4411 W 11th; 4,696 sqft SFH; 63×121 lot (7,623 sqft; 0.175 acres)
(Old Timer; Backs onto alleyway behind 10th Avenue stores.)
Listed 9 Oct 2010 $2,980,000;
Price change 6 Dec 2010 $2,890,000
Sold 15 Feb 2011 $2,830,000
Now, the February buyer has turned into an August seller: the house if back on the market (V905972) with an ask price of $3,180,000
MLS blurb includes: “BONUS: 2 self-contained basement suites with potential rental income of at least $2500. Great Holding property – Entire home could rent out for $7000/month.”
The seller is looking for a gross profit of $350K, as reward for holding this property for 6 months. Net profit could be substantially lower.
Who is next in line to own this place?
It seems a little like Russian Roulette… one of these days that gun is going to go off.
This house was first featured at VREAA 6 Dec 2010 when we noted that, at an “Ask Price of $2,890,000″, “10% downpayment ($289K); 4% rate; 25yr amortization” would result in “Monthly mortgage payments: $13,681.79″
In a later post, 5 Jan 2010, we cited it as the kind of house that would sell for less than $1M in the coming trough.
This house was also featured representing our fair city in ‘Unashamed House Porn: Seattle Vs Vancouver’, VREAA, 11 Aug 2011. Looks like we’ll now have to find an even more expensive Seattle home to make this a fair comparison.