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Mr. Brandt's Flips a New House

by Cory Brandt

Feel blessed there is no sense of smell with a video (I’m sure that technology is coming – I wouldn’t make you suffer through it regardless). 

But before we get into the new house, I thought it’d be good to give a little insight into my last project in Issaquah  (the last series of videos).  I'm now calling it "A River Runs through It".  Shortly after we filmed the final video, it rained and it rained and it rained.  By the description, you can probably imagine what happened next.  I estimate 1000 gallons of water ran into the basement. The problem was one broken footing drain (old footing drains were concrete with a 1” gap between pipes that were a foot long…now they are perforated plastic pipe).  

I showed the home at 1pm on Friday.  By 2pm, I had a call from an agent telling me the house was filling up.  I didn’t figure out the source until the next day.  In the meantime, all that water ran through the basement.  It ruined the carpet, trim, drywall, etc.  There was $15,000 of uninsured damage…and ruined our first impression on the market.  A quick tip:  if you’re going to flip a house, make sure you have enough margin so it doesn’t end up a flop.  It was not a good day in the Brandt household.  

A few weeks later we had the home put back together.  Luckily, we ended up with multiple offers and sold the home for $15k over list price.  

2015 Real Estate Market Review

by Cory Brandt

The median price for a single family home in King County was up 9% in 2015 to $480,000 from $440,000 in 2014.   The median price in King County in 2007 was $455,000.   One of the primary drivers of this market is lack of inventory.  For example, last week I represented three buyers in bidding wars.  We weren’t the highest bidder in any of them but, we won two of the three (reputation and knowing how to write a strong contract truly makes a difference).  

The one we lost was in Laurelhurst.  My clients offered well over asking and I was told “you weren’t even close.”  For those of you who know Seattle, a teardown in Laurelhurst on a 40’ wide lot with reasonably good lake views now sells for over $900k (that one started at $750k).  

Over the years, I’ve had lots of clients say they “won’t pay more than the listed price.”  In a market like this, it may restrict buyers to only the overpriced listings in the more coveted neighborhoods.  I can tell them I paid $142k over the listed price for a home (see Mr. Brandt's new flip).  It was a great buy – but that was almost 50% more than the listed price.  The listing agent had over 30 offers, so he was definitely just a tad off on his valuation. 

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Contact Information

Photo of Cory Brandt Real Estate
Cory Brandt
RE/MAX Integrity
371 NE Gilman Blvd, Suite 160
Issaquah WA 98027
Mobile: (206)419-2679