Another "paired" appraisal allegation, Seattle

[CGinMN]

I wouldn't say alley access isn't possible, I just don't think the market pays a premium for the future unknown benefit in this case, as there may be significant time, effort, and expense to get the city and adjacent owners to approve, plus any costs associated with actually making it happen.

 

[Joe Flacco]

I think you nailed it with this comment.

The $1.1 million house is superior in every single way.
-Superior level lot and fence
-Concrete driveway that runs the length of the lot so you can exit from the front or rear
-Superior exterior siding, curb appeal, and roof
-On the interior, you have superior everything... flooring, windows, trim, doors, lighting, appliances, crown molding, and probably more too.
-It's got 3 baths versus the subject's 1. It has an en suite in the primary BR and this alone makes it not a comp.
-The basement is larger and nicely finished vs the subject's 424sf unfinished basement.
-The $1.1m is a legit 4-bedroom home and all the bedrooms have functional ceiling heights and closets, which does not appear to be the case for the subject

Even if the Clarks was remodeled top to bottom it couldn't get to $1.1m because of the parking, basement, 1.5 vs 1 story, and lack of options for 3 baths including ensuite.


I do not pick those comps. But I think they are closer to the truth than the $1.1m house.

If this house is $1 million nearby but in a different location and the house across the street sold for $1.1 million, how do you reconcile that?

Similarly comparing the other updated and dilapiated condition homes on the street with "comparable" properties in other areas show that the homes on the street for whatever reason sold for more.

Are all the homes on the street selling for more or no reason at all? The people buying homes on S Bennett are all stupid?

 

[Joe Flacco]

I'm saying the mid-2021 sales are dated and the 3 remodeled homes are wholly irrelevant to a C4 "as is" valuation. Irrelevant to the point of being grossly misleading. Which that's how you're getting to your $800k for this subject.

There's an alley but it isn't paved or graveled to that parcel. And there's no saying the city would allow its improvement on the casual basis. Maybe they would and maybe they wouldn't, but in any case that isn't going to get done for free, and neither is a parking pad or carport or a garage (because current development criteria applies) going to build itself.

If there was access don't you think the 2018 listing would have shown or mentioned it?

View attachment 69988

So are you saying that prices declined from mid- 2021 to early 2022? The $800k house is not "remodeled" it was probably updated like 20 years ago. It is in in better shape than when the Clarks bought their house for sure.

 

[CGinMN]

1. Per post 171 prices are declining pretty rapidly.
2. The lot is not nice.
3. It's listed for 27.5% above the 2017 sale, which says something because the Clarks bought theirs for $482.5K in 2018.

 

[Joe Flacco]

1. Per post 171 prices are declining pretty rapidly.
2. The lot is not nice.
3. It's listed for 27.5% above the 2017 sale, which says something because the Clarks bought theirs for $482.5K in 2018.
View attachment 69991

This is in the location of those crappy houses that George thinks are comps. Sold for around the same time as the house across the street for $1.1 M

How do you reconcile that? Are all the buyers buying homes on S Bennett stupid?

 

[George Hatch]

So are you saying that prices declined from mid- 2021 to early 2022? The $800k house is not "remodeled" it was probably updated like 20 years ago. It is in in better shape than when the Clarks bought their house for sure.

That would be a question to ask/answer. Let's look at what Zillow is showing for the current listing activity and tell me how many $800k 3/1 C4s you can see. I don't see any. Not only that, but some of these listings might not ever sell if they're overpriced.

These listings are pre-1930s homes with other limits on the query . Sizes range from 720sf - 2500sf.

 

[Joe Flacco]

That would be a question to ask/answer. Let's look at the current listing activity and tell me how many $800k 3/1 C4s you can see.

These listings are pre-1930s homes with other limits on the query . Sizes range from 720sf - 2500sf.

Right now is end of 2022. Were prices lower in April 2022 than 2021?

You are trying really hard to make your case and being even borderline misleading. You know clearly that prices were higher in April 2022 than in 2021. At the last you can pretend that April 2022 is stable from mid-2021, and if you can agree to at least that then there is no reason to say that the sales on the street are not applicable.

 

[George Hatch]

View attachment 69992

This is in the location of those crappy houses that George thinks are comps. Sold for around the same time as the house across the street for $1.1 M

How do you reconcile that? Are all the buyers buying homes on S Bennett stupid?

Lemme ask you something: Did you read the listing or look at the overhead? Look at the overhead, relate it to the front of the unit from the street and tell me what you think:






Different zoning, 1700sf pad/unit, etc. This parcel only accesses from the alley.

 

[Joe Flacco]

Lemme ask you something: Did you read the listing or look at the overhead? Look at the overhead, relate it to the front of the unit from the street and tell me what you think:

View attachment 69994


View attachment 69995

Different zoning, 1700sf pad/unit, etc. This parcel only accesses from the alley.

View attachment 69996

No I did not look at all that.

 

[CGinMN]

3526 S Bennett St, Seattle, WA 98118 | Zillow

3526 S Bennett St, Seattle WA, is a Single Family home that contains 1650 sq ft and was built in 1919.It contains 4 bedrooms and 2 bathrooms.This home last sold for $861,000 in August 2021. The Zestimate for this Single Family is $939,500, which has increased by $18,633 in the last 30 days.The...

www.zillow.com

This one is on Bennett, what does it say to you?