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Record Breaking Real Estate Sales in West Bellevue

2

Comments

  • RedRocketRedRocket Posts: 862
    250 Answers 500 Up Votes 500 Awesomes 500 Comments

    RedRocket said:

    Sounds like a Chinese shell company. At least these places are out of my price range but I've had about enough of the Chinese scooping up and not living in property that would otherwise go to upper middle class Seattle metro residents. Seattle needs to tax foreign buyers and unoccupied houses sooner rather than later or it's going to end up like Vancouver.

    Talk to OBK. He's your guy on this one.
    I'm aware but I've take over the role of Chinese real estate protectionist superiority guy.
    RaceBannon
  • salemcoogsalemcoog Posts: 8,092
    5000 Comments 250 Answers 500 Awesomes 500 Up Votes
    edited February 15
    dflea said:

    salemcoog said:

    RedRocket said:

    Sounds like a Chinese shell company. At least these places are out of my price range but I've had about enough of the Chinese scooping up and not living in property that would otherwise go to upper middle class Seattle metro residents. Seattle needs to tax foreign buyers and unoccupied houses sooner rather than later or it's going to end up like Vancouver.

    So like Tariffs then?
    Yes.

    Foreign ownership of domestic real estate is exactly like tariffs applied to foreign made goods.

    Nice work.
    Oh so it's BAAADDD to put a tax on imported products that line the pockets of foreign entities abroad and take work away from American companies and workers.

    But just A-OKAY to tax foreigners who purchase real estate here.

    Got it.


    You're not real smart are ya?
  • salemcoogsalemcoog Posts: 8,092
    5000 Comments 250 Answers 500 Awesomes 500 Up Votes

    RedRocket said:

    Sounds like a Chinese shell company. At least these places are out of my price range but I've had about enough of the Chinese scooping up and not living in property that would otherwise go to upper middle class Seattle metro residents. Seattle needs to tax foreign buyers and unoccupied houses sooner rather than later or it's going to end up like Vancouver.

    Be careful what you ask for

    Using high end real estate as a bank by foreign buyers has kept us afloat since the crash. China is concerned enough to try to put a halt on money leaving which only makes the rich in China more nervous leading to more capital flight.

    The good old US of A is still the most stable place to park cash.

    The Chinese lease out the properties they buy. You are going to trigger @CirrhosisDawg with this kind of talk. We need to be able to compete with China for 26 million dollar homes, not give in to protectionism
    Agree 100%

    I was just on the road listening to StephenA on the radio. Made me really want yell at someone. A protectionist doesn’t want any part of me today!
    You mean that big bad ex chauvinist who has lost that NW Bravado?



    Yeah sounds scary.
    CirrhosisDawg
  • RedRocketRedRocket Posts: 862
    250 Answers 500 Up Votes 500 Awesomes 500 Comments
    pawz said:

    RedRocket said:

    RedRocket said:

    Sounds like a Chinese shell company. At least these places are out of my price range but I've had about enough of the Chinese scooping up and not living in property that would otherwise go to upper middle class Seattle metro residents. Seattle needs to tax foreign buyers and unoccupied houses sooner rather than later or it's going to end up like Vancouver.

    Be careful what you ask for

    Using high end real estate as a bank by foreign buyers has kept us afloat since the crash. China is concerned enough to try to put a halt on money leaving which only makes the rich in China more nervous leading to more capital flight.

    The good old US of A is still the most stable place to park cash.

    The Chinese lease out the properties they buy. You are going to trigger @CirrhosisDawg with this kind of talk. We need to be able to compete with China for 26 million dollar homes, not give in to protectionism
    I'm less concerned about the Chinese competition in multimillion dollar mansions and more concerned with their scooping up of single family homes in the <$1M range.

