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Record Breaking Real Estate Sales in West Bellevue

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Comments

  • pawzpawz Posts: 5,410
    Swaye's Wigwam 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 ....

    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.

    1) That doesn't mean people weren't looking immediately. And they still are because they don't trust Seattle politicians.


    2) It is correct there are only a handful of lots that size, however that scarcity is built into the 8-figure ask ...
  • TurdBufferTurdBuffer Posts: 5,025
    2500 Comments 250 Answers 500 Awesomes 500 Up Votes



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

    Might. If she ruv me rong time.
  • PurpleThrobberPurpleThrobber Posts: 10,812
    10000 Comments 250 Answers 500 Awesomes 500 Up Votes



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

    Might. If she ruv me rong time.
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