Welcoming a new WSB sponsor: 4415 SW Stevens, for sale

Tonight, the traditional WSB welcome to another new sponsor – this time, it’s 4415 SW Stevens (map), a home that’s up for sale, with an open house 2-4 pm Sunday. The photo’s at left; here’s what its owners want you to know: “The house is a 1929 Tudor, located about a block west of the Admiral PCC. There are quite a few similar looking houses in West Seattle of approximately the same age, but what distinguishes this one is that it has been beautifully restored & completely updated. Our new ad in WSB references that we had the house earthquake-retrofitted, one of several things that make the house safer than many houses of its vintage. The house has new electrical wiring; all knob-and-tube wiring was removed or decommissioned & vintage light fixtures were rewired or are new. The plumbing is updated including new water lines. There is a new gas furnace & updated ductwork. The lower level is fully finished. In other words, this house has no creepy old wiring, plumbing or basement! On the aesthetic side, the house has many beautiful period details; mahogany woodwork, original glass doorknobs, fireplace tile, & hardwood floors have all been refurbished. A primary goal of our remodel was to restore and preserve Old World Charm. We replaced old aluminum windows in the living & dining rooms with period leaded glass windows including a beautiful antique transom window with hand-cut bevels. The house has beautiful tile work & many other charming details. The exterior of the house had yellow aluminum siding for many years. We had it removed & discovered the original cedar siding underneath. We had a master carpenter recreate the traditional doorway arch with hand-cut custom molding. The yard is beautifully landscaped thanks to the previous owner; we have been amazed at the variety of beautiful flowers & plants. We hope that people will stop in at one of our open houses! It’s a beautiful home in a great neighborhood. We’ve enjoyed the convenience of being able to walk to nearby shops, parks & schools.” Here’s the website the owners set up to share more info about their home and open houses, including the one this Sunday, 2-4 pm.

AlkiGirl April 12, 2008 (7:09 am)

This is brilliant! What a great way to market your home. This is an example of someone who is taking the initiative to sell their home way outside of the pre-set realtor box. Good for them, the website is a fantastic way to highlight the house and it stands out over the 700+ houses currently on the market in West Seattle.

amdg April 12, 2008 (8:08 am)

Best wishes with that… No townhome opportunity so that crowd will remain silent. Charm and character factor there so the anit hummer-house bunch has an opportunity to save another one. Will they step forward…
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Question, since the home was bought just over a year ago for $485,000 what makes it worth ~~60%~~! more just 1 year later? Howz zis: someone added granite in the kitchen and painted the interior and exterior. There is a reason it didn’t sell last fall for even more…

baba nulu April 12, 2008 (8:26 am)

What up West Seattle?
If it is big and new, it is a McMansion, never mind its traits. If it is old, it is a “Tudor”, never mind its traits. This house is much closer to Early English Colonial or New England (Saltbox). It has none of a Tudor’s typical features save for the steeply pitched roof. There is no decorative half-timbering, no rows of casement windows, no intersecting gables, no stucco. Not Tudor, why not call it a bungalow, a craftsman or a colonial revival? They are all as invalid as Tudor. Maybe calling a structure Tudor helps sell at a higher price.

Gina April 12, 2008 (9:05 am)

The problem with selling may be that the house has a very, very small back yard, and being on such a busy street could be a disadvantage. But if you hate yard work…!

I remember the aluminum siding being put up (I had thought it was vinyl all these years.)

Bernicki April 12, 2008 (10:09 am)

I’ve been through this house and it’s lovely on the inside. The owners spent a year updating it and it was done really well–solid cabinets, nice finishes. But (and I am not trying to be mean here, seriously) if I were the owners, I would make the homeowner across the alley an offer. The people across the alley seem to mean well, but they have several unfinished projects that have become strewn about. I’d offer to spend several thousand bucks to bring in a service to clean up their yard, finish their paint job, and pick up all the stuff littered around the place. Anyone considering spending that much on the “Tudor” is going to look at the houses next door, and really, the one just to the left of this one is probably a deterrent. Again, not being snarky, just sayin’.

Rick April 12, 2008 (3:47 pm)

Maybe these houses should be called “Tufor” instead of “Tudor”. Ya know, as in elsewhere you can buy tu for what one costs here. Relax people, just trying to inject humor into reality……………..

Jeannie April 12, 2008 (4:57 pm)

Hey, I am an anti-Hummer house person. I coined that phrase. Alas, I can’t afford that cute house being advertised. So, amdg, can you spare me an extra half-million or so? Thank you.