    Had 2 neighbor homes that were owned by foreign Chinese. Both were sitting mostly unoccupied. One has a care taker that stops by a few times a month. The other recently sold and is now occupied. In Vancouver somewhere between 15-20% percent of the foreign owned homes are unoccupied. Creates a big displacement problem for local residents because the Chinese prefer not to lease which is why Vancouver implemented the unoccupied housing tax. Having Chinese prop up housing markets is not a good thing see Australia and New Zealand if Vancouver isn't enough evidence of where this is going. Cirrhosis be damned.</p>

    How do you plan to implement that tax without being chided as "racist Donald Trump"?

    Serious question. I'm not certain our current political climate would allow that.
    The issue is so localized that it would have to be implemented at a city or county level. I'm not calling for a federal tax because it's only a potential problem in a handful of US cities.

    I think it would have to be done similar to the BC tax. It would get called xenophobic and I'm not sure it would garner enough support right now since it's not viewed as a big enough problem.

    In New Zealand their left leaning party was actually the side calling for the full ban on foreign property buying. Vancouver leans left like Seattle and their pushing hard to curb the problem. At some point the problem becomes too obvious to ignore and the protectionism seems to become bipartisan.
  • 2001400ex2001400ex Posts: 15,073
    Swaye's Wigwam 10000 Comments 250 Answers 500 Awesomes




    WTF cares about the prices?!? The outrage should be over all the fucking Asians about to descend on the roadways.

    Wood
    PurpleThrobberRedRocketDerekJohnsonMikeDamone
  • UWhuskytskeetUWhuskytskeet Posts: 3,801
    2500 Comments 250 Answers 500 Awesomes 500 Up Votes
    pawz said:

    pawz said:

    RedRocket said:

    Sounds like a Chinese shell company. At least these places are out of my price range but I've had about enough of the Chinese scooping up and not living in property that would otherwise go to upper middle class Seattle metro residents. Seattle needs to tax foreign buyers and unoccupied houses sooner rather than later or it's going to end up like Vancouver.

    Foreign buyers are a small percentage of the market (4% state-wide), especially compared to Vancouver. Seattle's boom is driven by an influx of well paying jobs and a shit load of people moving in.

    It's a supply issue, so build more houses/condos/apartments.

    The Vancouver tax has said to have "zero impact" on affordibility btw.
    From your article:






    While it continues to trend up, it certainly looks like there was a slow-down.
    The tax was implemented to wane unaffordability. It slowed down the market for a few months then continued right where it left off.

    I don't really care about the tax, but since it had only a temporary slowdown in Vancouver and there are fewer foreign buyers in Seattle, I don't think it would be a long term solution.

    Not sure what this is based on. A full 35-40% of our deals last year were to international buyers.
    https://www.seattletimes.com/business/real-estate/foreign-buyers-drop-off-as-seattle-housing-market-hits-hottest-tempo-since-2006-bubble/

    "But now, a new annual survey from the National Association of Realtors shows foreign home sales across Washington state dropped to $1.55 billion for the year ending in March, down 24 percent, from $2.05 billion, in the previous year. Washington fell out of the top 10 states attracting foreign homebuyers.

    What’s more, Juwai’s latest data show a 10?percent drop in inquiries from China for homes in Seattle, compared to a year ago. Buyers living in mainland China make up about one-third of overseas buyers in Washington, according to the Realtors group.

    Overseas buyers may have an outsized impact, but they still make up a small portion of sales. Statewide, they accounted for less than 4 percent of purchase value last year, based on the Realtor group’s survey and overall sales data compiled by the Northwest Multiple Listing Service."
  • phineasphineas Posts: 3,519
    2500 Comments 250 Answers 500 Awesomes 500 Up Votes
    This thread really gives me some perspective on how low down the totem pole I really am
  • pawzpawz Posts: 5,110
    Swaye's Wigwam 2500 Comments 250 Answers 500 Awesomes
    edited February 15

    pawz said:

    pawz said:

    RedRocket said:

    Sounds like a Chinese shell company. At least these places are out of my price range but I've had about enough of the Chinese scooping up and not living in property that would otherwise go to upper middle class Seattle metro residents. Seattle needs to tax foreign buyers and unoccupied houses sooner rather than later or it's going to end up like Vancouver.

