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balor123
Joined: 08 Mar 2008
Posts: 1204
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 Posted: Fri May 16, 2014 3:09 am GMT Post subject: Crazy Seattle Market |
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Just browsing and stumbled across this [quote=Sure they do. Lower rates mean lower opportunity cost. ]Seattle Redfin Listing[/quote]. It's a gorgeous home that I can't remotely afford to live in. However, what struck me about it was the | Quote: | | What It Takes to Win an Offer near Bryant |
section:
| Quote: | | 22 offers on this home, including 10 pre-inspections. At almost $100,000 above list, a pre-inspection, a beautifully written letter by my clients, and no contingencies whatsoever -- not inspection, not title, not financing -- we weren't even in the running. |
| Quote: | | We were extremely competitive offering more than $40k above the original list price. We conducted a pre-inspection to remove the inspection contingency, had very high earnest funds, could close in 3 weeks and were willing to escalate our offer nearly $75k above list, but the 22 offers on this property were the highest I've seen in Seattle. |
Madness. |
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balor123
Joined: 08 Mar 2008
Posts: 1204
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| Posted: Fri May 16, 2014 3:16 am GMT Post subject: |
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| Something else interesting about this listing. Lot was purchased for $415k and they're asking for $1.3mil now, implying that the building is worth $885k or $282/sf. That seems awfully high. The house is nice but nothing in there stands out as extraordinarily expensive. No floor to ceiling windows, steel/concrete framing, solar panels, 10ft+ ceilings, etc that normally drive up the price of modern homes, and Seattle construction costs are cheaper than Austin even. They're likely marking up this house $200k-$300k. |
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