What is the deal with the insane Bellingham housing market?? (Seattle: renting, houses)

[CrazyDonkey]

The 813 15th St property is in a very desirable neighborhood (South Hill) with a panoramic view of Bellingham Bay. The sunsets on the Bay can be spectacular.

The 416 16th St property is in the same neighborhood, close to Boulevard Park (on the waterfront) and with a similar panoramic view of Bellingham Bay.

The 2822 Lakeway Drive property is not in the "boonies", but in "a small enclave of high-end homes near Whatcom Falls" (with the "wooded" park across the street) and close to Lake Whatcom (and a swimming beach). 76 days on Zillow, so no takers so far.

Plenty of desirable properties going for much less:

https://www.zillow.com/homedetails/1...23607372_zpid/ $499,000

https://www.zillow.com/homedetails/2...23607778_zpid/ $550,000

https://www.zillow.com/homedetails/2...23622590_zpid/ $560,000

Now, this is in the "boonies":

https://www.zillow.com/homedetails/7...23662582_zpid/ $750,000

[saturno_v]

Now, this is in the "boonies":

https://www.zillow.com/homedetails/7...23662582_zpid/ $750,000

Do you think that box in the middle of freaking nowhere at $750K is a good deal?? Actually is more overpriced than the other homes. It could have an appeal only as a vacation home for people that appreciate isolation....

The other properties you posted are obviously priced lower but the houses are clearly far worse and smaller.

[Ruth4Truth]

Originally Posted by CrazyDonkey

The 813 15th St property is in a very desirable neighborhood (South Hill) with a panoramic view of Bellingham Bay. The sunsets on the Bay can be spectacular.

The 416 16th St property is in the same neighborhood, close to Boulevard Park (on the waterfront) and with a similar panoramic view of Bellingham Bay.

The 2822 Lakeway Drive property is not in the "boonies", but in "a small enclave of high-end homes near Whatcom Falls" (with the "wooded" park across the street) and close to Lake Whatcom (and a swimming beach). 76 days on Zillow, so no takers so far.

Plenty of desirable properties going for much less:

https://www.zillow.com/homedetails/1...23607372_zpid/ $499,000

https://www.zillow.com/homedetails/2...23607778_zpid/ $550,000

https://www.zillow.com/homedetails/2...23622590_zpid/ $560,000

Now, this is in the "boonies":

https://www.zillow.com/homedetails/7...23662582_zpid/ $750,000

I like your taste in properties here, in terms of the larger, well-treed lots (Bellingham). Unfortunately, although the exteriors are showy, the interiors are very bland, and obviously new construction. Still, the prices are much better than with the earlier listings with comparable sq. footage and bigger lots. I've always preferred to be nestled among evergreens, than to have a "view" lot. An up-close-and-personal "view" of trees is my idea of luxury.

[mayfair]

Those lower cost properties in Sudden Valley have a very expensive and somewhat problematic homeowner's association (much deferred maintenance there that has to be paid for). And they're a drive from Bellingham proper on a windy 2-lane road that gets icy and snowy at times during winter and it gets backed up with traffic during peak commutes. So they cost less due to location.

Usually low cost in a highly desirable market means an undesirable location for the average buyer. Granted, some people love Sudden Valley. But many don't.

[CrazyDonkey]

Originally Posted by saturno_v

Do you think that box in the middle of freaking nowhere at $750K is a good deal?? Actually is more overpriced than the other homes. It could have an appeal only as a vacation home for people that appreciate isolation....

The other properties you posted are obviously priced lower but the houses are clearly far worse and smaller.

Did I say it was a "good deal"? No, just that it was in the "boonies". I could have linked this one:

https://www.zillow.com/homedetails/3...68337558_zpid/ (it's not a bargain, either!)

The other properties are half (or less) the cost of the OP's properties. Are the latter twice (or more) as good? Uh, no. The correct comparison would be with comparable properties in the Seattle market.

[StealthRabbit]

Originally Posted by CrazyDonkey

Did I say it was a "good deal"? .. Are the latter twice (or more) as good? Uh, no. The correct comparison would be with comparable properties in the Seattle market.

And for many.... There is no comparing Bellingham to Seattle. Hands down, they would (and do) choose Bellingham.

We haven't seen the tsunami yet, of vast early retirees departing Seattle Metro to settle / resettle in Bellingham.

Some have already done so, many desire to follow. It's not perfect, but a far sight closer than their current, rapidly declining city metro area.

Just following the trend of many desirable places. Cost is not a barrier to those with a dream, and the means to bring it to pass.

I was raised in a very desirable Mtn resort town. Tho I left when it became too crowded for me (1979).. . Today the population and prices are over 20x. No chance to return (I really miss the 'old town', but it will never again be that town).

But it IS 'that town' to the recent newcomers. The price of America! (freedom of choice). To those who can, or are willing to afford it.

