Author Topic: House next door razed. Giant mcmansion to be built. Sell now or wait?  (Read 8705 times)

Goldielocks

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #100 on: May 28, 2019, 10:00:37 AM »
Neighbors sold their home last fall, and I was in fear of a large home (4500 sq.ft) going up because the lot is larger and a second storey would have a view.

It would also loom over my home, and eliminate yard privacy as there is a 8ft ground height difference between us already.

I was very relieved to see the new owners gutting and rebuilding the place, without making large changes to the outside, so far.  Yay!  However, they are doing it themselves / with small contractors who appear to be business contacts, and instead of moving in in Feb, they are not in yet.   And they have a lot of garbage out front (city gave them a notice, it was that bad...). 

The challenge is that they have not mowed their lawn yet this year, obviously don't care while construction goes on.   Grass on their patch was well over knee height and about to self seed all over my flower beds.   I mowed it yesterday for them... I sure hope they aren't environmentalist - nazis....

Jimbo

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #101 on: May 28, 2019, 10:04:22 AM »
.   I mowed it yesterday for them... I sure hope they aren't environmentalist - nazis....

Environmentalist-nazis??

What poor choice of word. Ugh!

Cassie

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #102 on: May 28, 2019, 12:31:19 PM »
Gold, I totally understand them not wanting to move in until the work is done. We did the same thing and it took my husband and a helper 4 months working 12 hours day / 7 days a week. However, they should have removed the junk and cut the grass.

WanderLucky

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #103 on: May 28, 2019, 12:35:38 PM »

That type of thing is happening to my neighborhood in Seattle too.  My neighborhood is mostly post WWII, small houses.   Four houses on my street (in one block) have been scraped and rebuilt as luxury homes.   That says to me the value of my house is almost entirely in the land.  And that's probably true for your friend as well.  Since the value is in the land, it probably doesn't matter too much when she sells.  But as a SWAG, it might be better to wait until after they build and sell the McMansions, because that's proof of concept that the tear down model is viable in your neighborhood.   

...which leaves me a little torn.   If my house's value is mostly in the land, I could scrap it myself, rebuild with a McMansion, and then sell it.   Because I bought before the huge run-up in real estate, my cost basis would be much lower than the new McMansion down the street.  Like $550K lower.   If those guys are making money, I could make even more.   But I've put considerable sweat equity into my house and yard and I've become attached.  I realize it is foolish to become attached to inanimate objects, yet here I am.

As someone living in a part of the country where home price appreciation has been 1-2% for the past several decades and where home prices per square foot rarely exceed the cost of building per square foot, I would love to switch places with you and be able to become a millionaire simply for the trouble of hiring a developer. Zero plus a rounding error of people in the world have such an opportunity in front of them. I hope you appreciate that, because I'd be all over it. I also wonder how long such exuberance can last.

I'm pondering the same thing here in Seattle. My house is over a hundred years old and the maintenance is starting to get too much for me. And despite it being a place I love, it's a 2Bdrm/1Bath, inefficient house, taking up 5000 sqft in an awesome neighborhood. I've been getting weekly offers from developers that have recently climbed to $1.2M. I'm so tempted because as you say, how long can this last? And at the same time, if they are willing to give me $1.2M for the land, then how much are they profiting? Could I do this myself by hiring my own builders? Ultimately, I'd love to have one of the new units because I do love the neighborhood (at least for now; everything is changing so fast), and I know I would have a hard time getting back into this neighborhood - Right now, there are only 13 townhouses (no SF houses) for sale in my neighborhood and only one of them is appealing to me. And the price range is $725k-$1.25M. It's getting a little out of hand, and I do realize that I am one of the lucky ones.

Telecaster

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #104 on: May 28, 2019, 02:22:04 PM »
I'm pondering the same thing here in Seattle. My house is over a hundred years old and the maintenance is starting to get too much for me. And despite it being a place I love, it's a 2Bdrm/1Bath, inefficient house, taking up 5000 sqft in an awesome neighborhood. I've been getting weekly offers from developers that have recently climbed to $1.2M. I'm so tempted because as you say, how long can this last? And at the same time, if they are willing to give me $1.2M for the land, then how much are they profiting? Could I do this myself by hiring my own builders? Ultimately, I'd love to have one of the new units because I do love the neighborhood (at least for now; everything is changing so fast), and I know I would have a hard time getting back into this neighborhood - Right now, there are only 13 townhouses (no SF houses) for sale in my neighborhood and only one of them is appealing to me. And the price range is $725k-$1.25M. It's getting a little out of hand, and I do realize that I am one of the lucky ones.

They are offering you $1.2M for the lot?!?   I think I'd be willing to move out of the neighborhood for that much.

Around me, the last two houses that sold went for $700K and $770K.  The $770K house got redeveloped but hasn't been resold yet.   Nobody ever moved into the $700K house and it just went on the market again after six months, and just sold for an undisclosed amount.   That house had never really been updated, so I'm sure it was supposed to have been a scrape and rebuild.

