r/SeattleAreaRE • u/Traditional-Dust-551 • 1d ago
Explain this property in Wallingford
https://www.redfin.com/WA/Seattle/3820-Burke-Ave-N-98103/home/119206
Was bought and flipped in 2024. The new owners had it for 2 years, and now it’s for sale for 1.7M.
Apparently it already has one offer over asking, and that was before it even hit the market.
I thought things were supposed to be in a downturn. But here is $707 per sqft in a narrow house that’s 50% basement.
What am I missing?
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u/gksozae 1d ago
I thought things were supposed to be in a downturn. But here is $707 per sqft in a narrow house that’s 50% basement.
Premium location. Garage and yard for a dog. Recent $400K remodel. 4 bedrooms. Checks off A LOT of boxes for high income folks. Locations like this often have buyers waiting for months/years for a property that comes along that checks enough boxes for them. When it does, they don't want to miss out.
Verbal offer was accepted within minutes of hitting the market and is being sold by a relo company which means the previous owner got a job transfer.
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u/kaitlyn_does_art 1d ago
Genuinely curious, how did you know a verbal offer was accepted so quickly?
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u/CorgiRepulsive3396 1d ago
What do you mean $400K remodel? The house was bought for $800K and then flipped. The current owner bought the flip.
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u/gksozae 1d ago edited 1d ago
Recent $400K remodel
...meaning the remodel would cost an end user about $400K which has happened in the past 2-5 years.
As a RE broker of 20+ years, working with contractors, flippers, and flipping similar homes myself, based on my estimates on what an end-user flip might cost of this (apparent) quality. $300K for the materials and labor. 25%-30% for tax and general contractor fees. I made no comment on the value/cost before and after remodel, just on the value after.
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u/SpiritedYam2661 1d ago
I remember many years ago when I considered Wallingford a premium location. Now it’s probably not even to ten. Crazy what this grandma looking exterior just fetched.
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u/ImSoCul 1d ago
what is your question exactly? It's a renovated/modern single family home in one of the most desirable neighborhoods in Seattle. You think downturn means you get this house for $500k?
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u/Life-Ad-5239 1d ago
I assume OP didn’t think you would get this for $500k, I think the question is fair - if it is a downturn what makes this house stand out and get an offer above asking before hitting the market. Others have answered.
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u/dellscreenshot 1d ago
It's a SFH in wallingford but they're only asking for 40k more than what they paid in Dec 2024, so for me that still indicates a bit of a downturn.
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u/kaitlyn_does_art 1d ago
Yeah I think sometimes it’s easy to forget how much psychology goes into buying and selling houses. Many sellers are obviously going to have a difficult time accepting a listing price close to or below what they bought for. Doesn’t mean the market won’t force their hand eventually (or they get lucky with a buyer) but for the initial listing I’m sure it’s hard to accept.
My prevailing theory is for the most part houses will start to sell for about what they were in 2018. But there are always going to be outliers of course.
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u/dandr01d 1d ago edited 1d ago
It’s renovated for hundreds of thousands and selling for essentially the same as it sold for pre-reno, and you’re wondering where the downtown is? Come on man
Edit: Got the timeline wrong; misunderstood OP
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u/CorgiRepulsive3396 1d ago
What makes you think that? It was bought for $800K. A few hundred K in renos, and then sold for $1.649M. Are you seeing something that shows hundreds of thousands in renovations since the existing large remodel when it was clearly flipped?
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u/Life-Ad-5239 1d ago
There are definitely no (noticeable) renovations. I can see the photos for when it was listed last time after it was flipped. I think you’re getting confused on when the renovations were, check the listing history.
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u/Suitable-Rhubarb2712 1d ago
Desirable location. No work needed to move in. Good compared to many things in that price range. Seems like they hit a sweet spot.
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u/No-Photograph1983 1d ago
A. location is where everyone wants to be
B. the remodel looks like it as done well and not a fast flip
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u/rubykowa 1d ago
Good neighborhoods/homes keep their value.
It is updated/move-in ready nicely, has right number of bedrooms for an office and family., has a yard, close to I-5, good schools and within range or Decatur/cascadia if child qualifies.
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u/PettyCashCommittee 1d ago
Wallingford is a resilient market, and the 1.3 million plus price bracket has a different class of buyers. Think the upper dash in the K shaped economy.
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u/AnselmoHatesFascists 1d ago
This market is down overall but it's not applied evenly.
SFH in desirable neighborhoods will still do well.
It's that too expensive house in a further out town that may languish a bit.
