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May. 15, 2011 - 2011 Home Prices in Redmond 98052

Home Prices in Redmond WA 98052, based on closings since Jan 1, 2011. Median Price is $450,000. That means of the 159 homes sold in that period, half the people who bought homes paid less than that, and half the people paid more than that.

What should a "median priced home" look like? Before you look at what the HOUSE "looks like", you need to study the underlying value proposition.

A median priced home in 98052 should for the most part be EQUAL PARTS land value to "home" value and sell for about 1.1 X Assessed Value.

Now let's look at the configuration of homes that actually sold for "median price" this year.

 A few interesting observations. The short sale at the lowest factor of 1.04 x Assessed Value was a new home in a lesser location. You can see that from the relationship of "improvement" value to "land value". 

The highest factor of 1.34 x Assessed Value is one where the buyer did not factor in the Home Style as a consideration but the assessor does/did, as do most home buyers. 

The 1.06 x Assessed Value had a higher land value than "the norm" but "the market" didn't value that at all. If the land value was the norm of $212,000 vs $246,000 the factor would have been 1.15 x Assessed Value, so the market valued the land a bit more...but not as much as the tax assessor did.

BOTTOM LINE: A basically "ideal" median priced home in Redmond would be a 2 story home costing $450,000 assessed at $410,000 wit $205,000 of that being the land value and $205,000 of that being the home's value.

If you bought a home in the mid 90s, new at the time, you can probably sell it for a little more than twice what you paid for it, with good maintenance and no real added improvements. Just those improvements you needed to be comfortable in it over the time you lived in it. Refinished floors or new carpet as example. 

If you bought a home in 2003, you can probably sell it for more than you paid for it if you "spruced it up" and are "leaving it better than you found it" to a modest degree.

If you buy a home that needs a lot of TLC for a good price, you can still make money flipping it in this area.

Note: Except for the short sale, most of these sold within a week on market and all sold within 2 weeks on market. Median Price in 98052 requires vigilance to spot the good ones pretty much as soon as they hit the market.

But test the price against Assessed Value before you "jump on it".

Source: Public Records

 

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ARDELL DellaLoggia of Sound Realty on Seattle Real Estate process and market including Kirkland, Bellevue, Redmond, Green Lake and most areas around the top of Lake Washington North of Downtown Seattle. Phone: 206-910-1000 - Mailto:ARDELLd@gmail.com

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