Here's my situation (and I guess I'm sort of asking for advice here).  I owe $130K on the mortgage (mostly thanks to a too high down payment.  I didn't know better at the time).  My house is conservatively worth $700K.  I believe more, because when I bought it was a 2Br/1Ba, and now it is a legal 3/2.   Plus a metric ton of other sweat equity (upgraded electricity, plumbing, etc). 

Cost estimates I hear for custom homes in Seattle are on the order of $300/SF.   So 3,000 SF house would cost $900K and sell for...shoot, now I'm really guessing...$1.5 million?   Doesn't really pencil out.  $1.8 million probably does, and new construction can go for that much.   

The other issue is the $130K mortgage.  That means my actual cost of living is pretty cheap.    If I sold now, I'd get about $500K in equity, which using the 4% rule translates to $1,600/month.   Basically, if I captured the equity I'd have to leave Seattle, which I don't want to do. 

lhamo

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #105 on: May 28, 2019, 06:59:51 PM »
Telecaster, if you are willing to consider surrounding suburbs, you can still get a decent house in the 500k range -- I am watching that price point in Shoreline/Mountlake Terrace/Lynnwood and seeing a decent amount of inventory.  Once ST3 is done it will be a 30 minute commute to downtown.  I'm actually quite surprised that values haven't shot up yet -- I guess people are wary of how construction is going to disrupt things.

spartana

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #106 on: May 28, 2019, 07:07:47 PM »
Telecaster, if you are willing to consider surrounding suburbs, you can still get a decent house in the 500k range -- I am watching that price point in Shoreline/Mountlake Terrace/Lynnwood and seeing a decent amount of inventory.  Once ST3 is done it will be a 30 minute commute to downtown.  I'm actually quite surprised that values haven't shot up yet -- I guess people are wary of how construction is going to disrupt things.
I've been looking at the rental prices in some of those areas just outside Seattle ('cause someone owes me a hike and coffee up there ;-)) and if I had a place with as much equity as Telecaster I be selling asap and renting until FIRE. Invest those big bucks! But I do understand that people love their hoods and have affordable housing and if they sell may never be able to move back. I had this same situation but didn't like my area or house so was an easier choice.

Oops just realized Telecaster said they would have $500k in profit not the million five I first thought. So a bit different and I guess I'd hang on to the place with its low mortgage and high equity if I wanted to stay in the area.
« Last Edit: May 28, 2019, 07:13:38 PM by spartana »

seattlecyclone

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #107 on: May 28, 2019, 07:53:39 PM »
I'm pondering the same thing here in Seattle. My house is over a hundred years old and the maintenance is starting to get too much for me. And despite it being a place I love, it's a 2Bdrm/1Bath, inefficient house, taking up 5000 sqft in an awesome neighborhood. I've been getting weekly offers from developers that have recently climbed to $1.2M. I'm so tempted because as you say, how long can this last? And at the same time, if they are willing to give me $1.2M for the land, then how much are they profiting? Could I do this myself by hiring my own builders? Ultimately, I'd love to have one of the new units because I do love the neighborhood (at least for now; everything is changing so fast), and I know I would have a hard time getting back into this neighborhood - Right now, there are only 13 townhouses (no SF houses) for sale in my neighborhood and only one of them is appealing to me. And the price range is $725k-$1.25M. It's getting a little out of hand, and I do realize that I am one of the lucky ones.

Interesting situation. I wonder how amenable some of these builders might be to a deal where they give you $250k and one of the townhomes that they would have sold for ~$1 million, rather than $1.2M cash. Seems like it could be a win-win. You'd get a newer, likely bigger house with less need for maintenance in the short term, perhaps with some input on the layout to make sure it's more like the one that appeals to you and less like the 12 that don't. The builder would have a less risky project, with less up-front cost and one unit that is spoken for regardless of what happens to market prices during construction.

Or you could go the route of hiring your own builders, but that doesn't really seem to be for the faint of heart. I'd bet it's pretty common for developers to lose money on their first project(s) as they learn the business.

ChpBstrd

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #108 on: May 29, 2019, 08:18:16 AM »

That type of thing is happening to my neighborhood in Seattle too.  My neighborhood is mostly post WWII, small houses.   Four houses on my street (in one block) have been scraped and rebuilt as luxury homes.   That says to me the value of my house is almost entirely in the land.  And that's probably true for your friend as well.  Since the value is in the land, it probably doesn't matter too much when she sells.  But as a SWAG, it might be better to wait until after they build and sell the McMansions, because that's proof of concept that the tear down model is viable in your neighborhood.   

...which leaves me a little torn.   If my house's value is mostly in the land, I could scrap it myself, rebuild with a McMansion, and then sell it.   Because I bought before the huge run-up in real estate, my cost basis would be much lower than the new McMansion down the street.  Like $550K lower.   If those guys are making money, I could make even more.   But I've put considerable sweat equity into my house and yard and I've become attached.  I realize it is foolish to become attached to inanimate objects, yet here I am.

