The Ultimate Fintail Special™: Alki Edition

"Dr. Zoidberg - RIP Oppo" (thetomselleck) 04/13/2019 at 22:02 • Filed to: Houses

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This is what $2,500,000 looks like. No, I did not add two zeroes. 2.5 MILLION clams.

Now you’re probably asking, “What makes this a fintail Special? I don’t see any trendy new construction, just a beat up house.” Ah, don’t forget the other half of his lamentation. Namely: making lots of money for no reason other than dumb luck. Behold:

And based on the photos, I would guess these people in *zero* work improving this home. Triple your money in four years... Not bad, not bad.

Just strange, too. There are many nicer, much cheaper, properties in Alki, still with a view, and also a house that's actually updated. This particular house is right on the water, kind of -- it's across the street. It's a super-busy road, tons of foot traffic, and many many many people living in vehicles and campers. The homeless problem has done *nothing* to stop the insanity of property values in Seattle, even if they're living outside your front yard.

And yes, it’s basically being advertised as a teardown to put up townhomes.

With any luck, one of my accounts will buy it! [Gasps of disgust] Hey don’t judge — 2JZs gotta eat, too.

https://www.redfin.com/WA/Seattle/1330-Alki-Ave-SW-98116/home/149597?utm_source=android_share&utm_medium=share&utm_nooverride=1&utm_content=link

Bman76 (hates WS6 hoods, is on his phone and has 4 burners now) > Dr. Zoidberg - RIP Oppo 04/13/2019 at 22:11

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Big old fucking lol. That’s a $50k house on its best day.

Dr. Zoidberg - RIP Oppo > Bman76 (hates WS6 hoods, is on his phone and has 4 burners now) 04/13/2019 at 22:12

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The things I've seen, man...

gettingoldercarguy > Dr. Zoidberg - RIP Oppo 04/13/2019 at 22:14

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Northern tip of Bainbridge?

AestheticsInMotion > Dr. Zoidberg - RIP Oppo 04/13/2019 at 22:15

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Let’s pretend I had that kind of money. How much could I make by tearing it down and putting in a 16 unit town house with “street parking”

Rusty Vandura - www.tinyurl.com/keepoppo > Bman76 (hates WS6 hoods, is on his phone and has 4 burners now) 04/13/2019 at 22:16

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If that.

Dr. Zoidberg - RIP Oppo > gettingoldercarguy 04/13/2019 at 22:16

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No, it's the northmost point of West Seattle

gettingoldercarguy > Dr. Zoidberg - RIP Oppo 04/13/2019 at 22:18

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Dr. Zoidberg - RIP Oppo > AestheticsInMotion 04/13/2019 at 22:21

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Based on my recent work just up the street, you can squeeze maybe 4 townhomes here, sell them for 1.2 each. I don’t know if it’s zoned for “multi-family” living or apartments.

My feeling is you can’t make much if the cost of entry is that high. At least my customer spent like 8 00k, so he'll be rolling in it next month when his 3 townhomes go on the market.

Dr. Zoidberg - RIP Oppo > gettingoldercarguy 04/13/2019 at 22:23

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You mean you don’t want to be stuck on the West Seattle Bridge for 2 hours a day for your 7 mile commute?!

Forrest > Dr. Zoidberg - RIP Oppo 04/13/2019 at 22:31

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Looks like a $2,450 ,000 lot with a $50,000 disposal problem on it.

LongbowMkII > Dr. Zoidberg - RIP Oppo 04/13/2019 at 22:34

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Garage and a bed? Worth it 

Deal Killer - Powered by Focus > Dr. Zoidberg - RIP Oppo 04/13/2019 at 22:45

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I cannot begin to wrap my head around housing prices on either the west or east coast. Even with a water view, that is a POS house that may be worth $100K - $150K in NW Ohio, SE Michigan. At some point, that market is going to crash, and hard.

Highlander-Datsuns are Forever > Dr. Zoidberg - RIP Oppo 04/13/2019 at 22:53

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I’m really digging that molded tub surround matching color to the tub, that adds like $500,0000 minimum to the base price.

gettingoldercarguy > Dr. Zoidberg - RIP Oppo 04/13/2019 at 22:55

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Not even that, just nope. I’ll take my house out i n the sticks and if we get the commuter ferry in the next couple of years, enjoy that commute into Seattle.  As it stands, we looked recently at some homes on Bainbridge and Gig for waterfront, but nothing great enough to make us move.  I'd like to be closer to Seattle, but not until I find the right place at the right price.

Dr. Zoidberg - RIP Oppo > Highlander-Datsuns are Forever 04/13/2019 at 23:03

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Don't discount that chair: $1,000,000 option.

shop-teacher > Dr. Zoidberg - RIP Oppo 04/13/2019 at 23:05

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Its bad enough that the turd sold for $890,000 five years  ago.

Dr. Zoidberg - RIP Oppo > shop-teacher 04/13/2019 at 23:08

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Bad, or deal of the century after reselling it for fat cash?

makes u think

Dead_Elvis, Inc. > Dr. Zoidberg - RIP Oppo 04/13/2019 at 23:34

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Makes me think I’m fucking crazy for still living - renting - in Seattle.

wafflesnfalafel > Dr. Zoidberg - RIP Oppo 04/13/2019 at 23:48

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work with a guy who lives in a condo out there - maybe we need to be asking him to pick up the lunch tab more often...