    Foreign buyers are a small percentage of the market (4% state-wide), especially compared to Vancouver. Seattle's boom is driven by an influx of well paying jobs and a shit load of people moving in.

    It's a supply issue, so build more houses/condos/apartments.

    The Vancouver tax has said to have "zero impact" on affordibility btw.
    From your article:






    While it continues to trend up, it certainly looks like there was a slow-down.
    The tax was implemented to wane unaffordability. It slowed down the market for a few months then continued right where it left off.

    I don't really care about the tax, but since it had only a temporary slowdown in Vancouver and there are fewer foreign buyers in Seattle, I don't think it would be a long term solution.

    Not sure what this is based on. A full 35-40% of our deals last year were to international buyers.
    https://www.seattletimes.com/business/real-estate/foreign-buyers-drop-off-as-seattle-housing-market-hits-hottest-tempo-since-2006-bubble/

    "But now, a new annual survey from the National Association of Realtors shows foreign home sales across Washington state dropped to $1.55 billion for the year ending in March, down 24 percent, from $2.05 billion, in the previous year. Washington fell out of the top 10 states attracting foreign homebuyers.

    What’s more, Juwai’s latest data show a 10?percent drop in inquiries from China for homes in Seattle, compared to a year ago. Buyers living in mainland China make up about one-third of overseas buyers in Washington, according to the Realtors group.

    Overseas buyers may have an outsized impact, but they still make up a small portion of sales. Statewide, they accounted for less than 4 percent of purchase value last year, based on the Realtor group’s survey and overall sales data compiled by the Northwest Multiple Listing Service."
    The sentence in the article immediately after the last you quoted:

    But the ratio is higher in places like Bellevue, local realtors say.



    Which has been our experience.

    RedRocket
  • 2001400ex2001400ex Posts: 15,073
    Swaye's Wigwam 10000 Comments 250 Answers 500 Awesomes
    pawz said:

    pawz said:

    pawz said:

    RedRocket said:

    Sounds like a Chinese shell company. At least these places are out of my price range but I've had about enough of the Chinese scooping up and not living in property that would otherwise go to upper middle class Seattle metro residents. Seattle needs to tax foreign buyers and unoccupied houses sooner rather than later or it's going to end up like Vancouver.

    Foreign buyers are a small percentage of the market (4% state-wide), especially compared to Vancouver. Seattle's boom is driven by an influx of well paying jobs and a shit load of people moving in.

    It's a supply issue, so build more houses/condos/apartments.

    The Vancouver tax has said to have "zero impact" on affordibility btw.
    From your article:






    While it continues to trend up, it certainly looks like there was a slow-down.
    The tax was implemented to wane unaffordability. It slowed down the market for a few months then continued right where it left off.

    I don't really care about the tax, but since it had only a temporary slowdown in Vancouver and there are fewer foreign buyers in Seattle, I don't think it would be a long term solution.

    Not sure what this is based on. A full 35-40% of our deals last year were to international buyers.
    https://www.seattletimes.com/business/real-estate/foreign-buyers-drop-off-as-seattle-housing-market-hits-hottest-tempo-since-2006-bubble/

    "But now, a new annual survey from the National Association of Realtors shows foreign home sales across Washington state dropped to $1.55 billion for the year ending in March, down 24 percent, from $2.05 billion, in the previous year. Washington fell out of the top 10 states attracting foreign homebuyers.

    What’s more, Juwai’s latest data show a 10?percent drop in inquiries from China for homes in Seattle, compared to a year ago. Buyers living in mainland China make up about one-third of overseas buyers in Washington, according to the Realtors group.

    Overseas buyers may have an outsized impact, but they still make up a small portion of sales. Statewide, they accounted for less than 4 percent of purchase value last year, based on the Realtor group’s survey and overall sales data compiled by the Northwest Multiple Listing Service."
    The sentence in the article immediately after the last you quoted:

    But the ratio is higher in places like Bellevue, local realtors say.



