Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
ER's flock to Seattle
Old 03-09-2016, 10:46 AM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,386
ER's flock to Seattle

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
__________________

__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-09-2016, 10:55 AM   #2
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,905
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.comŽ

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.
__________________

__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Old 03-09-2016, 11:12 AM   #3
Thinks s/he gets paid by the post
MasterBlaster's Avatar
 
Join Date: Jun 2005
Posts: 4,359
Quote:
Originally Posted by haha View Post
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.
__________________
MasterBlaster is offline   Reply With Quote
Old 03-09-2016, 11:15 AM   #4
Recycles dryer sheets
 
Join Date: Apr 2012
Location: Seattle
Posts: 458
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..
__________________
supernova72 is offline   Reply With Quote
Old 03-09-2016, 11:17 AM   #5
Full time employment: Posting here.
 
Join Date: Jul 2007
Location: ST LOUIS
Posts: 994
50k for the same thing in a small town in Missouri
__________________
Proverbs 15:22 Designs are brought to nothing where there is no counsel: but where there are many counsellors, they are established.
rec7 is offline   Reply With Quote
Old 03-09-2016, 11:32 AM   #6
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,465
Quote:
Originally Posted by MasterBlaster View Post
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.
__________________
MichaelB is online now   Reply With Quote
Old 03-09-2016, 11:34 AM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Chuckanut's Avatar
 
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 6,334
Go East to Flyover Country young men and women. The West coast is to expensive.
__________________
The worst decisions are usually made in times of anger and impatience.
Chuckanut is offline   Reply With Quote
Old 03-09-2016, 11:37 AM   #8
Full time employment: Posting here.
dixonge's Avatar
 
Join Date: Mar 2008
Location: Ajijic
Posts: 848
Quote:
Originally Posted by haha View Post
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
__________________
dixonge is offline   Reply With Quote
Old 03-09-2016, 11:38 AM   #9
Thinks s/he gets paid by the post
Big_Hitter's Avatar
 
Join Date: May 2013
Location: In the fairway
Posts: 4,098
If I were going to retire in the Puget sound area, I'd retire in port angeles.
__________________
Swing hard, look up
Big_Hitter is offline   Reply With Quote
Old 03-09-2016, 12:19 PM   #10
Thinks s/he gets paid by the post
 
Join Date: Nov 2011
Posts: 2,366
Seattle real estate will be much cheaper after its overdue cyclic huge earthquake hits again.

http://www.newyorker.com/magazine/20...really-big-one
__________________
GrayHare is offline   Reply With Quote
Old 03-09-2016, 12:38 PM   #11
Recycles dryer sheets
Rosie's Avatar
 
Join Date: Jun 2010
Location: NorCal
Posts: 360
Quote:
Originally Posted by Big_Hitter View Post
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 View Post
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.
__________________
Doing nothing is underrated.
Rosie is offline   Reply With Quote
Old 03-09-2016, 12:40 PM   #12
Recycles dryer sheets
 
Join Date: May 2012
Posts: 355
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
__________________
Throwdownmyaceinthehole is offline   Reply With Quote
Old 03-09-2016, 12:55 PM   #13
Confused about dryer sheets
 
Join Date: Apr 2014
Posts: 8
southeasttexas.com - Real Estate

This is what you can get in Southeast Texas for $530,000.
__________________
wappldw is offline   Reply With Quote
Old 03-09-2016, 01:17 PM   #14
Thinks s/he gets paid by the post
MasterBlaster's Avatar
 
Join Date: Jun 2005
Posts: 4,359
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.
__________________
MasterBlaster is offline   Reply With Quote
Old 03-09-2016, 01:30 PM   #15
Thinks s/he gets paid by the post
Gotadimple's Avatar
 
Join Date: Feb 2007
Posts: 1,761
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.
__________________
Only got A dimple, would have preferred 2!
Gotadimple is offline   Reply With Quote
Old 03-09-2016, 02:20 PM   #16
Thinks s/he gets paid by the post
 
Join Date: Sep 2012
Location: Seattle
Posts: 2,906
A few more years of Bertha getting stuck and the property taxes on that house in Seattle will be $700,000 a year.
__________________
Fermion is offline   Reply With Quote
Old 03-09-2016, 02:32 PM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,381
Quote:
Originally Posted by rec7 View Post
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
__________________
Mulligan is offline   Reply With Quote
Old 03-09-2016, 04:13 PM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 19,431
Quote:
Originally Posted by haha View Post
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.
__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leon Trotsky
NW-Bound is offline   Reply With Quote
Old 03-09-2016, 04:37 PM   #19
Recycles dryer sheets
Happyras's Avatar
 
Join Date: Jun 2015
Location: Redmond
Posts: 219
Quote:
Originally Posted by NW-Bound View Post

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.
__________________
Happyras is offline   Reply With Quote
Old 03-09-2016, 04:47 PM   #20
Thinks s/he gets paid by the post
 
Join Date: Sep 2012
Location: Seattle
Posts: 2,906
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.
__________________

__________________
Fermion is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Seattle Times Sub-Prime Mortgage Article genghis FIRE and Money 9 05-07-2007 01:16 PM
Suggestions for things to do --Seattle/Vancouver area janeeyre Life after FIRE 31 02-27-2007 08:33 AM
Parking in Seattle TromboneAl Other topics 3 10-17-2006 08:10 PM
Seattle Ed_The_Gypsy Other topics 26 07-11-2006 08:43 AM
Seattle area health insurance emilyl FIRE and Money 2 09-13-2005 03:24 PM

 

 
All times are GMT -6. The time now is 05:34 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.