<p>Update on Seattle RE:</p>
<p>An old rambler, 2 bdrm, 1.5 bath, 1100 sq ft, 2 miles from University of Washington, has not changed hands for 64 years (and it shows) just sold for 509K in 2 days! It does not matter what the house looks like, it’s the 6000 ft2 lot that the developer wants. My contractor who knows the area well says they probably will split the lot and build 2 houses since in Seattle, you can build on lots as small as 3000 ft2. </p>
<p>Wow!! Seattle is red hot!</p>
<p>There is a place for sale near me. Just went for sale. I am hearing that things have slowed slightly in Marin County in California.</p>
<p>Re: Seattle. I’m kicking myself. A cousin couldn’t afford to her home in Bellevue any longer and asked if DH and I wanted to buy her home for 125k. She and her H would rent it from us. We were keen on buying it but not renting it out to them and decided against it.<br>
Here in SoCal, a house down our street with 2,500 sg ft/ 4 bdrms/3 ba, sold for 710k in a weekend. Around the corner, another sold for 785k. Our area was hit hard by the recent economic downturn and this is hopefully a sign that prices are on the rise. Although, I am almost sure they won’t reach the highest we’ve seen. At the height, these houses could have sold in the 900k-1 million range.</p>
<p>Seattle is crazy.
A friend wants to boot her renters because she is only getting $2100 a month for a two bedroom/ one bath and turn it into a air bnb rental.</p>
<p>That is an issue in SF too. Plus you have hotels that are going, “What is going on here?”</p>
<p>I am not following this issue closely but I am pretty sure regulations of the airbnb market are coming to SF.</p>
<p>“Seattle is crazy.
A friend wants to boot her renters because she is only getting $2100 a month for a two bedroom/ one bath and turn it into a air bnb rental”</p>
<p>Too much work for an air bnb, too much turnover. No wonder we got so many desperate people calling. We just rented a nice 2 bed/2bath condo for $1350. Didn’t realize rents had gone up so much. I hope all of our renters realize what a great deal they have going and just stay put. I’d rather have people stay forever and not raise the rent, then keep raising the price and getting new renters.</p>
<p>I think the crazy prices are pretty localized. Our neighbors just reduced their selling price by 100K, and I don’t think I’ve seen a single person come by to take a look. It’s a beautiful house, and commuting distance to both downtown and Bellevue.</p>
<p>The people I know that have been in the rental business charge under market rents to keep tenants a long time and keep turnover low. Juts like you are doing busdriver11.</p>
<p>Wall Street journal had an article yesterday. 10 crazy real estate markets, 8 in California, one is in Austin Texas and the other is Honolulu. Maybe somebody can provide the link. I don’t remember New York City but maybe it was in there. Our county is the highest, crazy price.</p>
<p>Wonder if the real estate markets are going to crash from being overpriced.</p>
<p>I figure since we’ve got a great cash flow and if the tenants are fine, why raise the rent and scare them away? They’re all nice people, ask for very little, send the rent on time, and some of them I wonder how they can afford it as it is. Just having to deal with finding new people, taking a chance they won’t pay or will trash the house, isn’t worth a bump in rent.</p>
<p>My friends house is in Madison Park, but I don’t know how much more she could get for it, as the UW doesn’t pay that much for housing.</p>
<p>We had been staying in the Methow for 20 years. They were so popular that we had to carry over our reservation, because we needed to stay at that time & didn’t want to lose it. ( the original owners retired, but I think the new owners are doing a pretty good job)
Now with all the new homes in the valley that are being rented out through air bnb or similar, they have lots of vacancies, even though they’ve stepped up their game and have more offerings. ( like environmental speakers, yoga weekends, etc)</p>
<p>One of these days we need to spend a weekend in the Methow Valley. I heard they have cross country skiing courses, which would be appealing.</p>
<p>DHs family went to Sun Mountain lodge for years …it’s still lovely but pricey now. </p>
<p>We stayed there a night for a wedding once. So beautiful, gotta go back.</p>
<p>We sold our home for just shy of a million dollars in Los Angeles area in July. Less than 2000 square feet, about a 7000 foot lot, many things recently upgraded (but did not do the stainless upgrades). Top of market. </p>
<p>And yes, the people the ended up buying it wrote one of those letters. Didn’t mind it - kind of nice, but man oh man, hubby HATED this. Said it was manipulative. It was. It pulled all the right notes with me. </p>
<p>Moved to Washington, in temporary housing now while we figure out where to buy. Housing costs near Seattle are just all over the map. Mostly expensive on a tiny lot. </p>
<p>What, no way to edit posts? It has been a while posting here…</p>
<p>SamuraiLandshark, enjoy Washington!</p>
<p>Okay, I am a little slow, but figured it out. </p>
<p>Los Angeles prices ARE all over the place. In the valley there are beautiful homes for 1.5. Houses on the westside for the same thing (1/2 acre lot with a 3500 sq ft house) would be…8 million or more here.</p>
<p>Hmmmm…sounds like the west side is the place to be. :)</p>
<p>From what I’m seeing in LA County and coastal areas of Orange County California, prices are significantly higher than the peak before the crash. It is crazy. I just sold an expensive house and I’m in the market for a more moderately priced one (by LA standards) so I have to keep telling myself that I’m benefiting from the craziness. Still, the $1.5 million shacks are depressing. </p>