South Seattle: Downward Spiral
Perhaps you read the recent PI and Seattle Times articles (click here and here respectively) about Seattle bucking the nation-wide trend in declining property prices, and we’ve all heard or read amazing stories about bidding wars for local homes of every caliber. Yet here are a couple of houses I’ve reviewed which are, in turn, reducing their asking prices in order to sell.
What would John Donne say to this? No Home Is an Island is stranded on the market and is now $419,500, down from $439,000 (it started at $448,000).
3507 S Genesee Street, Seattle, 98118
Beds: 3
Baths: 2
Sq. Ft.: 1,570
Lot Sq. Ft.: 3,000
$/Sq. Ft.: $267
Vision in Brick is currently priced at $550,000, which is a reduction of $35K from the listed price of $585,000 in December 2006 (and then it had already dropped from $600,000).
4430 49th Avenue S, Seattle, 98118
Beds: 4
Baths: 1.75
Sq. Ft.: 2,388
Lot Sq. Ft.: 7,187
$/Sq. Ft.: $230
Future Retro Real Estate is moving further away from the near million mark it was originally priced at and it’s now listed at $889,950. It was $909,950 earlier this month.
4807 50th Avenue S, Seattle, 98118
Beds: 4
Baths: 2.5
Sq. Ft.: 3,400
$/Sq. Ft.: $262
Someone has decided to Sweat the Small Stuff as that property is now down to $584,950 from $589,950. Not sure that $5K reduction will really turn the tides here, but who knows.
3311 35th Avenue S, Seattle, 98144
Beds: 3
Baths: 2
Sq. Ft.: 1,910
Lot Sq. Ft.: 4,080
$/Sq. Ft.: $306
Sea_Realty said:
The locally legendary 4807 50th South (Future Retro Real Estate) has now gone down from original laughable listing of 969K to either 839K or 799K, depending on where you look, though I have to say it is still overpriced, if you look at other, better offerings in this neighborhood, where 800K can get you a real water view and plenty of mid-century charm. The view is paltry and no doubt threatened by a bad as-is fixer to the north. The lot is quite small, the landscaping chintzy, and the house sticks out like a sore thumb on this block of quaint post-war homes. And if newness is the only selling point, then the finishes seem to be wearing already, as they’ve just recently painted the woodwork. Myopic.
September 7, 2007 10:15 AM