Suitcases Full Of Cash

We’ve got two crazy bidding war stories to follow up on. First there was this mid-century modern home in Mercer Island that looked amazing in the photos, but in person the bedrooms were microscopic. It was listed at $1.1M and went under contract on the review date, but what’s crazy it that it closed, sold, transferred title only four days later for $200K over list price. The only explanation is a suitcase full of cash.

The second one still has me scratching my head. This Green Lake / Tangletown Bungalow was listed at $925K, went under contract and sold for $1.357M, 46% over list price eight days later. Again must have been a suitcase of cash. To top it off this home was purchased in 2014 for $875K.

If you don’t have one of these, you should get in touch with one of our lenders who can get you pre-underwritten and able to compete with cash buyers.

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One Response so far.

  1. […] This Week’s Battle Scars We knew the lull last week was an anomaly because of the holiday week, bidding wars were back in full force this week. We were involved in two that are informative of the market in general. First there was this cute rambler in Shoreline that we knew was going to be a little crazy when we showed up for a pre-inspection and found six (6) concurrent pre-inspections happening. The best way to describe the scene was like a doctor’s waiting room. Everyone was sitting/standing wherever they could find space, nervously looking straight ahead. There ended up being 12 offers and the $425K home sold to an all cash buyer for over $500K. Then there was this nice 1-bedroom view condo by Gasworks that only had two concurrent pre-inspections while we were there, but ended up with 5 offers and the agent won’t share how much it sold for. We’ve seen prices jump like step functions across the region over the last year and I think we’re about to see that happen in Shoreline this year. Between the home we lost out on and this home that closed this week for $500K on $439K list price, I think we’re about to see the end of turnkey homes in Shoreline under $500K. Suitcases of Cash in Kirkland Finally we’ll look at what’s happening in Kirkland. We’ve been keeping a close eye on Kirkland because we have a few buyers looking as well as a new listing coming on in a couple of weeks. This particular home caught our eye because it’s similar to our future listing. I just spoke with the agent and got the inside scoop, it was listed for $875K and will be closing on Monday (2 weeks later) for $1.1M. You guessed it, suitcases full of cash. […]

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