Watching Neighbor Sell His Million Dollar House: (jumbo loan, houses)

[Vinylly]

Our archetect neighbor across the street bought the house next door. He has just spent almost a full year fixing it up to sell. Knowing how costly such house flipping can be, I know he's going to have to ask a very hefty price on it if he wants to make any money. So, he's asking around $1,300,000 for it. Their open house seemed to attract a lot of people, but since then things have been very dead around that house. My wife and I are speculating how long it will take to sell it and will he be able to get his asking price.
What a contrast ! My daughter and son-in-law sold their little cottage in Ballard at the first open-house and the buyers were fighting over it. They bought a bigger house in Wallingford and they had a bidding war to get that after the first open-house. These are houses in the $500,000 -$600,000 as opposed to the milliion dollar houses on Capital Hill.

[eskercurve]

If there's demand it will sell.

But since demand for expensive houses and jumbo loans have fallen through the basement, I would imagine that it may be a year before it sells.

$1.3mil for a house in Capitol Hill isn't unreasonable if the house is large, nice, and well built. It may help your home value too so ... don't complain too much ;-)

[Ira500]

Originally Posted by eskercurve

If there's demand it will sell.

But since demand for expensive houses and jumbo loans have fallen through the basement, I would imagine that it may be a year before it sells.

$1.3mil for a house in Capitol Hill isn't unreasonable if the house is large, nice, and well built. It may help your home value too so ... don't complain too much ;-)

On the other hand, if you don't plan on moving, the only " benefit" you'll see from higher home values may be higher property taxes

[tickyul]

Well, the USA runs on economic bubbles, expect to see another one in the near future......probably an inflation bubble......maybe that will cause another housing bubble.......whoopee.