    Which has been our experience.

    You just showed him!!!
    RaceBannonpawz
  • UWhuskytskeetUWhuskytskeet Posts: 3,801
    2500 Comments 250 Answers 500 Awesomes 500 Up Votes
    pawz said:

    pawz said:

    pawz said:

    RedRocket said:

    Sounds like a Chinese shell company. At least these places are out of my price range but I've had about enough of the Chinese scooping up and not living in property that would otherwise go to upper middle class Seattle metro residents. Seattle needs to tax foreign buyers and unoccupied houses sooner rather than later or it's going to end up like Vancouver.

    Foreign buyers are a small percentage of the market (4% state-wide), especially compared to Vancouver. Seattle's boom is driven by an influx of well paying jobs and a shit load of people moving in.

    It's a supply issue, so build more houses/condos/apartments.

    The Vancouver tax has said to have "zero impact" on affordibility btw.
    From your article:






    While it continues to trend up, it certainly looks like there was a slow-down.
    The tax was implemented to wane unaffordability. It slowed down the market for a few months then continued right where it left off.

    I don't really care about the tax, but since it had only a temporary slowdown in Vancouver and there are fewer foreign buyers in Seattle, I don't think it would be a long term solution.

    Not sure what this is based on. A full 35-40% of our deals last year were to international buyers.
    https://www.seattletimes.com/business/real-estate/foreign-buyers-drop-off-as-seattle-housing-market-hits-hottest-tempo-since-2006-bubble/

    "But now, a new annual survey from the National Association of Realtors shows foreign home sales across Washington state dropped to $1.55 billion for the year ending in March, down 24 percent, from $2.05 billion, in the previous year. Washington fell out of the top 10 states attracting foreign homebuyers.

    What’s more, Juwai’s latest data show a 10?percent drop in inquiries from China for homes in Seattle, compared to a year ago. Buyers living in mainland China make up about one-third of overseas buyers in Washington, according to the Realtors group.

    Overseas buyers may have an outsized impact, but they still make up a small portion of sales. Statewide, they accounted for less than 4 percent of purchase value last year, based on the Realtor group’s survey and overall sales data compiled by the Northwest Multiple Listing Service."
    The sentence in the article immediately after the last you quoted:

    But the ratio is higher in places like Bellevue, local realtors say.



    Which has been our experience.

    Do you guys specialize in foreign buyers or something? 35+% obviously isn't the norm.
  • 2001400ex2001400ex Posts: 15,073
    Swaye's Wigwam 10000 Comments 250 Answers 500 Awesomes

    pawz said:

    pawz said:

    pawz said:

    RedRocket said:

    Sounds like a Chinese shell company. At least these places are out of my price range but I've had about enough of the Chinese scooping up and not living in property that would otherwise go to upper middle class Seattle metro residents. Seattle needs to tax foreign buyers and unoccupied houses sooner rather than later or it's going to end up like Vancouver.

    Foreign buyers are a small percentage of the market (4% state-wide), especially compared to Vancouver. Seattle's boom is driven by an influx of well paying jobs and a shit load of people moving in.

    It's a supply issue, so build more houses/condos/apartments.

    The Vancouver tax has said to have "zero impact" on affordibility btw.
    From your article:






    While it continues to trend up, it certainly looks like there was a slow-down.
    The tax was implemented to wane unaffordability. It slowed down the market for a few months then continued right where it left off.

    I don't really care about the tax, but since it had only a temporary slowdown in Vancouver and there are fewer foreign buyers in Seattle, I don't think it would be a long term solution.

    Not sure what this is based on. A full 35-40% of our deals last year were to international buyers.
    https://www.seattletimes.com/business/real-estate/foreign-buyers-drop-off-as-seattle-housing-market-hits-hottest-tempo-since-2006-bubble/

    "But now, a new annual survey from the National Association of Realtors shows foreign home sales across Washington state dropped to $1.55 billion for the year ending in March, down 24 percent, from $2.05 billion, in the previous year. Washington fell out of the top 10 states attracting foreign homebuyers.

