Thursday, July 3, 2008

Flipping Still Alive and Well - 3311 NE Tillamook


I thought most of the flippers had seen the gravy train coming to an end, or were having trouble finding financing, but I was wrong.

We watched this house go on the market late last year at $499k, then sell for $460k. Work started immediately, stripping all the old paint, putting up a new fence, and obviously more.

We've always liked the house, but it's right on 33rd, so not the greatest location.

Now that we can see the interior it has the typical stunning woodwork, the new paint is a huge improvement over the old, but the kitchen floor screams "Home Depot" to me.

It's now back on the market for $849k (whoops, already marked down to 799k)! At the previous sale price (Trulia still shows the before view) of $460k it sold for $240 /sq ft (finished), and at the new price, including the finished basement (I'm not including the attic as it looks to be about 4 ft hight) it's up to $305/ sq ft.

I'll place my bet and predict it's going to be on the market for at least 6 months, and will sell for less than $700k (at $700k it's priced at $267 / sq ft). Anyone else care to make a prediction?

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25 comments:

BridgeTownPeddler said...

Hmmmm... Beautiful Place, crappy street to be on but close the the coveted Albert growth area. Tough call. The 600K + market has gotten tough. My boss has been trying to sell his 700K home in Mt Park for almost a year.

On the other hand just down the street from me a new house came on the market for 600K probably the most expensive new home ever built in St Johns. Will be interesting to see how these two fair vs. the place in Mt Park.

Perplexed said...

Husband and I took a short-cut through St. Johns a couple weeks ago and were surprised at the number of new small homes, evidently owner occupied. And there was what looked like a couple of nice rehabs (or well done new construction) under way. Our 'kids' had been saying that the community is getting stronger, the recent construction supports their pov.

I am not so sure I would spend $600K, however, there.

Anonymous said...

I like St. Johns, but the only time a house there is worth $600k is when it has $300k worth of meth in the basement. :)

Anonymous said...

I live a little farther north on 33rd, and have been watching this house during remodeling. I was shocked when I saw what they were initially asking. Not only is it right on 33rd, but it's across from the school/QFC, and way too close to Broadway and I-84. During the morning and afternoon commutes, traffic comes to a standstill there. At least my section of 33rd is all residential. It looks like they did a nice job, and I'm curious to see inside, but I can't see that place going for much over $600k.

There is another house in the area that I also wonder about. It's on NE Knott around NE 32nd. It came on the market late last year for like $789k, and they've since "reduced" it to $735k, which is still way overpriced. I think it's a John L. Scott listing. They need to get serious on the price, or it will still be on the market next Christmas as well.

One last house. This one is on the NE corner of NE 47th and Brazee. It is currently being renovated. I walk by this house regularly and I have not seen evidence of any activity for weeks. I wonder if they ran out of money, or realized they weren't going to get want they need and have stopped work to cut their losses?

BridgeTownPeddler said...

I still see activity in St Johns but it was never Mississippi or Alberta over here and that suits me just fine. I was suprised to see a home for nearly 600K here so I will be interested to see how fast it moves and at what price. MLS# 8062903

Anonymous said...

600K too much for you? Here's a delightful little Gem just waiting for some TLC!

http://portland.craigslist.org/mlt/rfs/738132839.html

Can you believe this market?

Anonymous said...

Or perhaps this darling little charmer! Who says Portland real estate is out of control? This stunning bungalow boasts one bedroom and a host of other delights! Perfect for that housing blogger desperate to call a place his/her own!

http://portland.craigslist.org/mlt/rfs/737038841.html

Question: Does the word bungalow mean the price can be even more ridiculous?

bearlee said...

Anon, I love your NoPo find, now all you out there bitchin' go start bidding on this place! $125K...LOL, no f*(&^%kin' way. Maybe $60K.

I'll have to put it on my watch list and see what it actually goes for...hey, RE 101, we found you a deal!

bearlee said...

And at the other end of the spectrum...http://portland.craigslist.org/clk/rfs/743888206.html

$50000 ♥ 50K ♥ down and take over my payments of $3987/month (E of Salmon Creek S of Brush Prairie) (map)

ONLY $3987/month, what a deal!

Ralph said...

That house was interesting. My wife and I saw it on RMLS a couple years ago with a warning to the effect of "Owner must get current resident out". It was listed for around 400k at that time. I always assumed it was some kids trying to get their parents out so they could sell the house.

John said...

bridgetownpeddler,

That house is not close enough to Alberta to be influenced by it.

John said...

Perplexed, 33rd and Tillamook is a world away from St. Johns.

John said...

Why bother posting if you don't know the area? The average house in St. Johns is worth around $200-250K. The average house in Irvington/Dolph Park/Alameda where this house is costs well over $600K. It is one of, if not the, most expensive and desirable areas in the city.

Your comments are like comparing a house off of SW Vista with one in Multnomah Village or one in Dunthorpe with one in Garden Home.

Ralph said...

Dolph Park? That is the west side of 33rd, this is on the east side. This is the edge of Grant Park. I think that means they don't get the pretty black street sign toppers.

John said...

Ralph, across the street is a lot different than 15 minutes away in St. Johns or even 5-10 minutes away in Alberta.

Anonymous said...

Pass by this every day--huge improvement over what was there. The house behind it on 33rd/Grant(facing Grant Park) is also being rehabbed. I assumed by the same outfit, since work on the other began once work on the first stopped. So in addition to the traffic headache and noise, you get to wake up to hammers and drills.

PDX Outsider said...

"Pass by this every day--huge improvement over what was there. The house behind it on 33rd/Grant(facing Grant Park) is also being rehabbed."

We've noticed the same thing. They've done a nice job with the new porch roof, echoing the details in the windows. Much better work (so far) than others I have seen.

I don't know who did the work on either of them, or if they are the same outfit. Or just coincidence.

PDX Outsider said...

I just added a link to the original listing site, and noticed that the agent mis-listed the neighborhood.

Are Realtor's required to know geography, or read a map, before getting a license?

The posting lists this as the "heart of Irvington", when even this newcomer knows this is Grant Park. Sheesh.

Anonymous said...

Speaking of realtors, take a look at this one.

http://portland.craigslist.org/mlt/rfs/746109751.html

As the ad states, it's "$50,000 BELOW TAX ACCESSED VALUE!"

Accessed? Geezus Keeerist!

John said...

So the property I have in escrow for $1.4 million below assessed value must be a real steal.

Anonymous said...

That 600K house in St Johns probably has enough square footage for a good grow operation tho.

Uncle_Git said...

I drive past this one twice a day as well.

Nice job on the rehab - but that's still a lot of greenbacks.

Who knows - the flipper on 38th got 750kish (originally came one market at 825.)

My guess is some Californian's still like granite and faux hardwood ;)

Uncle_git said...

http://portland.craigslist.org/mlt/rfs/751593930.html

That's Epic !

That's actually WORSE than I was seeing in california before I left...

Stewart said...

For sale signs are down, all-terrain strollers are in the driveway. Nothing in PortlandMaps yet though.

Anyone with more info?

Anonymous said...

That house on 33rd and Tillamook is on the market again. Asking price is $659,900, and I think it sold for $750k last fall. Link:

http://www.windermere.com/index.cfm?fuseaction=Listing.ListingDetail&ListingID=35259232