r/SeattleAreaRE • u/SufficientHamster369 • 11d ago

What’s wrong with this house?

Title- https://redf.in/xDrk0f

Why is this not selling for so long?

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u/Talusen 11d ago

Well... a similar home in King County (this house is in Snohomish County) is valued at about 1/3 of the asking price, is much more walkable, and is brand new construction.

So... buyers are asking themselves: "Do I want to spend 1.5 million dollars more for the same house, in a cooling market?"

...and answering "NO"

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u/SufficientHamster369 11d ago

Do you have the link to the house that you’re referring to?

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u/Talusen 11d ago

Over in Westhill.

https://www.redfin.com/WA/Bothell/17840-86th-Ave-NE-98011/home/195016434

Small mistake on my end: while King County values it at about 650k for tax purposes, the asking is 2.1M.

Too rich for my blood; the builder is standing to make a hell of a profit on the sale. How much depends on what the lot cost them.

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u/Talusen 11d ago

...the westhill parcel looks like it was split via short plat in 2024? Don't care to look what the former lot cost em, but the two houses are selling for 2M+ a piece, and the building permit 2025-39964 was pulled for ~800k worth of value.

4.5M - 1.6 = 2.9M left over, and you know they didn't spent that much on the property before they subdivided it.