Seattle Oppos: time to sell

"Mid Engine" (jdlogan2006) 04/05/2019 at 19:29 • Filed to: None

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jimz > Mid Engine 04/05/2019 at 19:36

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and that, friends, is why I’m perfectly happy not living on either coast. Disparage “flyover country” all you want, at least I can get a reasonable home for a tenth of that.

MUSASHI66 > Mid Engine 04/05/2019 at 19:37

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Location location location. That was $250k all day 10 years ago in Denver. Today that’s $350-500k depending on your neighborhood.

Real estate markets across the country probably differ  by 400%. That same house is probably under $200k in some less desirable areas. 

For Sweden > Mid Engine 04/05/2019 at 19:37

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Look at that sweet Taco

Dr. Zoidberg - RIP Oppo > Mid Engine 04/05/2019 at 19:44

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$300k equity in 4 years.

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Also, great house. Those floors look flawless.

RPM esq. > MUSASHI66 04/05/2019 at 19:47

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It would be $900k if it was ten miles southwest of where it is, and close to a million five miles south of that.

RPM esq. > Mid Engine 04/05/2019 at 19:49

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Nice!

MUSASHI66 > RPM esq. 04/05/2019 at 19:51

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Damn. So not worth it. Unless you can make 2 or 3 times more for the same job that I do in Denver. 

Dr. Zoidberg - RIP Oppo > RPM esq. 04/05/2019 at 19:52

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And it would still be nearly $600k in Everett, over $600 near Kayak Point/Lake Goodwin, 300 billion in Clyde Hill.

Mid Engine > Dr. Zoidberg - RIP Oppo 04/05/2019 at 19:55

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$50k in materials, I did the work myself. 

lone_liberal > Mid Engine 04/05/2019 at 19:55

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Nice house but I’ll only go for it if the record collection and Zappa covers come with it.

Mid Engine > For Sweden 04/05/2019 at 19:56

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heh, the Cayman was in the garage

Dr. Zoidberg - RIP Oppo > Mid Engine 04/05/2019 at 19:56

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[inadequacies intensify]

Mid Engine > Dr. Zoidberg - RIP Oppo 04/05/2019 at 19:58

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Yeah, and the schools are 9/10 so families wanna live there. We’re empty nesters and prefer space. We bought seven acres on the Wallace River https://www.zillow.com/homedetails/41901-150th-St-SE-Gold-Bar-WA-98251/38437954_zpid/?view=public

camarov6rs > Mid Engine 04/05/2019 at 20:03

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Given title and Seattle area I was guessing over 1 million but that’s not crazy outrageous given the market. That’s about 50% more than comparable on the correct side of the state ;)

Dr. Zoidberg - RIP Oppo > jimz 04/05/2019 at 20:04

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I don't think anyone intends to disparage another. Further, wages here somewhat reflect the higher costs of living. But only somewhat. If you move from out of state for an entry level job at Amazon in Seattle, you're gonna wish you had stayed in Twin Falls.

For Sweden > Dr. Zoidberg - RIP Oppo 04/05/2019 at 20:05

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How you intensify what is already most intense?

Dr. Zoidberg - RIP Oppo > For Sweden 04/05/2019 at 20:05

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Shame has no numerical boundaries

RPM esq. > MUSASHI66 04/05/2019 at 20:06

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Well, not really 2 to 3 times more, since every other expense in your life would stay the same, so it’s mostly a question of cash flow. To oversimplify, i f your monthly budget for housing was, say, $1500 there, and had to double to live here, you could live exactly the same life on a salary $20k higher. Housing would certainly be a higher percentage of your budget, but the amount available for everything else wouldn’t change. Do I believe that you could make $20k more for the same job here than you do in Denver? Depends what you do, but that’s not unrealistic.

For Sweden > Dr. Zoidberg - RIP Oppo 04/05/2019 at 20:07

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I’m red in the face because due to Doppler shift, my shame expands faster than the speed of light

Mid Engine > Dr. Zoidberg - RIP Oppo 04/05/2019 at 20:08

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I toldya a while back I built a 9' long walk in shower, took me three months. I’m gonna miss that fer sure

Mid Engine > lone_liberal 04/05/2019 at 20:09

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Nyet, everything is for sale in the house except my guita rs, music, stereos, and tools. Frank ain’t for sale

Dr. Zoidberg - RIP Oppo > Mid Engine 04/05/2019 at 20:09

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Yes, I noticed the no-door-double-partition thingie-do-bingie

Mid Engine > Dr. Zoidberg - RIP Oppo 04/05/2019 at 20:12

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I was gonna install a door, but decided it wasn’t necessary and I don’t like the look of frames. Post shower hang up the mat and all’s good, also the flooring is travertine so it absorbs

For Sweden > Dr. Zoidberg - RIP Oppo 04/05/2019 at 20:14

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Pocatello > Twin Falls I will die on this hill

Spaceball-Two > Mid Engine 04/05/2019 at 20:18

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Just down the road from me. Bothell and Kenmore prices are getting crazy

someassemblyrequired > Spaceball-Two 04/05/2019 at 20:22

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Jeez Bothell was like 250K all day not that long ago. 

