Mid-Century Modern Fixer

3BD/2.5BA/2CG with 2,330 sq. ft. built in 1964 on a 9,108 sq. ft. lot

Congratulations to my Buyer-Clients!

This property was listed on November 1st for $799,950 with an Offer Due Date of November 6th. This home is a mid-century modern fixer (approx. $250K-$350K renovation), but was undervalued; recent comparable sales in the proximate area were in the $950,000 to $975,000 range. On November 6th, the Seller received four (4) offers escalating no less than approximately 8% above List Price, $860,000.
It's interesting to note the neighboring home appears to be built by the same builder. It's a mid-century modern built in 1964, 4BD/3BA/2CG, with 2,510 sqft, however, it's been updated. This home was listed for $1.3M and sold for $1.4M in September 2019.

There are two (2) types of homes that I see get the most interest from the largest buyer pools. One is a renovated craftsman style home from the 1920's and the other is a mid-century modern built in the 1960's. These architectural styles get a lot of people excited and command good resale value.

2019 has been an amazing year for real estate in Seattle-Bellevue. The biggest challenge has been responding to Buyer concerns about an imminent recession just around the corner, which was reported by the main stream news weekly until about a month ago. This hurt my business and more importantly it cost my Buyer-Clients money. For example, a $743,000 home in January is now $803,000 (8% increase). Currently, we're in a STRONG Sellers' market with 1.4 months of inventory (down from 1.6 in October, 2.1 in September); 3 months or more of inventory is a Buyers' market.

I believe we're headed towards a renewed prosperity cycle with the approval of the new North American trade agreement (USMCA), which should be passed soon....🙏