affordable housing

[HistoryAficionado]

Originally Posted by chris

condos before 2003 were going for under 100k in many parts of Seattle. Houses in many areas could be had for under 200k. Not saying they were the greatest areas or anything but it goes to show the lack of reality when it comes to what people will spend on housing. I think the average US home now sells for under 200k (~ 190k-ish) with the downturn.

I saw something on the news that the city of Buffalo, NY is selling foreclosed/abandoned homes for $1 to people who will move into them and/or restore them.

In most of Washington state, you can still get a decent home for ~200k if you don't have to commute to metro Seattle.

Yeah, within commute to Metro Seattle (including Eastside) -- I was maybe exaggerating on the trailer park comment a little -- but the OP's expectation of $100k isn't going to offer them many (if any) options in Western WA close to where the jobs are. Certainly houses in more rural parts of WA can be had for much less than those in areas within commuting distance.

I've been looking for a vacation condo in FL (near Orlando) and their market makes 100k realistic, as do probably other areas of the country , as you mention.

[Meerteekah]

I'm in Miami, and we had a huge bubble that went on the last few years. It was sticker shock when you looked in the real estate classified. This week, I actually saved the real estate advertising section to show my husband--two bedroom condos at 109K near our house. And down south, where homes regularly STARTED at 300K, new ones--spanking new--on the market for 190K starting for single family homes of several bedrooms. I was astounded. Man, were we not staring at the possibility of relocation, this would be the time for us to buy here (we live in several apartments right now). One 3 bedroom home that sold for 450K two years ago was auctioned for 170K this week--and that's not a fixer-upper. That was a nice SFH.

So, while it's not all over the Metro Miami area, bargains, especially in condos, are really rising in number.

I'm still hyperventilating from reading the real estate rental/purchase prices for the Seattle area. Yoiks!

Mirtika (praying hard for a good job to open here or in Austin for hubby, cause I'd rather stay put even with hurricanes, or have a nice 4 bedroom 2 bath SFH for 250K in hot Central Texas than a so-so 2 bedroom 1.5 bath SFH for 399K in West WA)

[Ira500]

Prices in Seattle started going down later than they did in other cities, but they are going down. I don't think we'll see 100 thousand dollar homes here anytime soon or ever,, but I wouldn't be too surprised to see much lower prices a year from now.

[weisla]

Hi Ira - what is your best guess/intuition at how much of a drop we'll see in the Seattle area a year from now? Are there any areas or neighborhoods that you think will remain relatively stable? Are there any areas in Metro Seattle/King Co. that will see price drops of 20% or more? I know its very difficult to time the market, and no one has a real estate crystal ball, but with your insight and experience what would you wager the future real estate market will look like here?
Thanks,
Lauren

[Ira500]

Lauren,
I think it's entirely possible that Seattle area prices will have fallen 20% from their peak to their bottom. But if you put 5 real estate professionals in a room, you''ll get 8 different opinions. The places with a lot of new construction should see greater price drops, since a lot of stuff isn't selling. Puyallup has seen bigger drops than most of the area, and I'm seeing price drops in South Seattle and the eastside, but not downtown Bellevue or downtown Kirkland. A year from now? My guess is maybe an additional 10% down from right now. It's very varied, depending on where. Greenlake, Wallingford, Ballard, Queen Anne and any north end neighborhood not far from downtown are holding their own better than other neighborhoods, and will probably continue to, but they too should see price drops. Inventory of unsold homes is really high right now, and sales are down 30-40% from a year ago, so at some point sellers who have been unwilling to budge will capitulate.

[SeattleExpert]

here are a few non-manufactured homes that came up on johnlscott, they are a little higher than $100K if you can stretch your dollar by about $100 or so a month:

kent:
John L. Scott Real Estate

auburn:
John L. Scott Real Estate

federal way:
John L. Scott Real Estate

John L. Scott Real Estate

like most places, there are pockets of good and bad neighborhoods and i am not sure where these fall. they are within commuting distance of seattle.