As someone living in a part of the country where home price appreciation has been 1-2% for the past several decades and where home prices per square foot rarely exceed the cost of building per square foot, I would love to switch places with you and be able to become a millionaire simply for the trouble of hiring a developer. Zero plus a rounding error of people in the world have such an opportunity in front of them. I hope you appreciate that, because I'd be all over it. I also wonder how long such exuberance can last.

I'm pondering the same thing here in Seattle. My house is over a hundred years old and the maintenance is starting to get too much for me. And despite it being a place I love, it's a 2Bdrm/1Bath, inefficient house, taking up 5000 sqft in an awesome neighborhood. I've been getting weekly offers from developers that have recently climbed to $1.2M. I'm so tempted because as you say, how long can this last? And at the same time, if they are willing to give me $1.2M for the land, then how much are they profiting? Could I do this myself by hiring my own builders? Ultimately, I'd love to have one of the new units because I do love the neighborhood (at least for now; everything is changing so fast), and I know I would have a hard time getting back into this neighborhood - Right now, there are only 13 townhouses (no SF houses) for sale in my neighborhood and only one of them is appealing to me. And the price range is $725k-$1.25M. It's getting a little out of hand, and I do realize that I am one of the lucky ones.

$1.2M is my FIRE number in my LCOL area. I've been saving 10 years so far, with 5 more to go, trying to reach the number you could reach just by moving. 15 of the best years  of my life is what that square of dirt is worth. Amazing...

I suppose everyone who wanted to retire from real estate profits has already done so. The only people left are the ones who love that specific location, and who are willing to work hard to stay there.

Telecaster

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #109 on: May 31, 2019, 01:00:39 PM »
Around me, the last two houses that sold went for $700K and $770K.  The $770K house got redeveloped but hasn't been resold yet.   Nobody ever moved into the $700K house and it just went on the market again after six months, and just sold for an undisclosed amount.   That house had never really been updated, so I'm sure it was supposed to have been a scrape and rebuild...

...Cost estimates I hear for custom homes in Seattle are on the order of $300/SF.   So 3,000 SF house would cost $900K and sell for...shoot, now I'm really guessing...$1.5 million?   Doesn't really pencil out.  $1.8 million probably does, and new construction can go for that much.

Welp, the $770K demo and new build just went on the market.   Asking price is $2.1 million.   

dougules

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #110 on: May 31, 2019, 03:44:01 PM »
Around me, the last two houses that sold went for $700K and $770K.  The $770K house got redeveloped but hasn't been resold yet.   Nobody ever moved into the $700K house and it just went on the market again after six months, and just sold for an undisclosed amount.   That house had never really been updated, so I'm sure it was supposed to have been a scrape and rebuild...

...Cost estimates I hear for custom homes in Seattle are on the order of $300/SF.   So 3,000 SF house would cost $900K and sell for...shoot, now I'm really guessing...$1.5 million?   Doesn't really pencil out.  $1.8 million probably does, and new construction can go for that much.

Welp, the $770K demo and new build just went on the market.   Asking price is $2.1 million.

That's insane.  When I lived in Oregon a friend of mine who had been priced out of San Diego told me he thought the whole West Coast would eventually be only for rich people.  I kind of shrugged off the notion that it would also apply to the PNW, but I guess that day has come. 

WanderLucky

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #111 on: June 02, 2019, 07:42:47 PM »
I'm pondering the same thing here in Seattle. My house is over a hundred years old and the maintenance is starting to get too much for me. And despite it being a place I love, it's a 2Bdrm/1Bath, inefficient house, taking up 5000 sqft in an awesome neighborhood. I've been getting weekly offers from developers that have recently climbed to $1.2M. I'm so tempted because as you say, how long can this last? And at the same time, if they are willing to give me $1.2M for the land, then how much are they profiting? Could I do this myself by hiring my own builders? Ultimately, I'd love to have one of the new units because I do love the neighborhood (at least for now; everything is changing so fast), and I know I would have a hard time getting back into this neighborhood - Right now, there are only 13 townhouses (no SF houses) for sale in my neighborhood and only one of them is appealing to me. And the price range is $725k-$1.25M. It's getting a little out of hand, and I do realize that I am one of the lucky ones.

Interesting situation. I wonder how amenable some of these builders might be to a deal where they give you $250k and one of the townhomes that they would have sold for ~$1 million, rather than $1.2M cash. Seems like it could be a win-win. You'd get a newer, likely bigger house with less need for maintenance in the short term, perhaps with some input on the layout to make sure it's more like the one that appeals to you and less like the 12 that don't. The builder would have a less risky project, with less up-front cost and one unit that is spoken for regardless of what happens to market prices during construction.

Or you could go the route of hiring your own builders, but that doesn't really seem to be for the faint of heart. I'd bet it's pretty common for developers to lose money on their first project(s) as they learn the business.

That is a great idea. I have no idea if they would be open to doing that but I just asked (via email) the latest developer to send over an offer to see what they say.

