Wednesday, April 23, 2008

Reader Sightings – 1734 SE 34th Ave


1734 SE 34th, MLS #8036153 .

A reader sent in this SE bungalow with the comment: "Seems like hell of a steep price for this home." I'd have to agree.

It sold in Juan 2006 for $335k, then a year later for $584k, a 75% increase in one year. Must have been a heck of a remodel.

It's currently being sold by the bank after a foreclosure repossession. The previous owner was 100% financed and I assume just walked away. I'll be curious to see what the bank gets for it. I hope they cut the lawn.

8 comments:

Anonymous said...

Are people insane? Why would you pay 584K for a place that was so cheap a year earlier? That it was 100% financed is why I totally oppose a bailout for home buyers.

David J said...

I have to say, the house looks better than it photographs, although a year or so of neglect has left it looking pretty shabby. I live right near there, so see it virtually every day. I'm not sure the person who paid 574K for it ever even lived there, to be honest. I think the realistic price for it is mid 4s maybe. Don't know what the hell the bank was thinking letting someone pay 574K for that. Absurd.

PDXOutsider said...

I'm not sure if I'll ever trust an appraiser again.

Anonymous said...

Worth the mid 400s? In a year it'll be worth the mid 200s.

squeezed said...

"I think the realistic price for it is mid 4s maybe."

Can you pass the bong dude. I want a hit of what your smoking.

Kirk Coburn said...

Mid 4's is right on the money.

Mid 4's is how I would rate it on a scale from 1 to 10 -- the scale being "The odds this property will sell for over $350,000"

This is a good example that REO bank owned property isn't necessarily a good deal. I wish I was on this bank's board of directors, I would make sure the CEO had some sleepless nights for hoarding overpriced property on the books for so many months.

Anonymous said...

I looked at this house in late-June and wow, is it overpriced still (even with the reduction since this original post). The kitchen had a hole in the floor; apparently the prior DIYers didn't lay down a subfloor before putting down the hardwood floor. Also, the thermostat was a melted chunk of plastic sitting on the kitchen counter. It had a water leak and there was water and fire damage on that wall. Clearly there are issues with this house. Buyer beware!!

Anonymous said...

My wife and I walked by and saw this place today. The front yard is totally overgrown with weeds, so it appears the bank isn't really trying to sell it! It didn't look so bad just peering through the windows, so I appreciate hearing about all the "issues" from someone who's been inside.