REO’s and sub-$300,000 houses

A two years ago it was hard — really hard — to find a habitable house in North Seattle for under $400,000.  Now there are scores and scores of options under $300,000. 

I think these less expensive houses always existed — they just weren’t for sale a year or two ago, or if they were for sale, their market time was miniscule.  Plus some of the houses that might have been $350,000 back then, are $300,000 now.  It’s bargain time in some great neighborhoods in the North End.  I pulled these three active listings from a list of nearly 100 houses and townhomes, although there are many other houses that are on good, quiet streets, and have some nice amenities, for < $300k.

These three happen to be REO (bank owned) properties…not that there aren’t other “normal” lower priced listings, but these jumped out at me.  It also demonstrates the discount for the current list price as compared to recent prior sales prices.  (The hyperlinked addresses will go dead once these sell and get removed from our listing feed…email me if you want more info!)

1829 N 149th St — 3 bedroom, 1 bath, 960′ — $235,000
Prior sale:  12/2006 — $310,000
Trustees’ Sale (when the bank auctioned it to itself, essentially what the bank was likely “into” it for):  $275,205

16739 Whitman Ave N Shoreline 98133 — 2 bedroom, 1 bath, 780′ — $199,900
Prior sale:  7/2006 — $252,000
Trustees Sale:  9/2008 — $217376

2503 NE 178 St Lake Forest Park 98155 — 3 bedroom, 1 bath, 970′ — $209,900
Prior Sale:  12/1992 — $120,000
Trustees Sale:  10/2008 — $250,782

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