Edmonds | Yost Park—Seller Representation

4BD/1.75BA/1CG with 1,634 sq. ft. built in 1962, but comprehensively renovated in 2023, on a large and level 8,712 sq. ft. lot.

Congratulations to my Seller-Clients!

They purchased the subject home in 1982 for $78,000 and operated it as a rental property for years. Most recently rented for $1,950/month. The home was in significant disrepair.

Based on comparable sales, the property in As-Is condition, would likely have sold for approximately $525,000. Alternatively, if renovated, the property would have likely sold for approximately $775,000 providing Sellers an estimated Gain on Sale of $95,000.

There hadn’t been a sale of a four bedroom home with less than 1,700 sq. ft. and no water view within a 1 mile radius of the subject property that exceeded $810,000, during the last 100 days. The Sellers chose to renovate the home and, after spending over $148,000 on a comprehensive remodel, listed the home for $774,000 on Friday, July 7th, with an Offer Due Date of Tuesday, July 11th. The current estimated rental range is $3,300 to $3,500/month.

During the Open House weekend on Saturday, July 8th, and Sunday, July 9th, from 12-4 pm, 155 people came through the home. There were, after 4 days on the market, 24 broker showings and 13 requests for the Seller Disclosure Package, which included the list of improvements, invoices, inspection reports, etc. Four offers were received, as of the Offer Due Date, that escalated from $800,000, $820,000, $850,000 and $860,000. The property sold for $860,000 on July 31, 2023, that provided a $175,000 Gain on the Sale for the Sellers. 

I’d be happy to help you or someone you know prepare and list their property to maximize value for the Sellers.