ER's flock to Seattle

[haha]

http://www.bizjournals.com/seattle/b...imb-in.html#i1

Or maybe not. How about this mini-mansion for $717,000?

Anyone remember back in '09-'11 when pundits told us that no one would ever buy a house again? And that existing houses would forever be underwater on their loans?

Ha

[W2R]

Wow, what an insane price for that house, if it is as small as it appears to be! My dream house cost less than 1/3 as much and it is everything I will ever want and more.

I'm not headed for Seattle. It's probably a beautiful place to live, but maybe a bit too pricey for me. Here's what you can get in my suburb, for under $700K:

1713 Palm St, Metairie, LA 70001 - Home For Sale and Real Estate Listing - realtor.com®

Not that I would ever spend that much anyway! With only one of me, I don't need the hassle of a place that big. We are having a bit of a housing bubble here too, right now, but I have never seen a home sell for more than the asking price.

[MasterBlaster]

Quote:

Originally Posted by haha How about this mini-mansion for $717,000?

This is what happens when you have zero interest rates. All assets get bid up to (perhaps) ridiculous prices. That and Chinese money looking for "safe" non-Chinese assets puts strong upward pressure on housing.

I'll bet that this house goes for quite a bit less than $717k in 10 years or so.

[supernova72]

I live in Seattle and moved from the suburbs to SEA in 2003. At the time thought I overpaid for my basic craftsman style home. Now when a house goes up for sale in my neighborhood there are multiple offers for a home in the first three days of the listing going live.

The place next to me was listed for $639K and sold for $667.5K. Yea. Young couple in their 30's.

Amazon has had a huge influence in the housing shortage with their hiring frenzy in tech. There are some wild stats about how many deals are cash deals too. Who woulda thunk?

Most folks on the east coast think we still ride horses to work and don't realize it's become a tech centric location with Microsoft, AMZ, SBUX, all headquartered here. Expedia is moving downtown SEA soon plus Weyerhaeuser too. I'm thankful I bought my place when I did..

[FANOFJESUS]

50k for the same thing in a small town in Missouri

[MichaelB]

Quote:

Originally Posted by MasterBlaster This is what happens when you have zero interest rates. All assets get bid up to (perhaps) ridiculous prices. That and Chinese money looking for "safe" non-Chinese assets puts strong upward pressure on housing. I'll bet that this house goes for quite a bit less than $717k in 10 years or so.

Except new housing is still being build at a rate less than where it was 20 years ago, existing home sales are just above their average from the late 90's, and cash sales (foreign buyers and investors) are at their their average before the housing boom.

This is not a nation-wide trend. There are just a few areas in the country where housing prices have risen this way.

[Chuckanut]

Go East to Flyover Country young men and women. The West coast is to expensive.

[dixonge]

Quote:

Originally Posted by haha http://www.bizjournals.com/seattle/b...imb-in.html#i1 Or maybe not. How about this mini-mansion for $717,000? Anyone remember back in '09-'11 when pundits told us that no one would ever buy a house again? And that existing houses would forever be underwater on their loans? Ha

While I'm pretty sure pundits didn't actually say that, I find it somewhat comforting that the housing market has NOT fully recovered, yet. Prices are mostly back up (depending on the region) and remodeling has surpassed 2005 levels, but new home construction is still *way* down. That's a good thing, IMHO.

New Home Construction Creeping Towards Recovery, But Still Far Behind Residential Remodeling

[Big_Hitter]

If I were going to retire in the Puget sound area, I'd retire in port angeles.

[GrayHare]

Seattle real estate will be much cheaper after its overdue cyclic huge earthquake hits again.

http://www.newyorker.com/magazine/20...really-big-one

[Rosie]

Quote:

Originally Posted by Big_Hitter If I were going to retire in the Puget sound area, I'd retire in port angeles.

A very nice area! We considered moving up there, but we ultimately decided to stay in Northern CA. The Port Angeles & Port Townsend areas are high on our nice places to visit list, in fact we'll be in PA late May-early June.

Quote:

Originally Posted by MasterBlaster All assets get bid up to (perhaps) ridiculous prices. That and Chinese money looking for "safe" non-Chinese assets puts strong upward pressure on housing.

Lots of Chinese and Indian buyers in the market when we sold our SF East Bay area home last year. We were an easy commute to Facebook, Google, etc., and we got what I thought was an exorbitant amount for our home ... not that I'm complaining.

[Throwdownmyaceinthehole]

Had to look for something that expensive in our area. Here is 650k but you can get almost the same in the 300-400k range. Our area is booming, our little neighbor house prices have gone from 225k to 325k in just 6 months.

1896 Split Mtn, Canyon Lake, TX 78133 | MLS #1163573 | Zillow

[wappldw]

southeasttexas.com - Real Estate

This is what you can get in Southeast Texas for $530,000.

[MasterBlaster]

Quote:

50k for the same thing in a small town in Missouri

Quote:

Go East to Flyover Country young men and women. The West coast is to expensive.

I would think that you could get a nice double-size mud-hut somewhere like Zimbabwe for much much less than anything in the Midwest.

[Gotadimple]

Seattle housing prices are a function of: low inventory, lack of condominium building due to state law requiring the developer be held responsible for a full year after releasing the project, relative difficulty in starting new construction due to cities' oversight and permitting, higher wages for technology workers, and influx of money from China for cash sales.

But it's cyclical. All it will take is Boeing deciding they want to move more work to South Carolina, and that will put a pinprick in the real estate market. Amazon, Microsoft, and Expedia (for a few) are committed to retaining their presence in the area which continues to drive most employment growth/housing prices.

[Fermion]

A few more years of Bertha getting stuck and the property taxes on that house in Seattle will be $700,000 a year.

[Mulligan]

Quote:

Originally Posted by rec7 50k for the same thing in a small town in Missouri

Being from Mo myself and acquainted with small rural towns here, I thought you may be making a flippant comment. So I checked the link out, and your comment Rec probably cant be too far off the mark in the right little place. Landscaping upgrades wont get you much increase in value in small rural towns either. It just makes them stick out like sore thumbs.


Sent from my iPad using Tapatalk

[NW-Bound]

Quote:

Originally Posted by haha http://www.bizjournals.com/seattle/b...imb-in.html#i1 Or maybe not. How about this mini-mansion for $717,000?

My guess is that that home in Phoenix would go for $150K-200K, depending on the location.

If I lived up on the Puget Sound, would buy away from the city. Less expensive, and less crowded too. I might even be able to get a waterfront home for less than $1M. Or not, as I have not window-shopped for a while.

[Happyras]

Quote:

Originally Posted by NW-Bound If I lived up on the Puget Sound, would buy away from the city. Less expensive, and less crowded too. I might even be able to get a waterfront home for less than $1M. Or not, as I have not window-shopped for a while.

HMMMM....LOL....My bro just sold his Lake Washington home for close to 10M. He bought one on Lake Sammamish for 2.5M, but its a fixer from the 70's.

I think maybe something on Lake Easton, (Snoqualmie Pass) might be available for <1M, but under some decent snow in the winter.....

It is amazing the folks who work for Mr Softie up the road from us pay >1M for a small lot <6000sqft, but a three story home >4000sqft. They hate to hire someone from their home country to mow the lawn....

We own a log home on 7 acres, but quickly found that King County owns the land use rights, can't even gravel your driveway without permission. Go figure, this is a very bad state to live in if your not willing to share your property and wealth with those the state deems to deserve it better.

[Fermion]

Eh, I have a waterfront home (riverfront) about 2/3 acre with 150 feet of frontage 40 min from Seattle and I will sell my 4500sqft home for the first $300k that comes along.