[CrazyDonkey]

Originally Posted by mayfair

Those lower cost properties in Sudden Valley have a very expensive and somewhat problematic homeowner's association (much deferred maintenance there that has to be paid for). And trhey're a drive from Bellingham proper on a windy 2-lane road that gets icy and snowy at times during winter and it gets backed up with traffic during peak commutes. So they cost less due to location.

Usually low cost in a highly desirable market means an undesirable location for the average buyer. Granted, some people love Sudden Valley. But many don't.

All three are in outlying areas, but are still "in" Bellingham, although east of I-5 - two in Sudden Valley. (The "prestige" areas are west of I-5.) Another issue with Sudden Valley is that it is on the wrong side of a ridge - the sun sets early and suddenly. You do get access to the lake.

Here's one that is a bit more, in Bellingham, north of Lake Whatcom:

https://www.zillow.com/homedetails/1...23622182_zpid/ $655,000

[CrazyDonkey]

Originally Posted by Ruth4Truth

I like your taste in properties here, in terms of the larger, well-treed lots (Bellingham). Unfortunately, although the exteriors are showy, the interiors are very bland, and obviously new construction. Still, the prices are much better than with the earlier listings with comparable sq. footage and bigger lots. I've always preferred to be nestled among evergreens, than to have a "view" lot. An up-close-and-personal "view" of trees is my idea of luxury.

Then you'll probably like:

https://www.zillow.com/homedetails/4...23610352_zpid/ $585,000

https://www.zillow.com/homedetails/5...23660326_zpid/ $599,900

https://www.zillow.com/homedetails/1...23609165_zpid/ $615,000

[rkcarguy]

Originally Posted by mayfair

Those lower cost properties in Sudden Valley have a very expensive and somewhat problematic homeowner's association (much deferred maintenance there that has to be paid for). And they're a drive from Bellingham proper on a windy 2-lane road that gets icy and snowy at times during winter and it gets backed up with traffic during peak commutes. So they cost less due to location.

Usually low cost in a highly desirable market means an undesirable location for the average buyer. Granted, some people love Sudden Valley. But many don't.

SV has an authoritarian HOA board that has awarded themselves expensive benefit and compensation packages. All my co-workers that lived there have had issues from roads not being maintained or cleared during winter to having their homes exterior color removed from the "approved color list" while they were mid-way through re-painting with the same color. (Therefore no longer grandfathered in and had to choose another color and start over). Another homeowner had some trees removed and the tree service cut down one by accident that was supposed to stay. The HOA sued the homeowner. Above co-workers have all sold their SV homes and moved on.

[MtnSurfer]

Originally Posted by saturno_v

You need to do your homework when you buy in Florida, hurricanes are not the end of the world if you know what and where to buy.

If you do not understand the allure of Florida with this pic

Thousand of words will not be able to do the trick...

That beach is 30 mins from my house......

When you get old and your joints hurt, is not fun to shovel snow out of your driveway or risk a bone cracking tumble going on a walk...

Depends on where you buy in Florida, you are a bit over one hour or so of low cost plane ride from mountains, forests and snow if you miss the white stuff and want few days in an Alpine setting.

Originally Posted by Hemlock140

Not my cup of tea. I much prefer old-growth woods, mountains, rivers and lakes. A matter of taste I guess.

I think Hemlock summed it up quite well. It truly is a matter of taste or preference. As someone who loves the beautiful nature of the PNW as well as warm tropical type coastal environments, I see the pros/cons of both. Beauty or in this case value is in the eye of the beholder. It really has very little to do the physical property (you can buy a mansion dirt cheap in nowhere flyover country). And it has everything to do with location including proximity to the water, views, recreational opportunities out in nature, art, culture, cuisine, airport(s), career opportunities if still working and not remote, etc....

As a prior real estate appraiser for many years it's always about Location, Location, Location, bottom line. Of course having a bigger lot, nicer construction and the like will help, those alone never justify final value and therefore cannot be looked at outside the context of the location. Coastal California along Monterey and Carmel where I moved from is a perfect example of this. Even a tear down home will sell for over 1 million dollars. If you ask me who would pay over a million dollars for a house that needs to be torn down, the answer is many, many would love to especially if there are ocean views!!

So, the real question is not are those houses worth it but rather is living in BHAM itself in those specific locations really all that? For some it obviously is. Though that is more a matter of taste. But as long as those who really like BHAM are willing to pay, the market determines value.

As to Florida, I personally would see the appeal big time since I love the ocean and actually going in the water without a drysuit on. That is rather than simply looking out over it while sitting next to a fireplace sipping tea or coffee. But many enjoy it just fine from the shore or behind their window. Add to that some don't like sand or getting their feet wet. See what I mean? There's no one right answer here and never will be.

Derek