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Seattle's Pricey Shorts: Magnolia For Less Than a Million

Short sales happen, and sometimes they are expensive. Grand dreams available at discount prices.

Short sales plummet prices. A 3,560 square foot one story brick house with a 1,910 square foot basement is a lot of house for $789,950; especially, on Magnolia within an easy walk of Discovery Park. The house has 3 bedrooms and 2 baths, and evidently large rooms on average.

A picture is worth a thousand words, and any real estate listing that claims a view does much better with a picture of the city, or mountain, or territory. This listing has only four photos (so far). One shows about what you'd expect from 1948, solid red brick, with a cedar shake roof. The house looks small because so little of it got into the frame. The inside photos of the living room, dining room, and kitchen are enticing enough. Hopefully, the rest of the house looks that good.

Is it worth a million? The trends say the house is worth at least $200,000 more than the short sale price. That's a year's wages, or two, or three; but for some, less than one. That's the nature of the priciest short sales, there's a big difference between what the house is worth and what it is potentially selling for. The tax assessment thinks the asking price is just about right. Opportunity and risk together as usual.

Regardless of its current situation, a good solid house in a nice quiet neighborhood close to parks and downtown is worth a lot. There's plenty of house hidden here, in the basement and evidently out of view of the camera. You should probably visit. The price may go up and down, but the location, location, location stays the same.

· 2878 39th Ave W, Seattle, WA [Redfin]
· 2878 39th Ave W, Seattle, WA [Estately]
· 2878 39th Ave W, Seattle, WA [Zillow]
· Discovery Park [Seattle Parks]
Written by Tom Trimbath