come or they are up the creek, like some fold on my street that had their home depreciate over 2K a few years after they bought them.
Laura13 – FYI that area is zoned SF 5000 (single family 5000 sq ft max living space) so no mutli-units allowed.
We own our home and we are thinking that if the market goes on like this we might just sell and buy a small farm somewhere. Ah dream on.. we love it here, but it is getting crowded of late.04/28/2015 at 3:58 pm #80432
VeganBiker – Yes, so was the street i live on and you should see it now.04/28/2015 at 4:14 pm #80433
1120 sq ft is smaller than my first apt!! And $640 per sq ft is crazy.
Insane price for that house. I wonder if the Reno for the bath and kitchen and the Sheetrock even totaled $158 (diff bet ask & sell). Staging nice but not included!04/28/2015 at 4:40 pm #80435
Laura13 – which street was that?04/28/2015 at 5:46 pm #80440
Amazing! Where is the money coming from, that people have down payments and can afford to risk buying without any contingencies, not even an inspection? I would never put my house on the market in these conditions, unless I planned to move away to a cheaper place or had enough money to buy my new house before I sold the one I was living in.
I have some tulip bulbs I’d like to offer them.04/28/2015 at 5:54 pm #80442
Well, as someone planning to move in the next year or so (out of town), I must confess I hope the market stays up a bit – utterly selfish I know ;( but ready to be done with this goofy city. But I agree – I wouldn’t do it unless I had plans to relocate. The only thing that won’t happen is selling to any kind of developer/commercial entity. It makes the historian in me truly heartsick to see the destruction of so many old homes in greater Ballard in last few years. Yes, I know – we need more housing for the influx of residents. Doesn’t stop me being sad at the loss of character and history going on.04/29/2015 at 8:32 am #80448
VeganBiker – NW 90th, Olympic Manor.04/29/2015 at 9:58 am #80449
Laura13 – well depending on where you live in the “manor” the zoning is almost all SF 7200 so developers can build some very big homes on those lots but only one single family home per lot.
Are you saying that they are building 3 homes on one SF 7200 lot? Because that area is supposed to be for single family on a 7200 square foot lot!
However there is that area on the South side of 90th btween 15th and 20th that is zoned L2 and some L1, (Residential, Multifamily, Lowrise 1 and Lowrise 2) where they can build town houses and cottages on L1 and multi-unit condos/apartments on L2.
All this info is on these and other pages:
Seattle Zoning Designations
FWIW – we have been watching and checking on the zoning issue and it is not lightly that these zoning boundaries will change over night and with no voter action. Thank goodness.
http://www.seattle.gov/dpd/codesrules/codes/zoning/default.htm04/29/2015 at 10:07 am #80451
VB, it is completely crazy, isn’t it?
My guess is that the prices will continue going up as Seattle increasingly becomes Silicon Valley North. It’s been amazing to me to see what’s happened to the market since we moved to Ballard in 2006. We bought at the peak of the pre-recession market, watched our property value drop by about $100K and then climb back up again to considerably more than we paid. I never thought I’d see rents higher than our mortgage payment, considering when we bought, but that’s the case now. The townhouse next door to us is renting for around $2500, maybe more, which just seems unbelievable.
Kate, that’s the problem – people are holding onto their homes for fear of getting squeezed out of the market, not being able to afford buying up or having to compete with cash offers. The more people stay put, the less inventory there is, which drives prices up even more.
We came very close to buying a house near our place in November and had to waive the appraisal contingency, do a pre-inspection only (no time for a full inspection or you might lose the opportunity) and make a bid way over the asking price. We ultimately decided the house would cost too much money and work to get it where we’d be happy for it, and we backed out. Everything was just too rushed and stressful. I’m glad we decided not to do it.04/29/2015 at 10:51 am #80452
We have friends who make 300K as a couple and were out bid on ten homes for 100k over asking, most cash offers. Their threshold was 650k and they ultimately bought for 750k. Crazy.