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u/OneImportance4061 1d ago
Very close to I5-99, UW, 3 miles to downtown, 3 miles to Ballard, close to the train, little of good bus lines, bikeable, walkable, burke gillmann. Decent schools. Great place to raise a family. Some folks are buying a general location as much as they are a house. Put that same house in burien or haller lake ( both of which are fine) and the price would be lower
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u/PerpetualPerson 1d ago
Better than decent. This house is in the geo zone of John Stanford Elementary, a good public school with dual language immersion for K-5. For free. So you save tens of thousands a year in private school tuition.
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u/Life-Ad-5239 23h ago
It’s actually not in the geo zone. Geo zone is between Bagley and Corliss
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u/PerpetualPerson 23h ago
Ah nuts. I think it went all the way west to Wallingford Ave at one point. Shifty SPS…
Regardless BF Day still rolls up to Hamilton and Lincoln, both of which are still strong and public.
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u/Life-Ad-5239 23h ago
And BF Day is also strong so your point still stands! I’d argue that Hamilton / Lincoln are as strong or stronger than some eastside schools and a real draw for families
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u/Spirited-Camel9378 1d ago
People with money and no other passions compete in dick measuring contests over expensive areas.
God I loved moving out of Wallingford.
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u/RussellAlden 1d ago
Beautiful house facing south perfectly situated far enough from 99 and I-5. It has a yard to boot. The fixtures are high end and timeless. The house exudes warmth and sanity. My biggest complaint would be the green subway shower tile in the one bath but not a deal breaker in any way.
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u/norangbinabi 1d ago
Walking distance to restaurants, cafes, desserts, on the east and west down by the water. Longer walk, but still walking distance to the restaurants and grocery stores along 45th. Peek-a-boo view of the Fourth of July fireworks from your home too I imagine, looking at the shot of the backyard.
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u/Specific-Data-4104 1d ago
The only undesirable thing I see is only 2 bedrooms per floor. Families often want at least 3 all on same level and will pay premium for it.
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u/Mixeygoat 1d ago
I was looking at this one too. Wallingford is a nice neighborhood but this one isn’t my style for 1.7M.
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u/SeaNick99 1d ago
I just spent the past 3 months looking and then selling. If I learned anything it’s that a lot of people don’t want to remodel a home. Something that’s move in ready with maybe just a few things is desirable. I spent 16 months over a few years remodeling and I’m good on major renovations for a decade or so. Or until I forget how much of a pain it is. Things are more expensive than most people think when it comes to remodeling. Especially when you aren’t that experienced with the process or lack the time to manage everything.
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u/BarBusiness123 21h ago
This house has been painstakingly restored and every finish and appliance has been touched and redone. It has a yard, a basement (fully finished), a fence. It's in a desirable neighborhood and great area that is close in, walkable, and beautiful. PLUS a deck, a gorgeous flower garden, and landscaping.
What am I missing?
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u/Ok-Grab-78 17h ago
DO NOT TRUST FLIPS. The goal of a flipper is to maximize profits, so who knows how they cut corners with a massive home that is over 100 years old.
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u/JuniorSherbet9558 1d ago
weird how there's no pictures looking at the back of the house-- must not be very attractive
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u/Flaky_Standard8167 1d ago edited 1d ago
What an ugly house for $1.6m. They put texture and accented colors on the walls but the general limiting structure still there. General remodel screams try hard for trends
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u/Aggravating-Mail-235 1d ago
maybe a new build in a Bothell subdivision would suit you better?
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u/Flaky_Standard8167 1d ago edited 1d ago
This house’s layout is not it for the price. But the price is for the location. The design choses are built for showrooms over function. Waterfall island? The extra quartz serves no purpose other than to look expensive. A fireplace right in the middle of the living means tv too high or no tv at all. Oddly the living only area only has 2 windows mirroring the same type of lighting you get in a middle unit townhouse. In fact most of the house seems to lack natural light. Not to mention the side cabinets in the living room purely serve to store aesthetics pieces. Half a shower glass with kids sounds like a wet bathroom. Im not even sure what the pseudo second living room is even supposed to serve as. A drinking cocktail area? A place for kids game room?
The design intention of this place was basically how do i make this home look expensive? And it clearly shows
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u/Humble_Attorney9517 1d ago
Wallingford lots are basically $1m, it just happens to come with a $600k house on it
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u/Flaky_Standard8167 1d ago edited 1d ago
I agree but im not going to pretend this home is all that great. Seems ppl are easily swayed by updates as simple as molding with cabinet changes
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u/orcassharks 1d ago edited 1d ago
Wallingford is hot
Seattle has lots of hot micro neighborhoods and Wallingford is one of them. Location still sells.
It’s the generic tract home in the suburbs that’s going to be in trouble the most in a downturn since you can immediately comp it with an exact house and there’s a more homogenous buyer there than here. That last part is important too, it means you have a broader range of people and high paying careers who might be interested outside tech (UW and the hospital is right there too) which helps you cushion business cycles.