Tuesday, September 30, 2014

Sellers Market

Yesterday I submitted an offer for one of my clients on this 2-bedroom 1-bath fixer in the Seattle neighborhood of Columbia City with peek-a-boo views of Lake Washington. It is the worst house on the block, has been vacant and neglected for quite some time, and could arguably be a tear-down. My client was willing to fix it up as a primary residence.

The asking price was 26% over the tax-assessed value. There is an underground oil tank, and the property sits on a 7200sf lot, with a zoning of SFR 5000. Builders would be interested in purchasing this property for the possibility to build two houses on this site.

The house was on the market for five days, before the out-of-town seller accepted offers.There were seven offers received, six of which were all cash, a few that were for more than the listing price.

Sounds like a Seller's market to me!

Investors, best to look for off-market deals.

Happy Investing!

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