Little Boxes on the Hillside: Three Seattle Homes May Reveal Pricing Trend
Perched prettily above 20th Avenue sit three new craftsman style homes that hold the secret of pricing trends in Squire Park. These homes present a sort of perfect mini-modeling opportunity–three (almost) identical homes sold over the course of several months. In essence, we can see the market value of a single home at three points in time.
Built just as the downward spiral of home prices began, these beauties have been on the market for several months. (The current listing only shows 106 days, but I recall they were previously listed at a substantially higher price.) Had they been completed just a couple months earlier, they likely would have been snapped-up quickly.
The first of these homes to sell, 605 20th Ave., went for $795,000 on June 26, 2008. Just a short while ago, the second home sold: though the sales info has yet to make it through the system. You can be sure I’m watching to see what it came in at.
Finally, when the third home goes, we’ll know if prices in this little corner of the world are still in decline, or if they’re on the way back. Stay tuned: I’ll comment on this post as more info becomes available.
In the mean time, anyone have a guess as to what house #2 went for?
Ken said:
Wild guess: $685,000
September 12, 2008 2:14 PM
Mark Machlis said:
Thanks for taking notice! I am the owner, along with Matt King, the builder. They are cool. #2 sale was the same as #1 …….$795,000. Both houses have sold to neighbors that wanted to upgrade and rent out their existing homes. These are selling below cost….thanks for the comment about missing it by a few months. I agree! Oh well.
September 16, 2008 1:27 PM
Mark Machlis said:
By the way….. we are going to do a blitz of open houses and a neighborhood mailer for to let people know. Open House from September 21st to the 28th, every day! Come by and see us.
September 16, 2008 1:29 PM
marls said:
Have times changed that much? When I lived in Seattle, this was not a safe neigborhood, so this does not sound like a good investment IF you can consider buying a house an investment anymore.
September 16, 2008 3:53 PM