Price Reduction – Windermere
October 13, 2009 by Erin Schedler · Leave a Comment
5760 64th Ave NE
This listing has been on the market for 342 days. I toured it when it just came on, and feel like the only reason it’s not moving is price. The location is ideal and the views of Lake Washington are significant.
It was originally listed for $2,380,000 and is now at 1,718,000. (There was an initial reduction to $2,000,000).
Two years ago, this price could be justified and it may have just sold for the amount. But with the high-end market so saturated, and the economy still hurting, it just can’t command the value it once did.
The home itself has “great bones” but needs a complete cosmetic overhaul – kitchen, baths, living areas…everything needs updating. The property itself is valuable and the location ideal, but for the work the house needs, the price is going to have to be closer to $1.6M to see any movement.
I think the best comparable for the property is 5713 65th Ave, which is currently in Escrow. It listed high, and eventually saw a price reduction and accepted an offer with a $1,599,000 list price. It’s a smaller home, and the views aren’t as significant, but it needs cosmetic updates as the first, and has a similar location in Windermere.
I have a feeling there are a couple buyers interested in this home, but are waiting to make their move until the seller becomes more realistic about price. My advice? If you’re interested, make an offer. Sometimes sellers need to see something in writing before they’ll get realistic about the state of the market.
For a showing of this property, or to make an offer, contact Erin by phone (206-799-9176) or email.
