Another "paired" appraisal allegation, Seattle

[George Hatch]

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This property is two doors down from the subject and looks like it is similar condition compared to when the Clarks bought the house in 2018. They added a extra bathroom, updated existing bathroom, and remodeled the kitchen since.

This sale would suggest that the Clarks house value should probably be greater than $800k as of April 2022.

I saw that sale, too. I also saw it's listing history. Even if there's nothing untoward about this sale, the preponderance of the other sales directly contradicts the idea that THIS sale indicates to what's most probable whereas the others don't.

You can see the current actives -

 

[Joe Flacco]

There is a lot of factors going on in this neighborhood. There are some nice looking porch front bungalows mixed in with some real ugly looking houses. The lots on S Dawson and S Bennett are deeper than most of the lots in the area allowing for decent size back yards. And then obviously scope, timing of updates, and style and quality of finishes vary widely.

It is not a super simple appraisal but I would think that the value should definitely be more than 3537 S Bennett Street ($782,001) and definitely less than 3536 S Bennett Street ($1,100,000). Nearly identical lots on the same street, similar size homes, one is inferior condition and one is superior condition.

 

[Joe Flacco]

Something seems questionable about that sale. It was listed for $599,000.00 on 04/30/2021 and sold 21 days later for $782,001.00 I know the market was crazy. But..........

3537 S Bennett St, Seattle, WA 98118 | realtor.com®

View 28 photos for 3537 S Bennett St, Seattle, WA 98118, a 3 bed, 1 bath, 1,320 Sq. Ft. single family home built in 1920 that was last sold on 05/21/2021.

www.realtor.com

What about this one then? 30% smaller house and has unfinished basement. Looks like last remodeled around the 90's. Do you think it should be more or less than this one?

 

[TerryRohrer]

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What about this one then? 30% smaller house and has unfinished basement. Looks like last remodeled around the 90's. Do you think it should be more or less than this one?

I can't see basement in the subject and some subject area is low ceiling attic. This sale appears to have a walkout basement.

 

[Joe Flacco]

These properties in the yellow box have good size back yards. I would be looking for nice looking bungalow style homes like the Clarks on these deeper lots.

 

[George Hatch]

View attachment 69888

What about this one then? 30% smaller house and has unfinished basement. Looks like last remodeled around the 90's. Do you think it should be more or less than this one?

I saw that one, too - same situation as the other one you noted:



How did that happen?

 

[Joe Flacco]

I can't see basement in the subject and some subject area is low ceiling attic. This sale appears to have a walkout basement.

That house has a unfinished basement. The Clarks house had an unfinished basement when they bought it but they said they added another bathroom so I am guessing it is in the basement and they finished it.

I dunno. I am just giving you a very basic 15 minute analysis of the situation without MLS access.

 

[Joe Flacco]

I saw that one, too - same situation as the other one you noted:

View attachment 69890

How did that happen?

How did what happen? How did the prices get bid up?

Come on man. So now you have two homes on the block that got big up a lot. They are not mistakes. Prices went up.

 

[glenn walker]

Once crazy market area, many sold at 20% higher than list prices in 21 days or less with multiple offers. My best guesstimate is the first appraisal was way low. Appraiser probably did not know that neighborhood, it seems to be a niche market where Hipsters like ones in Los Angles , love 100 year old homes. Often they sell for more than newer homes.

 

[George Hatch]

View attachment 69889

These properties in the yellow box have good size back yards. I would be looking for nice looking bungalow style homes like the Clarks on these deeper lots.

What's the point of having a larger rear yard if you don't have offstreet parking or vehicular access to it? The properties on the north side of Bennett have paved alley access; that's not the case with the properties on the south side of the block.