Thursday, June 26 - The house is listed at $549,000. The listing agent, Kris Swierz, lives next door at 801 NW 118th Street.
Wednesday, July 23 - After a month, the price is dropped to $524,900.
Sunday, Aug 10 - I arrive in Seattle with the Prius and other things.
Tuesday, Aug 12 - The price is dropped to $499,900, although I am not aware of the house yet.
I placed an offer on the new home at 3200 NE 117th St which backed up to Thornton Creek. We were too far apart on price.
Friday, Aug 22 - I asked Geoff Hill to show me the 817 NW 118th St house because it backed up to Carkeek Park, as well as a house near North Beach with a view of the sound.
Saturday, Aug 23 around noon - Geoff showed me Trees House. We laughed at the two front doors and the fake garage, but I really liked the view into the park and I shot a short video of it.
Monday, Aug 25 I wrote to Peggy:
I'm getting excited about a house near Nana that abuts Carkeek Park, a forest on the Sound. It's a 50s rambler in which they encl the breezeway and converted the garage to a shop and bedroom. The house virtually ignores the forest and I could add about 900 SF and put a master bed up in the trees and open the living space up to the backyard and trees. Asking $500, put $120 in now and build it out (finish the 2 new beds and bath) in phase two. The neighbors on either side are in the $700s. 817 nw 118th st. I'd love your opinion.
She replied:
I like it.! =D......nice neighborhood, good location near the Park which looks like it has access to the sound, walking distance to your Mom's on a nice day. The price allows for some work to be done. It looks like it has good MCM bones which are being ignored.Tuesday, Aug 26, I told Geoff by email that I was interested in this house, among others. He replied that he thought it could be had for $475,000. Noting that they dropped the price to $500,000 two weeks before, he said don't offer full price. Geoff wrote:
Areas of concern....
The property to the left looks much higher, remembering Johnson Ave drainage issues.
The Zillow forecast is good at +9.4%......but many of the properties are still in the 400K -500K range in the neighborhood....something to analyze as to the difference between them and the 700k -800K ones.
looks good,
...Certain things help improve value. Others don’t. Kitchen and bathroom remodels are generally a good investment. In this case, removing the popcorn ceiling and possibly doing a tasteful addition to increase square footage would also not be money wasted. As long as your tastes aren’t wildly divergent from what most people like and the improvements are done logically, by skilled professionals with high quality materials, I think you could add significant value to this home by making some changes to it...I mentioned that it was oil heat and I thought gas was not available (because it didn't say so on the listing). Geoff suggested that I call PSE and mentioned that it's about $40/foot to bring gas in from the main line.
Later that day, Puget Sound Energy sent an email confirming that gas is available in NW 118th St. Call PSE customer construction services at (888) 321-7779, or constructioninquiry@pse.com. They have energy advisors at (800) 562-1482.
Wednesday, Aug 27: I mentioned the Waterfall house in an email to Dee--I planned to drive by soon.
Thursday, Aug 28: Geoff showed Tanya and I the house and I took some measurements I included the house in my top five, estimating $480 + $120 in improvements, $720 out? Distance from Space Needle: 7.8 miles, 19 minutes. Jon and Kelley ranked Trees House 3rd.
Saturday, Aug 30: I ranked the house second on my list to Geoff (the Lake Forest Park house was #1) and his thoughts on Trees House were:
...I’m sure you’ve heard the old adage that from an investment standpoint, you should always buy the cheapest house in the neighborhood. This one would fit that description. The location’s fantastic and with enough work, I think $720,000 is a realistic goal. Especially if the market continues to appreciate the way it has been. I would use your inspection contingency to determine if the house is in good enough condition for your needs. And although it’s somewhat strange, I wouldn’t be concerned about who pays the taxes on the house next door...Sunday, Aug 31: I make an offer on the Waterfall house. I also stop by the open house at Trees House, with Tanya and Kevin, and meet the listing agent, Kris Swierz.
Wednesday, Sep 3: Although I'm in process with the Waterfall house, I get bids for removing the oil tank. Seattle Tank Services says it starts at $800 + $106 (Seattle permit).
Monday, Sep 22: Waiting for Waterfall house, I list both it and Trees House on the 1031 notification form. This makes Trees House my official backup.
Thursday, Sep 25: Price dropped to $489,900.
Wednesday, Oct 1: Kris Swierz's listing contract (3 months?) expired and was renewed.
Work on the Waterfall house will be done soon, and my sketches for Trees House may become irrelevant.
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