Mid Engine > camarov6rs 04/05/2019 at 20:29

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The Trump side?

Dr. Zoidberg - RIP Oppo > Mid Engine 04/05/2019 at 20:31

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Tomato, tomahto.

AestheticsInMotion > Mid Engine 04/05/2019 at 20:34

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How much for just the shower

camarov6rs > Mid Engine 04/05/2019 at 20:35

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That’s the middle lol 

Spaceball-Two > someassemblyrequired 04/05/2019 at 20:36

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We bought our house down market 9 years ago. I couldn’t afford it now. It’s nuts!

Mid Engine > AestheticsInMotion 04/05/2019 at 20:37

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The bathro om cost me $15k in materials, aside from the shower the counter top is tumbled marble and the floor is travertine. 

AestheticsInMotion > Mid Engine 04/05/2019 at 20:53

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Sold. $15k and you find a way to get that to fit in my condo bathroom

lone_liberal > For Sweden 04/05/2019 at 20:57

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And they’re both better than Idaho Falls. Longest six months of my life.

Mid Engine > AestheticsInMotion 04/05/2019 at 21:02

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I was a contractor for a while, worked alone and did a bunch of bathrooms. this one I underbid, $4k labor

http://www.loganservicesllc.com/?p=148

Under_Score > Mid Engine 04/05/2019 at 21:12

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That school district is ATTRACTIVE. I also love the color of the house.  Is the neighborhood a swim/tennis, or is that just a GA thing?

Mid Engine > Under_Score 04/05/2019 at 21:14

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There’s a park for the kids, that’s it for amenities . HOA is only $410/year though

Under_Score > Mid Engine 04/05/2019 at 21:16

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Still a cute place! I’m not an amenities guy, but it matters a lot around here.  In my parts, there’s a ton of mega neighborhoods with swim/tennis and hundreds of homes. When I’ve been to areas that are pricier, townhomes that are close together with no amenities seem to be the norm.

Mid Engine > Under_Score 04/05/2019 at 21:18

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I’d rather not pay for a bun ch of shared services I prob ably wouldn’t use much. At 2500sq ft this isn’t a townho use :)

Under_Score > Mid Engine 04/05/2019 at 21:19

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That’s why your place is such a relief! Some space! 

Mid Engine > jimz 04/05/2019 at 22:26

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Or buy a house here, sell it four years later, and go back and pay cash for a castle in your neck of the woods. For what it’s worth we’re sandwiched between San Jose and Vancouver, our real est ate is cheap in comparison.

fintail > jimz 04/05/2019 at 23:17

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The best part is that the house is in what is called an “affordable” suburb around here, and on a rainy morning might take you only 90 minutes to commute to primary employment centers.

It can be worse, too. This is the cheapest detached house currently listed in my zipcode:

https://www.windermere.com/listing/WA/Bellevue/2416-108th-Ave-SE-98004/93529508

Which is why I live in a shoebox. This area isn’t all bad if one doesn’t need a detached house. On that note, I know very few people in my age demographic who own a detached house and didn’t receive (sometimes significant) help from family.

And to be fair, in many areas of the PNW, the house in this thread would be lucky to fetch half that price.

fintail > camarov6rs 04/05/2019 at 23:20

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If my Bellevue job moved us to Spokane at the same salary, I’d jump on it.

Dr. Zoidberg - RIP Oppo > fintail 04/05/2019 at 23:53

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Every rambler left in 98004 is *always* listed basically as a lot with a house in the way, even if it just needs a little elbow grease or is even recently remodeled. People with money are so insecure.

fintail > Dr. Zoidberg - RIP Oppo 04/06/2019 at 00:25

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Yep, “land value only”, the term usually used even if it is a well-built house. This is Vancouver part II, instead of losing high quality prewar housing stock for modern mcmansions as happened there starting ~25 years ago , we are losing postwar bungalows that were once the definition of the middle class. Very fitting, in a way.

Eric @ opposite-lock.com > Mid Engine 04/06/2019 at 01:31

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Damn, a 20% increase per year. This is after a full year going essentially nowhere - houses have only gained like 2-3%, inventory is way up, and sales are   down...

My place has only gained 6.5 % since we bought it.

This area is insane.

Eric @ opposite-lock.com > fintail 04/06/2019 at 01:36

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The really scary thing about yours is that it is being sold as a tear-down. People buying houses this cheap tear them down and build something for at least  couple million on that property. In the cheaper zip that I lived in (98008), this is exactly what happened to most of the houses in the $850k range in the couple years before we bought our place. Each one would at least be completely gutted and partially rebuilt, most were torn down and a new house built on the lot...