PSPS April 13, 2008 (8:35 pm)

2,100 sqft 5/3 for $769K? This was purchased in January, 2007 for $485K, which means it was a bubble price to begin with. (The previous sale in 2001 was $255K)
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Even with remodeling, a 60% increase in price is why it’s been languishing on the market for so long. In today’s market, even the original $485K is way overpriced.
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In today’s market, sales comps are worthless. You have to use comp rentals and work back to a purchase price. A 5 BR house in Seattle will rent for about $2,000 a month, but let’s say $2,500 if it’s new. If we assume a 30-year mortgage at 6.5%, $3,605 in annual taxes, and $300 insurance, that will get you $350K. So a buyer with a 20% down payment ($87,000) could offer $437K, which is too much — you’d lose your down payment’s value immediately. But let’s proceed with the higher value anyway.
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Since there are no more toxic mortgages (“liar loans”), you’ll have to qualify and actually prove you have enough household income. An annual income of $83,000 would qualify you for $350K if you have no other debt at all (credit cards, car, etc.) Otherwise, you’d need up to $107K annual income provided all your debt payments, including the house, didn’t exceed $3,200/month. Oh, plus $87,000 in non-borrowed cash. A smaller down payment would increase all of these values.
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We’ll be seeing a lot of these on the market over the next few years. There’s plenty of them now. Someone else posted that there are over 700 homes for sale in West Seattle now. If true, that must be well over a year’s inventory when, in a healthy normal market, inventory is uaually measured in weeks.

carraig na splinkeen April 14, 2008 (7:12 am)

Thanks for the analysis PSPS-it adds up. Spouse and I keep wondering who, and where, all these people are that can plunk 3/4 million dollars into something on which one will arguably never get a viable return on investment, let alone make the monthly payments. And even a $50K down payment is unrealistic for most families. Definitely a time to wait and see what happens.

J.C. April 14, 2008 (2:15 pm)

To: carraig na splinkeen: I couldn’t disagree more. You, and your spouse wonder who, and where are the people that are purchasing homes that one will arguably never get a viable return on investment. Have you been living under a rock these past few decades? EVERY HOME will have a return on investment. It simply depends on how long you choose to live there, and or what you do to it during the time that you own the property.

Iâ€™ve personally been in this home, and itâ€™s fantastic. The quality of craftsmanship and detail is very good. If you took the time to tour this home, and compare it to the other surrounding homes in the West Seattle area in the same price range youâ€™ll note that itâ€™s a much better value do to the upgrades.

My final noteâ€¦. You mentioned that itâ€™s definitely a time to wait and see what happens. WRONG! Where does this idea come from? Sellers are eager to sell. Itâ€™s a BUYERS MARKET. You never want to buy when itâ€™s a sellerâ€™s market (2004-2005). The real estate market goes through itâ€™s ups, and downs. When itâ€™s down, Buyers should by. When itâ€™s up, Sellers should sell. If you wait, and see what happens it may be a Sellers market. Today, a lower offer is likely to be accepted. If youâ€™re able to purchase something, do it. Itâ€™s the right time.

PSPS April 14, 2008 (10:12 pm)

J.C. is right — it’s a buyer’s market. And, by all means, make that $350K offer on this apparently lovely house. Maybe even $400K. Maybe even the asking price of $769K. But unless you pay the difference in a down payment, you’ll never get a loan. The days of having a CDO mortgage mill get their fake “appraiser” to fudge up a number to pass a no-doc loan are gone. No legitimate appraiser will give this house a value anywhere near the asking price. And judging from there being 700 houses on the market in WS, no legitimate appraiser is giving ANY house a value anywhere near the asking price. Any “surrounding homes in the West Seattle area in the same price range” are also way overpriced.
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And yes, every home will have a “return on investment” if held long enough. The question is whether you’ll live long enough. A 350K house could conceivably “appreciate” to $769K in about 20 years. Of course, it will cost you the difference the day you move in, meaning that you’d have no “return” at all even after 20 years. You’d be just breaking even.
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Maybe this sounds snarky and I’m not picking on this fellow WS resident trying to sell his lovely house. But you’ve got to realize that housing prices have been artificially inflated for several years now and the stimulus for this — the easy credit from no-doc option ARM’s and the like — has just evaporated. There is no upward trend in property prices any more and there won’t be until prices return to a normal level. In Seattle, this means a 30 – 40 % reduction of price. (Be glad you’re not in California or Florida where a 50% or more correction will be necessary in many areas.)
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This will be hard on many people, that’s for sure. Eventually, though, people will adjust. Many homes will end up as REO’s or short-sales or foreclosures. In fact, this will be the end result of at least half of all homes purchased in the past two or three years. After that’s over, the remaining voluntary sellers will be the ones who have the ability to sell at a realistic affordable price because they have the financial latitude to accept it.

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