Between the soaring housing prices, plummeting inventory, and insane bidding war stories, we keep hearing about how crazy the Seattle housing market is. So we've asked local real estate agents, sellers and buyers to share their nutty stories about a recent home sale or purchase to prove just how true it all is. Do you have a crazy story to share about prices gone mad or ludicrous offers? Let us know and we might share it.
Yesterday we shared the story from the Seattle Times about a dilapidated home in West Seattle that received 41 offers and more than doubled it’s asking price. Today, Windermere agents Brian Hayter and Jay Harrison share a similar story regarding a Central District home that fell into disarray.
Neighborhood: Central District
Year Built: 1900
Size: 4-BR, 2,390 sf.
Listing Price: $299,990
Sale Price: $467,500
Per Hayter, this home had been vacant for years with graffiti on the exterior and squatters having lived inside. Hence, the seller decided not to have any interior showings and listed the property as-is. Even the real estate agents themselves never went inside the building.
The property listed on May 19 and they set an asking price of $299,990 based on what they figured was the value of the land. The plan was also to allow for a longer review period in order to let buyers and agents do their due diligence as well as figure out what their future plans might be. The agents recieved a “ton” of phone calls and emails, including quite a few inquiries wanting to view the interior but the seller’s intent was always kept intact.
Whatever concerns they had about whether or not this place would sell soon went by the wayside. They received eleven offers over twelve days.
Now came the question of which offer made the most sense. Offers with inspection or financial contingencies weren’t ideal because, again, no one has actually seen what’s going on inside that house! So, they remained hopeful for an all-cash offer that did not require inspection and was preferably higher than their ask.
The winning offer: $467,500. All cash. Zero contingencies.
Hayter and Harrison remain surprised that they not only got everything they hoped for but at such a staggeringly-high amount. While they assumed the ideal buyer would be someone who wanted to tear the house down and start over, they’re actually not sure what the intentions of the buyer might be.
For that price, we’d love to know as well.