Dr. Dr. K. Grear Apr 29, 3:28 pm show options

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From: "Dr. Dr. K. Grear" Call180bucme@foragoodtime - Find messages by
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Date: Fri, 29 Apr 2005 18:28:38 -0400
Local: Fri,Apr 29 2005 3:28 pm
Subject: Are you in the top 150?
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Gould,
Is this info look correct to you for Seattle? I would have expect
substantially more construction and substantially higher costs.


********

You have to read between the lines. There aren't any buildable S/F lots
(or very few) left inside the city limits. I'll bet that 899 or more of
the 914 SF "buildings" they show in 2003 were condos.

If you were looking at free standing, single family homes you would see
very few built recently.
Seattle values are much higher than the list shows for most
neighborhoods. A serious "fixer-upper" went for over $500k on the hill
where we live, and the buyer was glad to get it. I doubt you'd find
anything in the worst imaginable neighborhood or in any condition for
less than $200k. According to a recent article in the local paper, it
isn't uncommon for current sellers to have their asking prices bid *up*
$60-70k by competing buyers.

Frankly it's nuts. Why should my house be valued today at about 4 times
what I paid for it in the early 90's? I've been bullish on real estate
my entire life, but I think some of the folks just getting on the merry
go round for the first time will be in for a rude awakening......hope
not, but it could easily be. Reminds me of the stock market of just a
few years ago, no price is too high because there's a "bigger fool"
coming down the road. I'd be happy to see current prices cool off a
bit and stabilize.