Telecaster

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #112 on: June 04, 2019, 04:50:28 PM »
Welp, the $770K demo and new build just went on the market.   Asking price is $2.1 million.

I did a walk through at the open house this weekend.  It is almost 4K square feet, so it is big.  And it is nice, but it isn't that nice.   They did pay some attention making sure there was good natural light in each room (important in the PNW) and there is a legit Mt. Rainier view from the upper deck.  High quality appliances and countertops, and hardwood flooring in most rooms.   The finish work was below what I would have expected for the price.

Be interesting to see if they get the asking price. 

lhamo

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #113 on: June 04, 2019, 07:08:18 PM »
Welp, the $770K demo and new build just went on the market.   Asking price is $2.1 million.

I did a walk through at the open house this weekend.  It is almost 4K square feet, so it is big.  And it is nice, but it isn't that nice.   They did pay some attention making sure there was good natural light in each room (important in the PNW) and there is a legit Mt. Rainier view from the upper deck.  High quality appliances and countertops, and hardwood flooring in most rooms.   The finish work was below what I would have expected for the price.

Be interesting to see if they get the asking price.

Doubtful -- though it depends on the neighborhood, I guess.  In general I think there is a lot more inventory than interest at the higher price points.

Here is another scrape and build at a comparable size/price point, in View Ridge.  It has only been on the market a couple of weeks and they already dropped the price to 1.995 from 2.1. 

https://www.redfin.com/WA/Seattle/7347-58th-Ave-NE-98115/home/322022

Helps to include the link....

Telecaster

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #114 on: June 04, 2019, 07:50:14 PM »
Thank you!  Here's the link:

https://www.redfin.com/WA/Seattle/6802-36th-Ave-NE-98115/home/166865309

Not far from the View Ridge house. 

spartana

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #115 on: June 04, 2019, 10:49:48 PM »
YIKES and I though Calif prices were high! Well they are but Seattle is looking pricey. Ever since the house in OP was razed and is being rebuilt I've been googling places near by thinking they couldn't possibly sell for a million or more. I found out I was very very wrong. Some of the new builds in my crappy old  hood and surrounding area are selling for $1.5 mm or more. Kind of shocking. There appears to be a ton of expansions and ADUs being built, or razing and mcmansionizing, or both on the same small lot as is happening to my old place, going on. Not sure it's sustainable though and I wouldn't have taken out a loan to mcmansionize myself or build an ADU (or both) in hopes that I could sell for double or more than I got for the land alone.
« Last Edit: June 04, 2019, 10:53:35 PM by spartana »

lhamo

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #116 on: June 05, 2019, 09:33:57 AM »
Thank you!  Here's the link:

https://www.redfin.com/WA/Seattle/6802-36th-Ave-NE-98115/home/166865309

Not far from the View Ridge house.

Yeah, that price point is really high for Wedgwood.  I'm guessing it will go for 1.9, tops.

At least it isn't a flat-top box.  I like the vaulted ceilings on the top floor.  But agree that the finishes are underwhelming for such an expensive house.  Also surprised that with so much space they didn't put a kitchenette in the basement to make it immediately feasible as a rental.  I guess you could probably add one pretty easily, but with the potential for both long-term and short-term rentals near the UW putting it in during construction seems like a no-brainer -- I mean, even if you only use that space as a rec room/kids hang out area, a small kitchen with a sink, microwave and fridge would be a plus.

seattlecyclone

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #117 on: June 05, 2019, 10:36:25 AM »
Thank you!  Here's the link:

https://www.redfin.com/WA/Seattle/6802-36th-Ave-NE-98115/home/166865309

Not far from the View Ridge house.

Yeah, that price point is really high for Wedgwood.  I'm guessing it will go for 1.9, tops.

At least it isn't a flat-top box.  I like the vaulted ceilings on the top floor.  But agree that the finishes are underwhelming for such an expensive house.  Also surprised that with so much space they didn't put a kitchenette in the basement to make it immediately feasible as a rental.  I guess you could probably add one pretty easily, but with the potential for both long-term and short-term rentals near the UW putting it in during construction seems like a no-brainer -- I mean, even if you only use that space as a rec room/kids hang out area, a small kitchen with a sink, microwave and fridge would be a plus.

Under current rules if you want to permit an ADU on your property in Seattle you need to file a covenant promising that the owner will always live on site. While I'm sure pretty much anyone buying a brand new $2 million house in Seattle is doing so with the intention to live there, who would really promise that their life will never take them out of town for a couple years? If I were building houses for an undetermined buyer, I wouldn't want to limit the pool of customers in that way. Instead I'd put in all the plumbing and electrical connections needed for the buyer to easily make that upgrade if they want, but not take that final step.

Good news on that front is that legislation to loosen this and other onerous ADU permitting requirements is nearing the finish line after many years of "environmental" appeals from anti-housing groups.

lhamo

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #118 on: June 05, 2019, 02:40:07 PM »
Thank you!  Here's the link:

https://www.redfin.com/WA/Seattle/6802-36th-Ave-NE-98115/home/166865309

Not far from the View Ridge house.

