Deal of the Mid-Week: $535,000 (list price) – Clyde Hill

 

Deal Snapshot:

• List: $535,000 or $245/sq ft.
• 21.5% Discount to Active Listings

House Details:

• 2,180 sq. ft.
• 4 Bedroom
• 2 Bath
• Lot Size: 8,640 sq. ft.

Property located in the most coveted neighborhood on the Eastside – 4 bedrooms, 2 baths, 2180 sq feet on a 8640 lot.  The house could use a new exterior paint color and some updates- but is not in bad condition.  You can own a home in Clyde Hill in the low $500’s.  Right now the property has an offer (likely not a full priced offer) and the bank is accepting back-up offers because it is a short sale.  The initial offer can get bumped if the second offer is stronger.

The listed dollar per sq foot is $245.  You can buy a property in Clyde Hill for under $250 a sq foot!  The average dollar per sq foot for all active listings within a quarter mile is $386/sf (that is factoring in 21 properties). The average dollar per sq foot for all sold properties within a half mile during the past year is $414/sf.

Out of 25 homes sold in a half mile radius, nothing has sold under $700k.  The only house that sold for $700k reduced the price by $295k and was likely a distressed builder blowout.

Even the most conservative realtor would put true market value of this property in this buyer’s market at $650k.  Look at it as a profit of $115k ($650k – 535k) or a 21.5% discount to market value - a decent investment in this market.

This house would be a great as a rental, to move in and remodel, or to tear down and build your dream house.

Call Davis Hsu at (206) 465-9309, James Hua at (206) 595-1696 or email us.