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Deleted member 157170
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Looking at the house, and seeing the kitchen in the video, its still definitely a Q4/C4 for the area. To be Q3 in Columbia City (or really anywhere in Seattle), you would need a remodeled kitchen with new cabinets and counters (preferably quartz or granite). The flooring in the kitchen looks well worn and they don't even have trim around the back door... The surrounding sales don't really support the 2nd appraisal, save a few high ones, which the 2nd appraiser probably relied on most.
5604 39th Ave S, Seattle, WA 98118 at $825,000 is superior in quality and condition.
5202 35th Ave S, Seattle, WA 98118 at $600,000, closer in quality and condition.
Both have slightly larger overall square footage.
I would probably say a value of $670,000 might be a bit low, but the one over 900K seems really high for such a small house. I also appraise homes in that particular neighborhood all the time, its less than 2 miles from my office.
Prices are also declining like nothing else in that area. CMA shows pricing averaging $879,500 4-6 months ago, down to $787,000 in the last 1-3 months.
It also only has 1 bathroom which is a considerable handicap in this market. I think the majority of home buyers would be turned off by only having 1 bathroom.
The location map looks great, I would use any of those comps in that particular area that they show.
They also may have overpaid initially. The original listing price was $539,990, and it sold for $482,500 in late 2018. Things were still really hot back then in that market, so a sale under list would have been rare. Id be willing to bet the original appraiser for that sale just "made it work", and it created an unrealistic expectation of what the house was worth to the owners. I see that all the time.
Boy...I hope they enjoy their 15 minutes of fame. I just don't see how the 2nd appraiser was correct though. I also think its funny that in EVERY one of these stories, the news grabs ahold of the 2 values and just assumes the higher one is correct. The news outlets in the area are very sensational in their coverage, so of course they would perpetuate bad information just to get the views. Their whole shpeal about "Seattle prices are record highs", means they really have not seen the rapidly deflating pricing over the last 6 months. Maybe they purposefully blinded themselves to it, who knows.
5604 39th Ave S, Seattle, WA 98118 at $825,000 is superior in quality and condition.
5202 35th Ave S, Seattle, WA 98118 at $600,000, closer in quality and condition.
Both have slightly larger overall square footage.
I would probably say a value of $670,000 might be a bit low, but the one over 900K seems really high for such a small house. I also appraise homes in that particular neighborhood all the time, its less than 2 miles from my office.
Prices are also declining like nothing else in that area. CMA shows pricing averaging $879,500 4-6 months ago, down to $787,000 in the last 1-3 months.
It also only has 1 bathroom which is a considerable handicap in this market. I think the majority of home buyers would be turned off by only having 1 bathroom.
The location map looks great, I would use any of those comps in that particular area that they show.
They also may have overpaid initially. The original listing price was $539,990, and it sold for $482,500 in late 2018. Things were still really hot back then in that market, so a sale under list would have been rare. Id be willing to bet the original appraiser for that sale just "made it work", and it created an unrealistic expectation of what the house was worth to the owners. I see that all the time.
Boy...I hope they enjoy their 15 minutes of fame. I just don't see how the 2nd appraiser was correct though. I also think its funny that in EVERY one of these stories, the news grabs ahold of the 2 values and just assumes the higher one is correct. The news outlets in the area are very sensational in their coverage, so of course they would perpetuate bad information just to get the views. Their whole shpeal about "Seattle prices are record highs", means they really have not seen the rapidly deflating pricing over the last 6 months. Maybe they purposefully blinded themselves to it, who knows.