Yeah, that price point is really high for Wedgwood.  I'm guessing it will go for 1.9, tops.

At least it isn't a flat-top box.  I like the vaulted ceilings on the top floor.  But agree that the finishes are underwhelming for such an expensive house.  Also surprised that with so much space they didn't put a kitchenette in the basement to make it immediately feasible as a rental.  I guess you could probably add one pretty easily, but with the potential for both long-term and short-term rentals near the UW putting it in during construction seems like a no-brainer -- I mean, even if you only use that space as a rec room/kids hang out area, a small kitchen with a sink, microwave and fridge would be a plus.

Under current rules if you want to permit an ADU on your property in Seattle you need to file a covenant promising that the owner will always live on site. While I'm sure pretty much anyone buying a brand new $2 million house in Seattle is doing so with the intention to live there, who would really promise that their life will never take them out of town for a couple years? If I were building houses for an undetermined buyer, I wouldn't want to limit the pool of customers in that way. Instead I'd put in all the plumbing and electrical connections needed for the buyer to easily make that upgrade if they want, but not take that final step.

Good news on that front is that legislation to loosen this and other onerous ADU permitting requirements is nearing the finish line after many years of "environmental" appeals from anti-housing groups.

I guess that makes sense -- looking forward to those zoning changes if/when they ever come.

If I were in the  market for a 1.5-2 mill house, I'd take this one over Telecaster's neighbor any day:

https://www.redfin.com/WA/Seattle/10049-Lake-Shore-Blvd-NE-98125/home/318854

It's not waterfront (that would probably push it up to 2.2-2.5 mill), but it has the lake view and is just a few blocks from the public access at Matthews Beach, and right off the BG.  I love that street.....  Much better yard than the Wedgwood and View Ridge houses, too.  I think this one will go fast, and for at or over list. 

mm1970

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #119 on: June 05, 2019, 02:54:30 PM »
Thank you!  Here's the link:

https://www.redfin.com/WA/Seattle/6802-36th-Ave-NE-98115/home/166865309

Not far from the View Ridge house.

Yeah, that price point is really high for Wedgwood.  I'm guessing it will go for 1.9, tops.

At least it isn't a flat-top box.  I like the vaulted ceilings on the top floor.  But agree that the finishes are underwhelming for such an expensive house.  Also surprised that with so much space they didn't put a kitchenette in the basement to make it immediately feasible as a rental.  I guess you could probably add one pretty easily, but with the potential for both long-term and short-term rentals near the UW putting it in during construction seems like a no-brainer -- I mean, even if you only use that space as a rec room/kids hang out area, a small kitchen with a sink, microwave and fridge would be a plus.

Under current rules if you want to permit an ADU on your property in Seattle you need to file a covenant promising that the owner will always live on site. While I'm sure pretty much anyone buying a brand new $2 million house in Seattle is doing so with the intention to live there, who would really promise that their life will never take them out of town for a couple years? If I were building houses for an undetermined buyer, I wouldn't want to limit the pool of customers in that way. Instead I'd put in all the plumbing and electrical connections needed for the buyer to easily make that upgrade if they want, but not take that final step.

Good news on that front is that legislation to loosen this and other onerous ADU permitting requirements is nearing the finish line after many years of "environmental" appeals from anti-housing groups.
Can't speak for Seattle but...we have the same ADU rule here (owner must live on site).

I assume that means that, if you need to go out of town for a year or so, then you can rent your main house but not the ADU.

seattlecyclone

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #120 on: June 05, 2019, 03:55:33 PM »
Can't speak for Seattle but...we have the same ADU rule here (owner must live on site).

I assume that means that, if you need to go out of town for a year or so, then you can rent your main house but not the ADU.

Actually the rule as written says that the ADU must be physically "decommissioned," which I understand to mean that you must remove enough of the kitchen that the city doesn't consider it to be a separate habitable dwelling unit anymore. So that backyard cottage that you paid upwards of $200k to build is now a really nice backyard shed that you're not allowed to recoup your investment on anymore, and you have to hire a contractor to put the kitchen back in when you move back to town. And if you happened to have a renter living there at the time you decided to leave? Too bad for them. They have to go. It's very hard for me to see the good in this policy.

Telecaster

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #121 on: June 05, 2019, 04:29:48 PM »
I guess that makes sense -- looking forward to those zoning changes if/when they ever come.

If I were in the  market for a 1.5-2 mill house, I'd take this one over Telecaster's neighbor any day:

https://www.redfin.com/WA/Seattle/10049-Lake-Shore-Blvd-NE-98125/home/318854

It's not waterfront (that would probably push it up to 2.2-2.5 mill), but it has the lake view and is just a few blocks from the public access at Matthews Beach, and right off the BG.  I love that street.....  Much better yard than the Wedgwood and View Ridge houses, too.  I think this one will go fast, and for at or over list.

