Some observations on houses in Seattle

[Formula Jr]

I've been looking into the real estate market in Seattle for two years now and it makes absolutely no sense. I've looked at about 100 so in every area. I like North Beach the best due to its easy access to the boat ramp.
What is odd, is I have to wonder where the evaluations are coming from.
Is it just because there are no available lots to build on? Cause the houses, improvements, are all crap. And the improvements are usually what add value to property. But in this case, the improvements are what you want to tear down and start over with modern building techniques, heating systems, insulation and what all. They are all, oil heat, horse hair, tube and knob, plaster lath, single pane, sinky foundation, badly contructed and cobbled together houses that are tiny and built during the depression era. What is making this improvement evaluation a driving force? Every house I have seen I want to tear down and build a new one. There is no added value to the old houses here. But the package I'm looking at is 400 to 600K with the old messed up houses. Are the lots the driving force here? Or the houses on them? What bank loan manager in his right mind would loan anyone money based on these houses? They are the driving 30 year force in the market, but are they just stupid to think these evaluations will stand? This might be another RNC bailout in the making. This time banks and not just savings and loans. Seattle is a very stange market right now. All the houses are USED UP.

I'd rather buy a 3500 sq/foot lot at 180k and put a new 2000 sq/foot house on it for 100 a square foot.
It would be cheaper and a better over all house.

[boxy]

Owen, almost every city has an area like that, Westboro/McKellar Park is the area like that in Ottawa, 1.5 storey, 2 bedroom, 1 bath, 1200 sq/ft houses on a 50x100 lot selling for 350+, which are then knocked down to make way for a 3000 sq/ft single, or the more profitable cool duplex. Thes house are all horsehair, knob and tube, it's cheaper to demolish them, than try to renovate them. You are definetly paying for the land.
Oh and if you can build a nicely finished house for a $100 a square you should be building houses and selling them, not worrying about the resale market.
Nicely finished new construction here runs somewhere around 160+, throw in some nice roof lines, granite, and hard flooring on the main (hardwood/ceramics) and you are starting to push 200 a square, and those prices don't include the lot, or any landscaping.

There are still "bargins" around if you have the capital and the time, check out my website, I have 38 acres listed on the water, 30 minutes from the downtown core of Ottawa, all i's going to take is a big thinker with some deep pockets ... :D

[gold-n-rod]

Location, location, location.

Sumpin' tells me proximity to the boat launch has something to do with it. :bonk:

:shades:

[Lenny]

Owen, it is the same here as well, only a different currency. :D

Most homes here, anywhere period, and junkers/tear downs start at $500K. Waterfront, and there is TONS of it, is absolutely obscene. I am working on a home now (kitchen) for a software engineer in Los Angeles. It has tiny ocean glimpses and is about 1 mile from the water. He just paid
$1.2M for it, about a 100x150 lot, and tore it down for a new home. Most all of our larger sales, and market push, is coming from Americans buying here. Buying everything. Building lots about 4 minutes down the road from me, with ocean views from mountain tops are selling for over $750K. The lots :eek:

I bought my 2 acres here in 1989 for $52,000 and it is forest and mountaintop. Acreage here is out of reach now.

I think those prices are not too bad that you describe. It is EXPENSIVE in the West, be it North of the 49th parrallel, or South, period.

You can imagine what I think when I drive through places in Texas and see that I can buy an acre for less than 10 tanks of gas in my boat. :(

If you are bored you can play with this. http://www.mls.ca/map.aspx?AreaID=245

Click on "Victoria" as an area and then click on "Oak Bay" as a location. That is where we boated when you were here a few years ago. Then look at the Gulf Islands pricing. You get there from the main link above. Open this next one and hit the "Search" button.

http://www.mls.ca/PropertySearch.aspx?AreaID=180&MapURL=%3fAreaID%3d760

[TuxedoPk]

http://www.mls.ca/PropertySearch.aspx?AreaID=180&MapURL=%3fAreaID%3d760

Lenny-Just clicking to look at some beautiful waterfront property and found this http://www.mls.ca/PropertyDetails.aspx?vd=&SearchURL=%3fMode%3d0%26Page%3d1%26vs%3d1%26rlt%3d %26cp%3d%26pt%3d1%26mp%3d0-0-0%26mrt%3d-1-0-0%26Beds%3d0-0%26Baths%3d0-0%26f%3d4%26ft%3dall%26o%3dD%26of%3d1%26ps%3d10%26 ptgid%3d1%26aid%3d752%26MapURL%3d%253fAreaID%253d2 45&Mode=0&PropertyID=4275403

I was surprised to see the description read, "over 1000 ft of beachfront.' instead of giving the information in metric. Do you think ths has to do with trying to appeal to an American buyer?

[Lenny]

yes Richard...

[boxy]

Lenny-Just clicking to look at some beautiful waterfront property and found this http://www.mls.ca/PropertyDetails.aspx?vd=&SearchURL=%3fMode%3d0%26Page%3d1%26vs%3d1%26rlt%3d %26cp%3d%26pt%3d1%26mp%3d0-0-0%26mrt%3d-1-0-0%26Beds%3d0-0%26Baths%3d0-0%26f%3d4%26ft%3dall%26o%3dD%26of%3d1%26ps%3d10%26 ptgid%3d1%26aid%3d752%26MapURL%3d%253fAreaID%253d2 45&Mode=0&PropertyID=4275403
I was surprised to see the description read, "over 1000 ft of beachfront.' instead of giving the information in metric. Do you think ths has to do with trying to appeal to an American buyer?
Tux the majority of Real Estate measurements are still imperial, not metric, and it has very little to do with appeasing non-resident buyers.