Highlander-Datsuns are Forever > Dr. Zoidberg - RIP Oppo 04/14/2019 at 00:17

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I checked out the street view, it’s like early 1900's fishing shacks surrounded by high rise condo’s. WFT is going on here, just level the old shit and get it over with. 

fintail > Deal Killer - Powered by Focus 04/14/2019 at 00:52

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It might take some time, foreign capital is a big player here, and a fun thing, it is unvetted.

fintail > Dr. Zoidberg - RIP Oppo 04/14/2019 at 00:54

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Nice, I like that bedroom area. I wonder what it would have sold for in 1983 when the luckiest generation was getting their claws in here.

This is somehow worse, as a 300% ROI in half a decade is hard to do even in 98004.

Chariotoflove > Dr. Zoidberg - RIP Oppo 04/14/2019 at 01:06

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It’s no wonder. Look at all that fancy landscaping in front.

I really have to shake my head at all the posts you’ve made about the housing up there.  I don’t get it. I have nothing against Seattle, it’s lovely.  But why these insane prices to live there?  I don’t get it. That question is only a little bit rhetorical.  I realize value is a relative quantity.

Your boy, BJR > Dr. Zoidberg - RIP Oppo 04/14/2019 at 01:22

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The PNW housing market really takes the sting off the NYC Metro Area housing market, so I thank you for that.

Eric @ opposite-lock.com > gettingoldercarguy 04/14/2019 at 04:11

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Bainbridge isn’t super expensive up north unless the house is pretty sweet. Even directly on the water it isn’t too bad unless it has laaaaand, then it’s really expensive...

The south end is where the money is.

Eric @ opposite-lock.com > Chariotoflove 04/14/2019 at 04:26

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It’s the new housing bubble. Seattle and the suburbs almost completely missed the first one. Price rises were, at most, moderate. They bottomed in the winter of 2012-2013 and have shot for the moon ever since. Median gains of double digits every year since then in the greater metro area, with some areas pulling greater than 30% gains per year. Outliers like the one Zoid posted are not typical, but also not uncommon.

It’s more a result of mismanagement, poor planning, and speculation than fundamentals, no matter how much people blame it on the influx of tech bros at Amazon. Hot Chinese money due  to the foreign buyer tax in Vancouver has driven it up far more than anything else recently...

pip bip - choose Corrour > Dr. Zoidberg - RIP Oppo 04/14/2019 at 05:02

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fuck me.

makes our cities look reasonable

gettingoldercarguy > Eric @ opposite-lock.com 04/14/2019 at 05:02

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https://www.zillow.com/homedetails/15733-Point-Monroe-Dr-NE-Bainbridge-Island-WA-98110/72074606_zpid/

This is what I was talking about.  That little parcel up there is crazy.

Eric @ opposite-lock.com > gettingoldercarguy 04/14/2019 at 06:05

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That entire spit is crazy and I don’t know why. Nearby areas on far more stable ground with similar views are far less expensive...

vondon302 > Dr. Zoidberg - RIP Oppo 04/14/2019 at 08:58

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Wtf. Wow that’s a nice return on investment if he gets it.

This makes living in the rust belt seem tolerable .

just-a-scratch > Dr. Zoidberg - RIP Oppo 04/14/2019 at 10:29

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I am not surprised that this would go for$2.5M given its location. I’m more surprised that it s old for so little 5 years ago.

Chariotoflove > Eric @ opposite-lock.com 04/14/2019 at 15:25

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But at its core, the market still has to be demand driven. A property will sell for a certain amount only if someone is willing to pay that amount because they really want to be there that much.

I guess what I’m saying is, Seattle seems nice and all, but if I had to pay that much for somewhere to live that looks like that, I’d go find somewhere else to live. In fact, I did. I had job offers in NYC and in CA . When I realized the sacrifices I would have to make, I said nope.

Eric @ opposite-lock.com > Chariotoflove 04/14/2019 at 16:35

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Supply and demand is right out the window here. It was mostly speculation until China really started cracking down on capital flow out of the country. It was also much slower before Vancouver’s tax change. Most of the west coast is in a Chinese speculative bubble. Many aren’t even occupied... I knew where all the empty houses were in my old neighborhood, most with a long list of transaction records without ever being occupied, they simply trade around sight-unseen. There are a few of them even in my new neighborhood...

If I could get a solid offer for a lot more money and could somehow get my wife to leave the area she grew up in, I’d jump at a chance to live in SoCal again. Not that I dislike this area, but all expenses considered, this area simply isn’t attractive from a cost of living perspective.

Chariotoflove > Eric @ opposite-lock.com 04/14/2019 at 20:49

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That’s just nuts.

Eric @ opposite-lock.com > Chariotoflove 04/14/2019 at 21:01

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It’s worse when you consider how many people have been driven further and further from employment just to be able to afford housing. Some of it is other games they’re playing to get their children citizenship and/or gaming the system to save on education.

It is kind of an open secret.