I used to live a block from that house in Lakeshore Blvd NE.   The morning I moved out there was a amazing sunrise over Lake Washington and I remember thinking "WTF am I doing?"

robartsd

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #122 on: June 05, 2019, 04:44:28 PM »
Pretty easy to make "not a kitchen" function as a kitchen. Just leave out the major cooking appliance and be sure to provide a wet bar with plenty of counter space and regular electrical circuits. Some combination of microwave, portable induction burner, toaster oven, and/or automatic cooking pot can meet just about all small scale cooking needs. Add a fridge and without any "remodeling" you have a functional kitchen.

spartana

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #123 on: July 10, 2019, 04:01:26 PM »
Dropping this photo for @Another Reader. (Removed for privacy reasons) but is BIG  2 story (completely with gun turret...ok skylight roof turret)  plus 2 story ADU behind it - both towering a few feet from her house. She's found out its going to be used mostly as an AirBnB so is contacting RE investors and getting quotes and will likely move asap.
« Last Edit: July 11, 2019, 08:17:37 AM by spartana »

Another Reader

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #124 on: July 10, 2019, 07:53:55 PM »
If she is patient, it will be foreclosed on in the next down turn...

Lots on my street are 15,000 sf plus, with setbacks required.  No sidewalks.  There is one house a couple of blocks up that has been expanded to the maximum coverage,  Setbacks plus an upslope in back keep it from being too overbearing.  Not many first generation immigrants here, so less of an expectation this type of project will be done.  Entry price point of $1.5MM keeps a lot of this crap out.

Going to be a lot of demand here from those high paid Google types once the downtown campus is finished.  The higher lever managers and executives that will buy here will have a handle on the City bureaucrats and politicians so preservation is likely.


spartana

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #125 on: July 10, 2019, 10:21:11 PM »
UGH that would be terrible. I remember all the long term empty foreclosed houses back during the great recession and they rapidly became a blight. Although that foreclosed and ready to auction off for a song 9 bedroom mcmansion next to a puny little old house is going to look sweet - for the mcmansions buyers. Probably best for her to sell while the market is still perky and her place is worth something.

Another Reader

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #126 on: July 11, 2019, 04:46:12 AM »
The real estate market is cyclical.  Sometimes the cycles are more extreme than typical.  Make investment decisions with that in mind...

Telecaster

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #127 on: July 11, 2019, 10:43:19 AM »
Another scraper just sold in my neighborhood

https://www.redfin.com/WA/Seattle/6842-36th-Ave-NE-98115/home/317609

$688,000.   I assume it is a scraper anyway.   The house has never been updated.   


MayDay

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #128 on: July 11, 2019, 12:56:05 PM »
Llamo and Telecaster, the two "modern" houses you posted at the top of this page totally fascinate me.

I'm no architect bit they seem like a cheap hodgepodge of the various "modern" random decors you can buy on Wayfair. And I say that as someone who has furnished much of my house in exactly that way! But my house is worth 300k, lol. And I am also not a "professional".

It just boggles my mind that at that price point you wouldn't have an actual architect or designer who produces a cohesive high quality design.

I'm not just talking about the furnishings (which I'm sure is just staging), but the choices of finishes and the layout. It just does BAD, and if it is bad in pictures, it's probably really bad in person.

And also I hate their photography.


ChpBstrd

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #129 on: July 11, 2019, 01:19:49 PM »
Llamo and Telecaster, the two "modern" houses you posted at the top of this page totally fascinate me.

I'm no architect bit they seem like a cheap hodgepodge of the various "modern" random decors you can buy on Wayfair. And I say that as someone who has furnished much of my house in exactly that way! But my house is worth 300k, lol. And I am also not a "professional".

It just boggles my mind that at that price point you wouldn't have an actual architect or designer who produces a cohesive high quality design.

I'm not just talking about the furnishings (which I'm sure is just staging), but the choices of finishes and the layout. It just does BAD, and if it is bad in pictures, it's probably really bad in person.

And also I hate their photography.

If the hatred runs deep enough, you could always submit it to McMansionHell.com . Just saying.

MayDay

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #130 on: July 11, 2019, 01:56:21 PM »
Llamo and Telecaster, the two "modern" houses you posted at the top of this page totally fascinate me.

I'm no architect bit they seem like a cheap hodgepodge of the various "modern" random decors you can buy on Wayfair. And I say that as someone who has furnished much of my house in exactly that way! But my house is worth 300k, lol. And I am also not a "professional".

It just boggles my mind that at that price point you wouldn't have an actual architect or designer who produces a cohesive high quality design.

I'm not just talking about the furnishings (which I'm sure is just staging), but the choices of finishes and the layout. It just does BAD, and if it is bad in pictures, it's probably really bad in person.

And also I hate their photography.

If the hatred runs deep enough, you could always submit it to McMansionHell.com . Just saying.

I love that blog, but it has been super slow lately. Do you by chance subscribe to her Patreon? I've been wondering if there is enough content to justify it given the small amount of content on the main blog.