    What’s more, Juwai’s latest data show a 10?percent drop in inquiries from China for homes in Seattle, compared to a year ago. Buyers living in mainland China make up about one-third of overseas buyers in Washington, according to the Realtors group.

    Overseas buyers may have an outsized impact, but they still make up a small portion of sales. Statewide, they accounted for less than 4 percent of purchase value last year, based on the Realtor group’s survey and overall sales data compiled by the Northwest Multiple Listing Service."
    The sentence in the article immediately after the last you quoted:

    But the ratio is higher in places like Bellevue, local realtors say.



    Which has been our experience.

    Do you guys specialize in foreign buyers or something? 35+% obviously isn't the norm.
    Pawz isn't big on facts.
    pawzRaceBannon
  • pawzpawz Posts: 5,110
    Swaye's Wigwam 2500 Comments 250 Answers 500 Awesomes
    edited February 15

    pawz said:

    pawz said:

    pawz said:

    RedRocket said:

    Sounds like a Chinese shell company. At least these places are out of my price range but I've had about enough of the Chinese scooping up and not living in property that would otherwise go to upper middle class Seattle metro residents. Seattle needs to tax foreign buyers and unoccupied houses sooner rather than later or it's going to end up like Vancouver.

    Foreign buyers are a small percentage of the market (4% state-wide), especially compared to Vancouver. Seattle's boom is driven by an influx of well paying jobs and a shit load of people moving in.

    It's a supply issue, so build more houses/condos/apartments.

    The Vancouver tax has said to have "zero impact" on affordibility btw.
    From your article:






    While it continues to trend up, it certainly looks like there was a slow-down.
    The tax was implemented to wane unaffordability. It slowed down the market for a few months then continued right where it left off.

    I don't really care about the tax, but since it had only a temporary slowdown in Vancouver and there are fewer foreign buyers in Seattle, I don't think it would be a long term solution.

    Not sure what this is based on. A full 35-40% of our deals last year were to international buyers.
    https://www.seattletimes.com/business/real-estate/foreign-buyers-drop-off-as-seattle-housing-market-hits-hottest-tempo-since-2006-bubble/

    "But now, a new annual survey from the National Association of Realtors shows foreign home sales across Washington state dropped to $1.55 billion for the year ending in March, down 24 percent, from $2.05 billion, in the previous year. Washington fell out of the top 10 states attracting foreign homebuyers.

    What’s more, Juwai’s latest data show a 10?percent drop in inquiries from China for homes in Seattle, compared to a year ago. Buyers living in mainland China make up about one-third of overseas buyers in Washington, according to the Realtors group.

    Overseas buyers may have an outsized impact, but they still make up a small portion of sales. Statewide, they accounted for less than 4 percent of purchase value last year, based on the Realtor group’s survey and overall sales data compiled by the Northwest Multiple Listing Service."
    The sentence in the article immediately after the last you quoted:

    But the ratio is higher in places like Bellevue, local realtors say.



    Which has been our experience.

    Do you guys specialize in foreign buyers or something? 35+% obviously isn't the norm.

    If we 'specialize' in anything, it's having listings. That is the ratio of people buying those listings in the greater Eastside market. The draw for the international buyer is schools*.

    We do have mandarin speaking people in our firm to bridge the language barrier. It's crucial.


    (*I know schools is captain obvious stuff, but the international buyer pays more attention to it than a local buyer. A local buyer in that category is likely already sending their kid to private school.)
  • pawzpawz Posts: 5,110
    Swaye's Wigwam 2500 Comments 250 Answers 500 Awesomes
    2001400ex said:

    pawz said:

    pawz said:

    pawz said:

    RedRocket said:

    Sounds like a Chinese shell company. At least these places are out of my price range but I've had about enough of the Chinese scooping up and not living in property that would otherwise go to upper middle class Seattle metro residents. Seattle needs to tax foreign buyers and unoccupied houses sooner rather than later or it's going to end up like Vancouver.