The scary part for my friends/family is that they fear that their kids will never be able to afford to buy a house anywhere near them. Unless of course they pursue a career in computer science or something just as lucrative.
Meanwhile my young co-workers who earn 50k a year pay $1500 in rent which makes it hard to save up for a down payment for anything any time soon.
Tricky times.04/29/2015 at 11:50 am #80453
Marigold, that is just crazy. Were they looking in Ballard? Elsewhere in Seattle?
We would have paid $70K above asking price for the house we were considering buying. Our friends listed their townhouse in the spring, got 29 offers and sold for $107K above asking price.
Unfortunately, it seems that Seattle is becoming like New York or San Francisco, a city where middle-class people can no longer afford to live in. People are going to be increasingly pushed out to the suburbs if property values keep rising, and I can’t imagine they won’t.
Tricky times indeed. I am very thankful that we bought when we did.04/29/2015 at 2:31 pm #80454
CR-They looked in Ballard, Phinney and West Seattle. Their list of “needs” was huge, but it was still shocking to hear that everything seem to go for 100k over, and quickly.
Our neighbors who rent and are house hunting are having similar problems. Cash offers way over asking.
We are thankful too. The sad thing is we would be in the market to sell our bungalow and move but where to? So the house we bought, considered as a starter home to previous generations, will be our retirement home too. Knock on wood.04/29/2015 at 3:23 pm #80460
Marigold, yes, the outbidding is pretty shocking. I’ve even heard of renters being outbid by other renters in Seattle, which seems even crazier.
We’re in the same boat as you. We’ve considered moving to a bigger place but wouldn’t put our place up for sale until we had another home locked down, and moving up now seems prohibitively expensive. And we’re not willing to move out of Ballard, at least not yet.
The upside is that given the high rents, we could go traveling long-term in a few years and subsidize that with rental income. That’s the likely plan.04/29/2015 at 8:46 pm #80467
CR – that is a great idea, put the house up for rent and go traveling for a few years!
The house next door to us sold last year for $500,000 plus, and the guy who bought it suddenly after not moving in, started renting it out as a “rooming house” type of thing, there are 4-5 renters in there as far as I can tell. He must be making a nice amount from the place. We were hoping for a family and someone who would look after their home, right now the grass is tall and the place is starting to look bad. Maybe it is time to rent our house out and go traveling, but what would we do with our cats?.. Oh well… Dream on.04/30/2015 at 9:06 am #80469
VB, that’s the goal! That’s our retirement plan. There’s a Seattle couple we know, Michael and Debbie Campbell, who have rented out their townhouse and been traveling for a couple of years, mostly around Europe. There have been stories written about them in the New York Times, Seattle Times and Huffington Post. They call themselves Senior Nomads (and have a blog of the same name) and rent places off Airbnb. It’s a pretty cool way to see the world.
If you’re curious, here’s the NYT story, which has a lot of good detail about how they do it and what the challenges are: http://www.nytimes.com/2015/02/26/garden/retirement-plan-an-airbnb-travel-adventure.html?_r=0
I bet you could easily rent out your place, maybe to a young tech-worker couple or family. And possibly you could get family or friends to take care of your kitties long-term. We have a kitty too and would need to figure that out as well. That’s a tough one.04/30/2015 at 2:00 pm #80475
I was wondering what the deal with that house was, VB.
We tried to sell last fall and now are thankful that our buyers walked. Though, I’m pretty sure we are the only house in Ballard that came off the market last fall because EVERY agent in town is calling and sending hand written cards asking to help us relist.04/30/2015 at 2:06 pm #80476
Ha! Renting out the house and traveling is our game plan too!
Our block is half rented out at this pint, mostly to youngs with tech jobs and oodles of cash but not interested in buying anytime soon. May as well rent our place out too.04/30/2015 at 3:05 pm #80477
CR – I think I read about them in the Seattle Times a while back. Great idea, I will read the NYT one now.
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