It would be cool to see her analysis of a modern mcmansion.

lhamo

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #131 on: July 11, 2019, 09:28:15 PM »
99% invisible did a great interview with her that covers a lot of the characteristics of a McMansion:

https://99percentinvisible.org/episode/mcmansion-hell-devil-details/

spartana

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #132 on: July 12, 2019, 11:35:09 PM »
Haha I think the new macmansion being built next to my neighbor has ALL those house features.  Did I mention the ocagone turret sky light, the 2 story high octagon wall of windows in the living room (which doesn't attach to the turret which is just for the second floor), the 2 story square wall of windows entry way - attached to neither octagon room, the 4 giant balconies and huge patio, the French double doors that will on every balcony or patio entrance room (8 total),  the 2 winding staircases? Oh and then.there's the ADU - not quite the charming little cottage I envisioned but a 2 story tall wall of skylights and dormers and maybe even its own turret. Its all going to be marvelous ;-). This is a semi-crappy working class hood.
« Last Edit: July 12, 2019, 11:37:53 PM by spartana »

Abe

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #133 on: July 13, 2019, 12:58:42 PM »
If they'd just make some attempt, just even consider for a second, a bit of symmetry, a lot of the architecture in suburban US would be much nicer. Some of the roof profiles look like a semi-random pile of shingles. Also wouldn't it be cheaper to have windows that are the same size rather than a random assortment of sizes?


spartana

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #134 on: July 14, 2019, 03:17:33 PM »
If they'd just make some attempt, just even consider for a second, a bit of symmetry, a lot of the architecture in suburban US would be much nicer. Some of the roof profiles look like a semi-random pile of shingles. Also wouldn't it be cheaper to have windows that are the same size rather than a random assortment of sizes?
I went on a little tour of some of the big new construction houses within about 5 miles and so many (all?) were really over kill on all the house "amenities" with various turrets, towers, abutment, gargoyles, etc. Especially since most (all?) were in hoods comprised of very modest small single story houses. Although in the right setting or just alone the are beautiful in a macmansion he'll kind of way.

One that was for sale and had an open house  was a new construction  house similar in size to the house being built in my old hood but more modern and contemporary then most that are going up and also.doesn't have an ADU and also 2 less bedrooms and baths. It sold for $310k and now they are asking $1,475,000.

  https://www.zillow.com/homedetails/14771-Donegal-Dr-Garden-Grove-CA-92844/25188011_zpid/

And here's a nice little house near by the I'm sure @HBFIRE is familiar with.
« Last Edit: July 14, 2019, 03:56:43 PM by spartana »

Another Reader

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #135 on: July 14, 2019, 05:19:30 PM »
If they'd just make some attempt, just even consider for a second, a bit of symmetry, a lot of the architecture in suburban US would be much nicer. Some of the roof profiles look like a semi-random pile of shingles. Also wouldn't it be cheaper to have windows that are the same size rather than a random assortment of sizes?
I went on a little tour of some of the big new construction houses within about 5 miles and so many (all?) were really over kill on all the house "amenities" with various turrets, towers, abutment, gargoyles, etc. Especially since most (all?) were in hoods comprised of very modest small single story houses. Although in the right setting or just alone the are beautiful in a macmansion he'll kind of way.

One that was for sale and had an open house  was a new construction  house similar in size to the house being built in my old hood but more modern and contemporary then most that are going up and also.doesn't have an ADU and also 2 less bedrooms and baths. It sold for $310k and now they are asking $1,475,000.

  https://www.zillow.com/homedetails/14771-Donegal-Dr-Garden-Grove-CA-92844/25188011_zpid/

And here's a nice little house near by the I'm sure @HBFIRE is familiar with.

When the 7.5 magnitude hits on the nearby fault system, the soil (sand) will likely liquefy and these beasts will sink into the morass.  Only the turrets will remain in view.  Kind of like the La Brea tar pits...

Abe

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #136 on: July 14, 2019, 06:29:56 PM »
If they'd just make some attempt, just even consider for a second, a bit of symmetry, a lot of the architecture in suburban US would be much nicer. Some of the roof profiles look like a semi-random pile of shingles. Also wouldn't it be cheaper to have windows that are the same size rather than a random assortment of sizes?
I went on a little tour of some of the big new construction houses within about 5 miles and so many (all?) were really over kill on all the house "amenities" with various turrets, towers, abutment, gargoyles, etc. Especially since most (all?) were in hoods comprised of very modest small single story houses. Although in the right setting or just alone the are beautiful in a macmansion he'll kind of way.

One that was for sale and had an open house  was a new construction  house similar in size to the house being built in my old hood but more modern and contemporary then most that are going up and also.doesn't have an ADU and also 2 less bedrooms and baths. It sold for $310k and now they are asking $1,475,000.

  https://www.zillow.com/homedetails/14771-Donegal-Dr-Garden-Grove-CA-92844/25188011_zpid/

And here's a nice little house near by the I'm sure @HBFIRE is familiar with.

When the 7.5 magnitude hits on the nearby fault system, the soil (sand) will likely liquefy and these beasts will sink into the morass.  Only the turrets will remain in view.  Kind of like the La Brea tar pits...

