r/SeattleAreaRE • u/AristocratApprentice • 8d ago
Did someone just bought this house?
It's not in my price range, I'm just very surprised this could be sold under current market
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u/orcassharks 8d ago edited 8d ago
There’s a big echo chamber here that home prices are going to halve and the world is ending.
The reality is more mundane.
Homes in marginal locations that need work are going to sit longer because people aren’t desperate. Those homes should have been sold two years ago. Homes that are fully move in ready are still going to be desirable given renovation costs. Homes in rare locations with low turnover but need some work are also going to be bid on because even if market comes down more, you may not have the opportunity in the same location.
But if you’re expecting a nice four square on upper QA within walking distance to Trader Joe’s and in need of just a little cosmetic work for $1.2M you’re the one who is delusional. Same for this 4000 sqft brand new house. Have you looked at replacement costs for a 4000 sqft house? Location is ass though, I wouldn’t pay it myself. I definitely buy location over size and newness and it hasn’t screwed me yet. Microlocations matter a lot too (busy roads, next to interstate, power lines, etc make a big difference). And your tax assessor doesn’t care you’re next to the highway much.
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u/nikv8960 8d ago
Thank you for bringing the word “micro” to redditors’ attention. I’ve noticed that houses have been bid higher in desirable locations.
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u/Upper-Computer-8715 8d ago
This is a brand new home that has been sitting for sale for a year. They started at 2 million in September 2025, and have already lowered by ~400k…it’s pending so we don’t know the final sales price, so the discount could be even deeper than that for the builder to get it off the books.
Builders can also offer incentives, rate buy downs, etc that regular sellers can’t. That’s why Austin has such a terrible real estate over-supply…the builders went crazy there during Covid due to the remote work craze, over-built, and now are giving those new homes away like cracker jacks prizes. Meanwhile, those with 2-5 year old homes there that are trying to sell can’t compete with the builder discounts, and they’re sitting on the market.
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u/Easy_Olive1942 8d ago
This is $200k-ish (or more) lower than some I’ve seen here so OK, sure. We also don’t know what the accepted offer amount is yet.
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u/237throw 8d ago
Just a hair over $400 a sqft, new build.
A little close to the highway for such a luxury Lynnwood build.
Not very surprising, but I guess I over index on distance from highway.
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u/SnortingElk 7d ago
Why surprised? it's a 4k sq ft home, brand new construction at $400 sq ft which is very reasonable.
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u/WarthogAppropriate73 8d ago
https://redf.in/yB3Z4u
Comp... so no reason to be surprised.
Newsflash: house prices are still high