A garbage dump of a home in West Seattle received 41 offers and sold in just 10 days for $427,000, well over double its asking price, reports The Seattle Times.
If you’ve attempted to buy a house in Seattle recently, it will come as no surprise that the home featured decaying floors and ceilings that could collapse at any moment, roughly five feet of standing water and toxic air not safe to breathe. The home was listed with the condition that only licensed contractors who sign a legal waiver could enter it.
“That is insane, obviously,” listing agent Bruce Phares of Windermere Real Estate told The Seattle Times. “I’m absolutely flabbergasted, given how damaged the property was.” The three-bedroom, one-bathroom home was originally listed at the end of April for $200,000 and was considered unlikely to sell.
However, the potential of a second-story mountain view and rising home valuations in the neighborhood had wealthy buyers and real estate investors clamoring when the house hit the market. The “lucky” buyer is sure to tear down the home and build something better on the prized plot of land.
The typical Seattle house now costs $641,250, up 14.5 percent from last year and up 67 percent in the last five years. Prices in West Seattle, an area previously considered a less expensive option for homebuyers, are now up 17.3 percent just in the past year, and an insane 83 percent in the last five years, according to the Northwest Multiple Listing Service.
Perhaps “standing water” and “toxic mold” are the new “granite counter tops” and “sun-drenched bedrooms.” Happy house hunting in this wild and crazy market!