Location, location, location.
You may have seen a post making its way around social media this week of a house listing in Seattle for nearly $450,000. That sounds about right for the area, right? Well this house is a bit of a fixer-upper. The kind with lots of potential if you invest the time and money.
Currently, however, it is shown on the real estate site Redfin in less than perfect condition. The windows are boarded up on the 2 bed, 1 bath 1200 sq. ft. home, making many wonder, "How on Earth could this be listed for $448,000?"
Well, not all is as it seems. But mostly it is.
Realtor.com shows the house in better shape and listed for $436,551. The site also says the home last sold in 2016 for about $380,000. Not a bad profit if the seller gets their asking price. The median home price in the area is about $470,000. And it's only 1 block away from Fred Meyer. So there's that perk.
The listing on Redfin boasts that it's a wonderful opportunity for a tear down and rebuild on the 6,350 square foot lot.
So we saw what that kind of money will get you in that particular location of the Emerald City. A major fixer-upper/tear-down and rebuild home.
By contrast, we checked out some of the homes you'd find in that price range in Spokane.
Location, location, location. Right? Right.
How about a 3,000 sq. ft. 4 beds, 3 baths that sits on 5 acres south of Spokane on E. Stutler?
Maybe 5 beds, 4 baths, 4000 sq. ft. on S. Park Drive near Manito?
The point is, obviously you can get more bang for your buck here in Spokane. That's no secret. So how much would a home much like the one in Seattle sell for here in Spokane?
We found this home that is similar to the one in Seattle. 2 beds, 1 bath, and 1400 square feet in north Spokane on E. Dalton for $55,000. (It's not near a Fred Meyer, though.)
"This place is ready for that 'handyman' or investor looking for a project! Huge potential right here," the listing says.
$450,000 vs. $55,000.
Take a look through the photos in the SLIDESHOW ABOVE (MOBILE USERS CLICK HERE).
(story: KHQ.com; All photos courtesy of Redfin.com and Realtor.com)