Back in 2007, CDNews looked at an East Columbia house as a possible physical manifestation of the real estate pricing bubble. Here’s a look at what happened to 2315 E Columbia in the next three years.
Three years ago here at CDNews Scott predicted that a $1,000,000 price tag was too high for the heart of the Central District. 2315 E Columbia Street, then listed for $999,950 was one of several homes that seemed “priced not to move” as the housing boom started to bust in Seattle in 2007-2008.
Prior to our first post on the house back in 2007, the property was purchased for $185,000 in 2006 and the rundown home at the site was demolished to build the new residence. So what became of it after the bubble burst or started leaking or whatever happened to real estate in the United States?
After its time on the market with a near-$1 million price tag, this 3,850 square foot home, boasting 4 bedrooms and 3.5 baths, was eventually sold at a foreclosure auction on January 12, 2009 for $500,000 and then resold at a slight profit on August 17, 2009 for $597,500. Today, presumably, it makes a happy home.
Its jumbo sized nearby neighbor sold for more at $635,000 on June 9, 2009, after being listed at $879,000. That property also has 4 bedrooms and 3.5 baths, but is just slightly smaller at 3,320 square feet. It appears that the property never having gone into foreclosure probably kept the price higher than its counterpart. In researching comparable sales to 2315 E Columbia we discovered some very nice properties: Newer construction at 825 27th Ave which sold this summer for $710,000, and a beautiful 1918 craftsman at 130 29th Ave that went for only $600,000 this October.
While $1,000,000+ homes are common north of Republican on Capitol Hill and east of 34th in Madrona, the 23rd Avenue and Martin Luther King Way corridor between Madison and I-90 still seems an unlikely area for homes over $700,000. Considering that in recent years the Central District seems to have attracted a lot of young families, it’s likely going to stay that way for a while.
It seems like the current owner got a great deal. Although it was too bad that with all the amenities here that it wasn’t built more green with more modern innovations. I think that even if it had been a little smaller some green innovative amenities would have made a huge difference. The very green group of smaller homes on 19th just north of E.Union did sell for quite a bit more, not a million dollars. Most who want to live in an Urban environment here are not looking for the McMansion.
Thank you for the post.
I’d be curious to know who the developer of this wretched monster project was … doubt they live in town.
Projects like this can be devastating for a block, they tweak the scale too much.
In reading through the prior articles’ comments posts it sounded like the neighbors knew the developer, they referred to him as “The Russian” and he was responsible for some of the other McMansions popping up in the CD. Sounds like an episode of The Sopranos.
I toured the home. It is a large home, but in no way warrants a $1m price tag during whatever bubble. Besides the neighbors were very sketchy looking. Whoever lives there, good luck!
How is a $97,500 profit considered small? If I did that kind of sell once a year I’d be sitting quite pretty.