Sunday, June 1, 2008

Reader Sightings – 2815 NE 57th Ave


Jamie found this gem while searching recent RMLS listings. It's currently bank-owned and they're blowing it out the door for 20% less than the amount for which they bought it back.

2815 NE 57TH AVE, MLS# 8038680

Here's the recent sale history:

08/16/2007 Bank reposession

$400,000.00
01/13/2006 Sale (remuddled?)

$485,000.00
08/18/2005 Sale
$222,500.00
09/18/2002 Sale

$159,900.00

Judging by the photos it was remodeled within an inch of it's life before the sale in Jan 2006. I swear any character this house had was restored right out. Who needs that pesky wood trim, and those hard to clean hardwood floors?!? Let's put in nice beige carpet and the finest Home Depot cabinets!

At only $155 per square foot it didn't seem like a horrible deal at $485k, but somehow that still seems way overpriced to me.

13 comments:

MiTurn said...

Hope the neighbors are quiet. . . you'd be so close you could hear 'em through the walls. Apartment living in your own home!

GAT Mac said...

This one is listed on Zillow.com at $340K. Seems like a pretty good deal at that price.

skeptictank said...

Wow, that house looks souless at this point. Kind of looks like the kinds of updates that were common in the 70's and 80's. I thought we'd progressed since then. I thought remodellers were trying to preserve the original character of the homes now, especially the ones built in the 30's or before. As it is, that house looks like all the souless new houses you can buy in the 'burbs.

Anonymous said...

A good deal? If you put down 20% or 68K your P&I alone is over $1600/month. Am I like poor or does that sound nuts?

I may rent forever.

GAT Mac said...

What constitutes a good deal is always relative. In Dallas this price would be received with howls of scorn. But in Portland, this price seems reasonable compared to where the market had been.

But otherwise, yes, the house is reminiscent of the vast, endless blocs of sterile exurban wastelands that surround Dallas, Atlanta, or a couple dozen other locales that lacked any semblance of urban planning.

Anonymous said...

I drive past this house all the time was horrified to learn that it sold for $485 on 1/13/06. Considering how busy the street is, how ugly the exterior is, and the "cheap new apartment" quality of the remodel, you could have purchased a much nicer house for much less on the same street, and a much nicer house on a quiet street for much less, even back then. The sale @ $485 seem very fishy.

Anonymous said...

Is that house on the west side or east side of NE 57th? I believe NE 57th divides the Grant High cluster from the Madison High cluster. Big difference. I would expect the price for an otherwise identical house to be substantially higher on the west side of the street.

GAT Mac said...

I know it is an east-facing house, so it must be on the west side of the street.

squeezed said...

"The sale @ $485 seem very fishy."

It would be surprising if we did not have a fair amount of straw buyer fraud in close-in PDX.

squeezed said...

A home that has been sitting on the market for over 1 year:

2143 SE MAIN ST - BUCKMAN - PORTLAND

http://www.realtytrust.com/properties/detail.html?mls=RMLS&listingid=8024680&pn=1

Original price was 580K and is now listed for 499K. Sold in 2001 for 265K.

Its adjacent to 3 recent flips. The home next door is currently being rehabbed by a private LLC.

PDXOutsider said...

"The sale @ $485 seem very fishy."

It would be surprising if we did not have a fair amount of straw buyer fraud in close-in PDX"

we already found one in Woodlawn. if there was significant fraud, then prices were even more artificially inflated. $485k seems a bit crazy to me, but maybe somebody got caught up in a bidding war and lost their cool.

David J said...

What's "straw buyer fraud," the seller creates a fake buyer w/ no interest or ability to actually make payments, and leaves the bank holding the bag?

Anyway, yeah, what a horrible remodel on this house. Home Depot really does sell the nastiest cabinets around. You can spend less money and buy ones at Ikea that, while not the best around, don't look 10 years old the minute you unpackage them.

Anonymous said...

before the boom that began in 2001 this place might have been worth maybe what, 50K?