    Foreign buyers are a small percentage of the market (4% state-wide), especially compared to Vancouver. Seattle's boom is driven by an influx of well paying jobs and a shit load of people moving in.

    It's a supply issue, so build more houses/condos/apartments.

    The Vancouver tax has said to have "zero impact" on affordibility btw.
    From your article:






    While it continues to trend up, it certainly looks like there was a slow-down.
    The tax was implemented to wane unaffordability. It slowed down the market for a few months then continued right where it left off.

    I don't really care about the tax, but since it had only a temporary slowdown in Vancouver and there are fewer foreign buyers in Seattle, I don't think it would be a long term solution.

    Not sure what this is based on. A full 35-40% of our deals last year were to international buyers.
    https://www.seattletimes.com/business/real-estate/foreign-buyers-drop-off-as-seattle-housing-market-hits-hottest-tempo-since-2006-bubble/

    "But now, a new annual survey from the National Association of Realtors shows foreign home sales across Washington state dropped to $1.55 billion for the year ending in March, down 24 percent, from $2.05 billion, in the previous year. Washington fell out of the top 10 states attracting foreign homebuyers.

    What’s more, Juwai’s latest data show a 10?percent drop in inquiries from China for homes in Seattle, compared to a year ago. Buyers living in mainland China make up about one-third of overseas buyers in Washington, according to the Realtors group.

    Overseas buyers may have an outsized impact, but they still make up a small portion of sales. Statewide, they accounted for less than 4 percent of purchase value last year, based on the Realtor group’s survey and overall sales data compiled by the Northwest Multiple Listing Service."
    The sentence in the article immediately after the last you quoted:

    But the ratio is higher in places like Bellevue, local realtors say.



    Which has been our experience.

    Do you guys specialize in foreign buyers or something? 35+% obviously isn't the norm.
    Pawz isn't big on facts.

    Run along. The adults are talking.

    RaceBannonDerekJohnson
  • pawzpawz Posts: 5,110
    Swaye's Wigwam 2500 Comments 250 Answers 500 Awesomes
    edited February 15
    But how did the discount broker cost their buyer SEVERAL MILLION DOLLARS ??


    Sale #1 - $14,252,500
    8,200' house
    1.25 acre
    162' west-facing waterfront

    Sale #2 - $21,000,000
    11,500' house
    2.6 acre
    265' west-facing waterfront

    Sale #3 - $23,375,000
    8900' house (brand new)
    1.84 acre
    80' south-facing waterfront
    300' feet of view
    (I know that sounds hokey, but you would have had to see it and the lot didn't have a normal shape. A big challenge w/ a lot of waterfront lots in our area is the lots are long and narrow, creating a tunnel-vision view.)

    Sale #4 - $9,000,000
    3,330' house (likely a tear down)
    0.76 acre
    89' south-facing waterfront
    (off-market transaction)



    Subject Property - $26,750,000
    5,330' house (tear down)
    2.59 acre
    150' south-facing waterfront
    Long, skinny 'tunnel-vision' lot.



    Houses #1, #2 and #3 were absolutely pristine. #4 is a tear-down where a neighbor added the lot to his existing estate.

    #2 and #3 are the best comps. One could argue #2 was sold-under value and is an $8-$10M house. #3 is a $7-$8M house, leaving $13.5M for the dirt.



    End of the day, given the Subject has to be torn down (likely putting $10-$15 in the rebuild over 3-5 years), I have a REALLY hard time valuing the Subject over $20M.

    Now, would the Seller have sold for less than $26.75M? I really don't know.





  • TurdBufferTurdBuffer Posts: 4,653
    Standard Supporter 2500 Comments 250 Answers 500 Awesomes
    TL, DR. Jesus Pawz! You just went mathematical Tequila on us.
  • pawzpawz Posts: 5,110
    Swaye's Wigwam 2500 Comments 250 Answers 500 Awesomes

    TL, DR. Jesus Pawz! You just went mathematical Tequila on us.

