High risk, high reward fixer upper


#1

#2

Much smaller waterfront house that’s near it. The first one is on over 7 acres of land. Southworth is being connected to Seattle via pedestrian ferry in 2020. It’ll be 20 min ferry ride to Downtown Seattle. Today, you have to go to Vashon then Seattle on a normal ferry. It takes about an hour.


#3

The issue is Property has been damaged by earth movement.

My guess: I think this liquefaction issue. Even if there is fix, it may likely be damaged.


#4

It’s definitely damaged. It doesn’t even have an occupancy permit. Cash only buyers. Still, how much can thst cost to fix? A much smaller home on far less land is $700k more.


#5

I don’t think the issue is fixing it. The issue is will the ground continue to have liquefaction issues or erosion issues. Could be an endless money pit of fixing every few years. It looks like someone bid on it and then backed out after inspections. That can’t be a good sign.


#6

Hah that reminded me - a big portion of palo alto is in a liquifaction zone.


#7

In the case of earthquake. This one looks like just a little rain can move it already :slight_smile:


#8

Yes, this is a far more frequent and easy trigger compared to earthquake liquifaction.


#9

Hah yes, i know that. It just sounded funny :slight_smile: