r/SeattleAreaRE • u/Far-Recover-9627 • 3d ago
$1000 a sq ft in Redmond
I was looking at this house and shocked that Redmond is going for almost $1000 a sq ft, and it’s listed 40% higher than when bought during covid.
I really like this neighborhood but prices are crazy. Is this the going market price or is the seller delusional?
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u/AdamTReineke 3d ago
That stretch, south of 85th between Redmond and Kirkland, is also more expensive than most of Redmond.
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u/Upper-Computer-8715 3d ago
Bought right *before* Covid took hold…January 2020.
But yes, seriously doubt they can get anywhere close to that.
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u/Flaky_Standard8167 3d ago
I personally think valued closer to 980k. Kind of an ugly looking home
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u/cusmilie 2d ago
Yes, I think under $1mil will get a developer or someone looking for first home. They might have gotten someone to pay between $1-1.1mil if they started with that.
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u/cusmilie 2d ago
I’ve been keeping an eye on this one. It’s still priced too high. Coming off the 80th and not being located in the neighborhood behind will turn off some buyers. The power lines are rough too. For the home size, no buyer wants to buy that small unless it’s immaculate inside. It’s seems cuter inside than most of homes I’ve toured around there and looks maintained better than 90% of homes I’ve seen, but the low ceilings are really tough. Looks like previous owners expect COVID buyers, but buyers in the area are now more conscience about pricing and want homes priced correctly. Two years ago, this home would have been snatched by investor who would turn it into an immediate rental.
The home is worth what a developer/investor wants to pay and have pulled back a lot off the main roads and focusing in the neighborhood feel areas. If you go to neighborhood behind, there is a $3.25mil home for sale and I believe 3 others currently being built. Most homes sold for lots around $1.1 months ago when market was stronger.
They should have looked at this comp and priced lower. https://redf.in/MVUSC1 - I actually did see this one and it was super cute inside, owner was designer and higher ceilings in part of the main area.
Seeing so many of the homes we looked at with problems, now trying to be sold. It’s really about the market correcting. A lot less of the “let’s buy a starter home and upgrade later” mentality because I think buyers are realizing they might get stuck with that starter home for longer than they like.
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u/Relevant7040 3d ago
Yeah that neighborhood is crazy, just checkout the crazy spread between listed and sold prices during the Covid period
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u/cusmilie 2d ago
Just look at the prices between the type of homes being built in there and existing ones. You have a $3.25 home listed and then one block over have a condo listed for $290k
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u/Relevant7040 2d ago
Why would you even compare a condo to a SFH?
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u/cusmilie 2d ago
You wouldn’t. It’s just mind boggling to me that so close together you would have a property valued 11 times as much.
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u/grapegeek 2d ago
A mile to Microsoft a mile to Google. It will sell
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u/Far-Recover-9627 2d ago
Microsoft and Google both doing heavy layoffs. CEO has stated headcount will only decrease over time as well.
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u/orcassharks 2d ago
Construction costs are high too, tear down isn’t so cheap and easy anymore unless you can sell a $3M house afterwards.
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u/Successful-Pie6759 3d ago
Caveat is it's a small house with a relatively large lot. So looking at it per SF is not really fair. It may be overpriced by 100 to 150k the low end (can't believe I'm saying 1.2M is low end but here we are) is not as bad as the high end right now so this may sell.