Bank Owned Homes for Sale in Queen Anne

These days there is an interesting niche among available properties, and that is Bank Owned properties.  A client of mine that previously purchased a condo for his kids asked me to be on the lookout for a good deal as he needs a bigger home.  There are a lot of well-priced homes on the market right now as those who were hit by the slow-down in sales in the winter are making an attempt to be the “best, lowest priced” property in the neighborhood.  But in my experience, Bank Owned properties are usually among the lowest priced, and it doesn’t stop there as we can still negotiate.  Some are as-is although they have to put them in condition for a lender to approve a loan, which means no safety hazzards.  Often they are just fine, not even fixers, but usually could use a little “TLC” whether it’s a new coat of paint on some of the walls or some more extensive upgrades.  The price reflects the bank attitude that it will be the problem of the new owner.  We still do all the research on comparables to make sure we understand a fair value for the property, but it’s one of the best places to know you are going to find a lot of opportunity to get a good deal.

Queen Anne is one of Seattle’s “Brand Name” neighborhoods.  When I decided to do some research and search for Bank Owned properties for my client, I decided to start there.  There are less in the most “desirable” neighborhoods as there is the most competition, but when I searched in Queen Anne just now I found six bank owned properties.  What do they look like?  Humm, the first one is a 2 bedroom, 1.5 bath 1400 sqare foot townhouse, Lake Union views out of both windows and across the street from Seattle #1 restaurant Canlis!  This one is listed at just under $340,000.  How does that shape up to the average price per square feet in Queen Anne these days?  I ran a “Comparative Market Analysis” on active listings.  There were 16 2 bedroom listings (not condos, townhouses and a couple houses).  The high price is $629,950, the Median is $442,500, and this property is THE lowest at $339,000.  The average price per square foot is $315.92, this property is priced at $230.61 per square foot.  Clearly a great price.

There are two other townhouses too, one is a 4 bedroom 3 bath 2000 square foot townhome with views of the canal and lake (I’ll have to go over and take a look to figure out what the views are like!), built only 2 years ago for just under $370,000 (really??!!)… I’ll have to send that one to my client right away, it just came on the market today and I bet it goes quickly!… and here is a 2 bedroom, 2.5 bath (that would be an attached bath for each bedroom plus a half bath as a powder room) of over 1400 square feet and listed at slightly under $380,000.  That one has been on the market for three days, before it was listed at $100,000 more (this is before the bank owned it) but did not sell.  According to the listing data it has a two-car attached garage, hardwood floors, and granite countertops.  Besides these four intriguing townhomes, there are two Bank Owned houses listed.  One is interesting in that it is a 1950s home with 3 bedrooms and 1.5 baths.  It is 2300 square feet on a corner lot described as a “cosmetic fixer.”  The last one is a 4 bedroom 3.5 bath craftsman which needs quite a bit of the interior finished and is listed at just over $760,000.  This was most likely a home a builder was working on who ran out of money.  For someone who wants a project it could be worth a look!

If you would like me to find out what is available in this category in the neighborhood of your choice, just give me a call or email me!  My cell is 206-402-9155 and my email is edy@seattlepowersearch.com.  I can preview any house you’d like and get you some more photos, if you’re out of area.  Otherwise, we can go see!

Edy Kizaki
Realtor, Group Leader
www.seattlepowersearch.com
edy@seattlepowersearch.com
206-402-9155