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)
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 ...
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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 ...