Iím definitely evacuating my family when that happens. My surgical skills will be needed, but otherwise Iíd leave too. It will take several years to recover. I doubt my rental is if unusually high quality, and it being a rental I canít have it retrofitted. Also no turrets so...

spartana

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #137 on: July 14, 2019, 07:07:11 PM »
But when The Big One hits and the giant tsunami follows  you guys will be grateful for the 50 foot tall archer's turret with multiple gargoyles you can cling to.

BicycleB

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #138 on: July 14, 2019, 09:26:10 PM »

When the 7.5 magnitude hits on the nearby fault system, the soil (sand) will likely liquefy and these beasts will sink into the morass. 

What? You can't build a house on sand??? LOL.

 

Only the turrets will remain in view.  Kind of like the La Brea tar pits...

California is still a good place to see cinematic sights, then. (nods, duly impressed at SoCal's creative foresight)

zolotiyeruki

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #139 on: July 14, 2019, 09:34:02 PM »
If they'd just make some attempt, just even consider for a second, a bit of symmetry, a lot of the architecture in suburban US would be much nicer. Some of the roof profiles look like a semi-random pile of shingles. Also wouldn't it be cheaper to have windows that are the same size rather than a random assortment of sizes?
I think part of the issue is that the people paying for these houses have lots of money and a big wish list, but lack practical design skills or any sense of architectural design.  It's a classic case of "Your <homeowners> were so preoccupied with whether or not they could, they didnít stop to think if they should."  So you get "ooh, a turret looks cool, I want one!" and "I neeeeed a five-car garage!" and "we can afford a pool!" with no realization that turrets are horribly unusable, the only reason you want a five-car garage is because you have too much junk, and that pools are maintenance-intensive and just generally a pain in the neck.

Several years ago, DW and I happened upon an open house for this house (realtor.com listing) near Houston.  (That road is lined with a couple dozen McMansions, across the street from a golf course)  To call it ridiculous is to be too kind, although it had no turrets (some of the neighbors do, though!).  If you'd like a little entertainment, zillow and realtor.com both still have some photos, but from what I remember:

--From the top of the front stairs, you could see no fewer than three different types of hardwood flooring--one in the upstairs, a second in the office (visible in the remaining photos on zillow), and a third in the formal dining room.
--The master bathroom had ugly, (worn) gold-leaf swan-shaped faucets, and a jetted tub up on a plinth.
--There were 5 separate A/C units for the house
--Every bedroom had a private bathroom
--The enormous kitchen had a giant, T-shaped island, top-of-the-line appliances of all kinds, and cobblestone floors.
--The small powder room off the kitchen had three different patterns of wallpaper, including leopard print.
--The upstairs bonus room had Route 66-themed wallpaper, and the furniture had matching upholstery.

It's been a long time since then, so I'm sure I've forgotten a lot of the details.  But it was at once humorous because of the lack of taste, and a little bit depressing, because it felt like a home where a six-person family would live separate lives.

Seriously, though, if you're looking for some high-quality architectural humor, take a Street View Stroll down Cypresswood Drive.

Abe

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #140 on: July 14, 2019, 10:30:21 PM »
Yeah, people rich enough for a clown house but not rich enough for a designer or architect. That house sounds like a sad Epcot center Disneyland ride. I kind had of want to see it now.

ChpBstrd

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #141 on: July 15, 2019, 10:12:02 AM »
But it was at once humorous because of the lack of taste, and a little bit depressing, because it felt like a home where a six-person family would live separate lives.

McMansions and luxury SUVs are physical expressions of the idea that stuff=happiness and stuff=love. These associations are reinforced by advertising to the point that many people adopt consumerism as a personal philosophy/religion.

The executives working 70+ hour weeks to pay for these things genuinely believe they and their families have a ďbetterĒ life than than those middle class blokes who share bathrooms, lack 5-car garages, and must swim at public pools. Surely all that space/luxury and the social status symbols function to remove stress, help the family cohere, and make joy happen just as the marketers promised. If for some reason one is not absolutely thrilled with McMansion life or if the kids come to resent their absentee parents, it could only be because one is underspending on luxury. Thatís the only logical explanation within the stuff=happiness/ stuff=love framework.

spartana

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #142 on: July 16, 2019, 12:19:17 PM »
^Oh how my former neighbors (person behind them has it almost as bad...maybe worse) wishes it would be lived in by a single family who works all the time or never uses any of the fancy rooms. But the 9 bedroom/bath combos are all very small and all appear to have individual doors to the outside (even the ADU bedrooms). Sounds like it'll be a large rental house, student housing, monk housing or (most likely) AirBNB. I took some photos of the back house and ADU that the person (who I know well) who lives directly behind the house experiences. Its pretty huge from that perspective too but at least she has a yard space of about 30 feet seperating her house from the other place.

Cassie

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Re: House next door razed. Giant mcmansion to be built. Sell now or wait?
« Reply #143 on: July 17, 2019, 09:26:37 PM »
Wow thatís truly awful!