Tuesday, May 11, 2010

Seattle Cash Buyers Part 2

Seattle cash buyers included three quit claim deeded properties (see previous blog post), bought at 26% of tax-assessed value; and 15 properties bought with Bargain and Sale deeds, most likely purchased at the King County foreclosure auction. These auction properties were purchased at 69% of tax-assessed value. Seven of these auction properties were non-owner occupied, and presumably purchased as an investment.

Of those single family homes purchased for $400,000 or less with a regular warranty deed, cash buyers paid 76% of tax-assessed value. 19 of these 45 properties (42%), were bought by investors as non-owner-occupied rentals.

Thirteen (11%) of the cash purchases in Seattle in the last three months were for properties over $1 million in price. Three of these were not identified as owner-occupied properties - perhaps they are vacation homes for affluent buyers?

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