Record Breaking Real Estate Sales in West Bellevue
Comments
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UWhuskytskeet said:
That was struck down in court almost immediately.pawz said:TurdBuffer said:
Probably worth the money to watch Seattle burn to the ground from across the lake.pawz said:
Yeah ... well .... Sorry, not sorry.TurdBuffer said:TL, DR. Jesus Pawz! You just went mathematical Tequila on us.
When you're gonna drop 8-figures on a piece of dirt, you should really do the maffs.
A lot of people coming across the lake after Seattle passed the income-tax ....
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.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.
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 ... -
Might. If she ruv me rong time.PurpleThrobber said:
WTF cares about the prices?!? The outrage should be over all the fucking Asians about to descend on the roadways. -
TurdBuffer said:
Might. If she ruv me rong time.PurpleThrobber said:
WTF cares about the prices?!? The outrage should be over all the fucking Asians about to descend on the roadways.
