Edmonds: Buying land/building a small house (Seattle, Bellevue: sale, condo)

[wasabisam]

I am starting to seriously consider the idea of buying some property and building a small house (less than $1,000 square feet). I have always loved Edmonds, and love the idea of living close to downtown so I can easily walk to restaurants and stores. The prices I'm seeing, though, even for just a small patch of land, are really quite high and beyond what I'd probably be willing to pay. I'm wondering if anyone ever hears about land popping up for a ridiculously low price for the area? So for example, bank-owned property or someone looking to get rid of some parcel of their property? Ideally, my total cost for the whole project (cost of land, plus cost of building a small Craftsman, etc.) would be ~$200K-$250K. I know this is quite ambitious for the area, but I'm hoping that there are situations where I could make this a reality.

[gwix98]

No,

What you are looking for is basically one in a million. Land in the bowl is virtually non existent.
If you really want to do this you need to look for a tear down, and these are few and far between.
Even if you could find one you would be looking at about $300K and up.
You would have better luck looking east of 9th and even then it would be very difficult.
I am not a realtor, but I have followed the market there for many years. Sorry to be negative, but
its not realistic in this neighborhood.. You could however find a condo in your price range, and that's it. GL

[Inkpoe]

I don't know where in the Seattle metro where you can buy land and build a small home in that budget range. Its just not realistic for this area.

[amaiunmei]

Originally Posted by Inkpoe

I don't know where in the Seattle metro where you can buy land and build a small home in that budget range. Its just not realistic for this area.

Yeah, I just don't see that happening. Especially not in Edmonds, which is right by the water ... that'll cost ya!

[gwix98]

Inkpoe has very accurately described the situation. It's not just Edmonds, but the general Seattle area. A decent lot would likely be more than your budget if even available. I looked at two properties in the last year at right about $400K in the Edmonds bowl. Both needed major work. You would basically be buying just a lot. It is discouraging as I have been looking for something like your housing interest for over 10 years. It's just to desirable an area and that keeps the price up. In the heart of the 2008 housing drop, there were maybe half a dozen properties in the bowl at $350K or more. All needed work. I would concentrate on the area east of 9th to hwy 99 if you are determined to find land/ small homes in this area. Best method.....start banging on doors, really.

[cocaseco]

Originally Posted by Inkpoe

I don't know where in the Seattle metro where you can buy land and build a small home in that budget range. Its just not realistic for this area.

While "Metro Area" is subjective, there are lots of lots under $100K and within an hour of downtown. I would consider King county in the metro area and you can do what the OP wants with some work.

[wasabisam]

Thanks everyone for your responses. Work has been nuts, so I haven't had the time to get on here to see what you all say.

I have been keeping my eye out for property, and I have been seeing a few cheaper ones, but they are not in Edmonds (I did see one in Edmonds closer to the time of this posting, but it was a quick sale probably).

I guess I need to start reevaluating my options, and figure out how to get what I want, but maybe in another town that has similar offerings, but that isn't in quite as much demand (arts, culture, walkable, etc.). I do also like Mount Vernon and Bellingham, but I'd probably have to rethink my work to make either of those towns a reality (I'm currently a vendor for Microsoft, so I need to be in commuting distance of Redmond/Bellevue). Of course, I do work from home now, but the occasional trip into the office would make commuting from way up north a pain. I also like Issaquah, but I think that's going to be just as ridiculous as Edmonds (if not more so) in property prices. Anyway, lots to consider, and I appreciate the feedback.