    Yeah ... well .... Sorry, not sorry.

    When you're gonna drop 8-figures on a piece of dirt, you should really do the maffs.
  • TurdBufferTurdBuffer Posts: 4,653
    Standard Supporter 2500 Comments 250 Answers 500 Awesomes
    pawz said:

    TL, DR. Jesus Pawz! You just went mathematical Tequila on us.

    Yeah ... well .... Sorry, not sorry.

    When you're gonna drop 8-figures on a piece of dirt, you should really do the maffs.
    Probably worth the money to watch Seattle burn to the ground from across the lake.
    pawzDawgtona
  • pawzpawz Posts: 5,110
    Swaye's Wigwam 2500 Comments 250 Answers 500 Awesomes

    pawz said:

    TL, DR. Jesus Pawz! You just went mathematical Tequila on us.

    Yeah ... well .... Sorry, not sorry.

    When you're gonna drop 8-figures on a piece of dirt, you should really do the maffs.
    Probably worth the money to watch Seattle burn to the ground from across the lake.

    A lot of people coming across the lake after Seattle passed the income-tax ....

  • TurdBufferTurdBuffer Posts: 4,653
    Standard Supporter 2500 Comments 250 Answers 500 Awesomes
    pawz said:

    pawz said:

    TL, DR. Jesus Pawz! You just went mathematical Tequila on us.

    Yeah ... well .... Sorry, not sorry.

    When you're gonna drop 8-figures on a piece of dirt, you should really do the maffs.
    Probably worth the money to watch Seattle burn to the ground from across the lake.

    A lot of people coming across the lake after Seattle passed the income-tax ....

    The reasons to leave are innumerable and multiplying like rabbits.
  • UWhuskytskeetUWhuskytskeet Posts: 3,801
    2500 Comments 250 Answers 500 Awesomes 500 Up Votes
    pawz said:

    pawz said:

    TL, DR. Jesus Pawz! You just went mathematical Tequila on us.

    Yeah ... well .... Sorry, not sorry.

    When you're gonna drop 8-figures on a piece of dirt, you should really do the maffs.
    Probably worth the money to watch Seattle burn to the ground from across the lake.

    A lot of people coming across the lake after Seattle passed the income-tax ....

    That was struck down in court almost immediately.
    pawz said:

    But how did the discount broker cost their buyer SEVERAL MILLION DOLLARS ??


    Sale #1 - $14,252,500
    8,200' house
    1.25 acre
    162' west-facing waterfront

    Sale #2 - $21,000,000
    11,500' house
    2.6 acre
    265' west-facing waterfront

    Sale #3 - $23,375,000
    8900' house (brand new)
    1.84 acre
    80' south-facing waterfront
    300' feet of view
    (I know that sounds hokey, but you would have had to see it and the lot didn't have a normal shape. A big challenge w/ a lot of waterfront lots in our area is the lots are long and narrow, creating a tunnel-vision view.)

    Sale #4 - $9,000,000
    3,330' house (likely a tear down)
    0.76 acre
    89' south-facing waterfront
    (off-market transaction)



    Subject Property - $26,750,000
    5,330' house (tear down)
    2.59 acre
    150' south-facing waterfront
    Long, skinny 'tunnel-vision' lot.



    Houses #1, #2 and #3 were absolutely pristine. #4 is a tear-down where a neighbor added the lot to his existing estate.

    #2 and #3 are the best comps. One could argue #2 was sold-under value and is an $8-$10M house. #3 is a $7-$8M house, leaving $13.5M for the dirt.



    End of the day, given the Subject has to be torn down (likely putting $10-$15 in the rebuild over 3-5 years), I have a REALLY hard time valuing the Subject over $20M.

    Now, would the Seller have sold for less than $26.75M? I really don't know.





    How often are 2.6 acre waterfront lots listed in Medina though? I agree it seems like they overpaid, but there are only a handful of lots that size.
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