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Property Q&A in Woodinville : Real Estate Advice

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  • Home Buying1
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Activity 8
Thu Aug 29, 2013
Ben Lunsford answered:
Definitely try to work your network and find someone you know and trust.

Don't do craigslist.

You may actually be able to rent it out. check with local property management companies. Around here the rental market is hot and many owners don't want to rent for less than 12 months. You may be able to get someone in there who only wants to rent for a short time and it could be a great fit. ... more
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Fri Dec 28, 2012
Stacey Lange answered:
Hi there! I am very familiar with this community Timber Ridge Condos and have listed and sold 2 units recently. With this particular community there was a recently substantial assessment attached to each unit due to a litigation that occurred between the HOA and developer, the HOA own but the monies received did not cover the costs for necessary repairs. As you can see the exterior of the unit is newly finished with new siding, windows etc. The costs will vary for each unit but assessments can run as high as $10,000 per unit (if unpaid) and broken down for each unit into a more affordable monthly payment through the year 2021.

Although many units are indicated as Cash or Rehab and at one point this was the only financing possible while the litigation going on, now that work is complete this unit would qualify for Conventional Financing. If you would like more information about this unit, others in the complex that are similar -- or even those in the surrounding area that are as affordable, please let me know.

Here is a quick peek at all the condos available in Woodinville: http://www.searchseattle.net/idx/search/2a38a4a9316c49e5a833517c45d31070/
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Thu Jun 7, 2012
Ben Lunsford answered:
Typically you contact the property management company. If you want help, give me a call.
0 votes 1 answer Share Flag
Sat Dec 5, 2009
Dan Tabit answered:
Deb,
I was able to track down the listing for the property; I'm not sure why it appears here without an address or details here in Trulia. The land is over an acre, (1.12) which is usually suitable for horses, and there are horse properties in the area, so the answer is likely, but make certain before you are committed. An offer can contain a feasibility study which would allow you a preset amount of time to satisfactorily research all the details necessary to move forward.
I did a quick search of the area and there are 6 plots of vacant land ranging from .8 acres to 4.5 all under $260,000 in Woodinville. If you have an agent, ask them to research this for you, or drop me a line and I'll send you what I found.
Good luck
Dan
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Wed May 27, 2009
Dana Schuster answered:
This is not a listing it is a Realty Trac posting of a notice of foreclosure. realty Trac is not a listing site and this house is probably not on the market yet. if and when it does foreclose,it will be listed at market value which will be determined at that time. ... more
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Thu May 14, 2009
Ardell Dellaloggia answered:
Before you spend money on or rely on an appraisal, let's look at what an appraiser will see.

Appraisers today are more heavily weighting 3 mo activity vs. the traditional 6 mos.. They like the comps to be within 1 mile. They will stretch the 3 mo to 6 mo before they stretch the mile.

Given that criteria, the most notable comp is:

1) 19504 NE 143rd St that sold for $1,000,000 on 4/17/09.

The other 4 properties sold within a mile in the last 3 months only one would be considered a possible comp with adjustments, and that is:

2) 18021 NE 130th Ct Redmond, WA 98052 sold for $785,000 very recently on 5/5/09.

I know it's Redmond vs. Woodinville, but the subject property is less than a mile from the change from Woodinville to Redmond, so let's put this in as a comp.

Let's go out six months to find a 3rd comp, but keep in mind that the above 2 within 3 months may be more heavily weighted by an appraiser.

Nada. Not surprising necessarily, but now we only have two comps in 6 months, both in the last 3 months.

I like to look at assessed values. I prefer using 2008 vs. 2009 for my clients, but that takes a lot longer...so let's use 2009 for this Trulia Questions response purpose.

Comp #1 is assessed at $1,034,000 and sold for $1,000,000 (.967) - based on my previous studies, an expected result for an excellent property. Note that much like the subject property, this house sold in 28 days, but was listed at a higher price last season without success. Master bath was dated, but kitchen was updated. It is in The Crossings at Bear/Cottage Creek.

Comp #2 assessed at $925,000 sold for $785,000 - (.848). Main difference appears to be the kitchen was not as updated. There are several other interior features that were quite popular back when the home was built (same year as comp 1) but are not popular today. Moreso than comp 1. It is in Highgrove at English Hill.

Subject property assessed at $870,000. The fact that it was built in 98 vs. 89 does not seem to be too much of an advantage, as they used the wood trimmed countertop more popular in the early to mid nineties, and the white cabinet scheme with short vs. 42" cabinetry (from what I can see in the photos). The master bath had gold trim, a carry over from the late 80's and early 90's. There appears to be less detail work at time of construction. No tray ceilings. A medallion insert vs more expensive craftsmanship in the two comp properties.

Without going into a lot of detail, suffice it to say the range is set by the comps at between .967 and .848 of it's assessed value of $870,000 which would give you a range of value of $841,290 on the high side and $738,324 on the low side.

The wild card is the third comp. The appraiser will use a 3rd comp and whether he will stretch area out from 1 mile or time back from 6 mos...usually he'll go out from the mile, but weight it on the light side. The scary one is 20907 NE 156th St Woodinville, WA 98072 built in the same year as the subject property. There are many he can pick from depending whether he wants to push the value up or down. If he uses that comp, it's a $1M assessed that sold for $645,000. It was "bank-owned", and I have seen appraisers in that area pulling in a distressed sale to tone down the value for added lender protection (if it is an appraiser ordered by the buyer's lender). I've seen this twice in Woodinville/English Hill in recent history...so it's a strong possible unless you have substantial cash down (in excess of 40%)

All things considered, I'd say it's a scary one to approach off market. If it were a listed property, you might have the advantage of using a reverse escalation clause, and bouncing off another bona-fide offer.

My $.02 FWIW
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Tue Jan 20, 2009
Meredith Laws answered:
Hi Nicole -

It has to do with the way Windermere is feeding the listings to Trulia - there is a glich. Yesterday, Windermere sent a memo to us that they are working on the problem - hopefully it will be fixed soon!

Meredith Laws
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Tue Jan 6, 2009
Karen Mcknight answered:
The best source of good information on the Listing is to contact the listing agent - always. I followed the link and notice the listing agent is a very seasoned agent.

If you are interested in purchasing a property, the best process is to meet with a Realtor, not just any real estate agent, for a consulting appointment. If you truly want a great agent who will represent you in the negotiation, handle all the transaction details, and solve all the problems that come up during the closing process, commit to working with a very competent Realtor.

A good standard to go by is to hire a CRS agent because they have taken extra classes and have qualified for the designation with a sales production standard. Only 4% of Realtors hold this designation.

If value is a consideration, then price is not your only criteria, especially in this "skill based" market.

Washingto state CRS agents are listed on http://www.CRSWA.com . Good luck in your search for a great agent to lead you through the complex real estate transaction.

If you want to do a property search of the entire Northwest mls, I invite to my website, http://www.mcknightrealty.com .
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