Eric @ opposite-lock.com > Dr. Zoidberg - RIP Oppo 04/06/2019 at 02:24

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This is a bad place for anyone not mid-career and bringing at least a few hundred grand from the sale of a house somewhere else. You sell your tiny 1/1 condo in SF Bay Area that you picked up while working at startups or big tech companies in your 20s to put a decent sized down payment on a decent SFH in a Seattle suburb...

In my industry, you move to Seattle when you’re i n your 30s when you want to have a family and your job prospects start getting slimmer due to age. Seattle’s tech workforce is generally older and more established outside of the workaholics that Amazon tricks into moving here...

Eric @ opposite-lock.com > MUSASHI66 04/06/2019 at 02:42

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You only really need mid-100s to live pretty well here, provided you can get your housing expenses within reason. You’ll be looking at anywhere from a horrific to unconscionable commute depending on what you’re bringing in cash to a house deal, mind you. I’d estimate $4.5-5.5k/month in housing expenses (mortgage, taxes, power, water, trash, & dues) on a house at the OPs price provided you can put 20% down ( ~$150k with transaction expenses).

Eric @ opposite-lock.com > fintail 04/06/2019 at 02:55

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On the upside, most of the housing stock in this metro was built with such a boomtown mentality that a lot of it is rotting and sagging junk that sways from a stiff wind. We didn’t even have decent seismic construction standards for SFHs until about 15 years ago. If the big one hit, it would render most older houses uninhabitable if it didn’t level them outright.

That incredible quality even shines through in my much newer house. Just this evening my wife and I were looking at the ceiling and marveling at how every wall/ceiling in our house is wavy.

Eric @ opposite-lock.com > camarov6rs 04/06/2019 at 03:00

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It’s in Bothell, though, so already kind of on the wrong side of the state from anywhere you’re likely to work.

Eric @ opposite-lock.com > Spaceball-Two 04/06/2019 at 03:02

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They were already pretty crazy a couple years ago before the market cooled...

jimz > Mid Engine 04/06/2019 at 05:44

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Why would I do that?

Love-the-wagon > For Sweden 04/06/2019 at 07:47

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I would agree that Pocatello is better than Twin Falls without a doubt.  I have read your comments before and would have never guessed anyone knew anything about that area of Idaho. 

someassemblyrequired > Spaceball-Two 04/06/2019 at 08:16

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We were still renting in Seattle when we left in 2010 - at the bottom. We bought a $250K house in CT at the same time, which had also fallen by half ...

and is now worth $240 K.  Thank goodness it’s been an alright rental.

fintail > Eric @ opposite-lock.com 04/06/2019 at 12:14

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And what they build is often less than high quality even for a 7 figure price. I see these big piles going up around Bellevue, and I am unimpressed.  Some have even been mocked on “mcmansionhell”.  I suppose new tech money and dirty offshore crap doesn’t care. I’d rather have a decent old house (many of these old sales in Bellevue are original owners who have maintained their old middle class dreams) than a big questionably built new one.  At least in terms of basic structure, my grandma’s 1965 rambler seems nicer than many new builds I see around here, especially in “affordable” outlying areas.

I remember at the bottom of the market, one could get decent livable places in east Bellevue for under 400K, and nice places for 600K - the latter will pass 1MM now. This was like 2011-12-ish. What a world.

MUSASHI66 > RPM esq. 04/06/2019 at 12:16

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Except that’s not true - COL is calculated on many things, not just the monthly mortgage difference. Everything costs more. I’m in LA today and was in SF a few weeks ago. Restaurants, gas, taxes... everything cost more. 

fintail > Eric @ opposite-lock.com 04/06/2019 at 12:17

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Some of the 70s and 80s non-custom material I see around here is especially grim in terms of quality. Some of the older houses and custom builds, if maintained, appear to be quite nice though - and have style that you just doesn’t exist in most new builds.  I’ll risk a little unreinforced masonry or a window wall to actually have pleasing aesthetics.

I grew up living in a couple older houses that had constant maintenance needs, but they were trimmed in a way that would be unrepeatable today, the woodwork alone would be irreplaceable. At this point in my life, I would be thrilled with a 1000 sq ft box with a 1000 sq ft garage.

MUSASHI66 > Eric @ opposite-lock.com 04/06/2019 at 12:20

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Fuck that noise. I just bought a brand new 2400 sq ft house with a 4 car garage, for under $500k, on a 1/4 acre lot. I’ll pay it off in 10-15 years, retire early and travel all over the world.

I can come visit - I am in La this weekend and spent a weekend at Napa a few weeks ago, because my salary covers housing and cars and vacations without the coastal tax.

Of course, I could move to a place with even lower COL and get a good job in IT and save even more or retire even earlier but I do like some niceties in my life. Colorado is a great mid point imho. 

Eric @ opposite-lock.com > MUSASHI66 04/06/2019 at 13:56

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COL mostly ignores things that are distinctly more expensive in WA,  like high auto insurance rates, car registration taxes, property taxes , etc. It’s far cheaper to just visit the region periodically from most places in the western US...