We're priced approximately $200K BELOW comparable land sales, with nearby properties being purchased for $1.8M–$2.5M and new-construction values reaching $4M - $6M.
Here's one that builders need to take a serious look at! Located in a highly desirable Bellevue neighborhood surrounded by beautiful $4M–$6M homes, this property offers a couple of ways to make money.
The existing home is a 3-bedroom, 2-bath, 1,500 sq ft house that's already had some updating. The kitchen still needs attention, but a cosmetic refresh could make this a relatively straightforward flip.
But the real opportunity here is tearing it down and building something spectacular!
Two ways to make this deal work:
Quick Flip: Update the kitchen, finish the cosmetics and get it back on the market.
New Construction: Tear down the existing home and build a luxury residence that matches the surrounding neighborhood. This is where the bigger opportunity lies!
COMPS ARE TOO EASY ON THIS ONE!!
LAND & NEW-CONSTRUCTION COMPS
10223 NE 24th St — 8,442 Sq Ft Lot | Land Sold $1,825,000 | New-Build Value $4,845,000
10217 NE 24th St — 8,442 Sq Ft Lot | Land Sold $1,925,000 | New-Build Value $4,690,000
10411 NE 28th Pl — 8,854 Sq Ft Lot | Land Sold $1,900,000 | SOLD $4,200,000
10620 NE 28th Pl — 10,268 Sq Ft Lot | Land Sold $2,023,000 | SOLD $3,850,000
9030 NE 21st Pl — 12,239 Sq Ft Lot | Land Sold $3,300,000 | New-Build Value $5,998,000
2309 103rd Ave NE — 7,805 Sq Ft Lot | Land Sold $1,924,950 | New-Build Value $3,598,000
719 95th Ave NE — 8,564 Sq Ft Lot | Land Sold $2,500,000 | New-Build Value $5,888,000
10030 NE 27th St — 17,494 Sq Ft Lot | Land Sold $2,100,000 | SOLD $6,950,000
11005 NE 15th St — Lot Size Not Verified | Land Sold $2,165,000 | SOLD $4,400,000
11021 NE 14th St — Lot Size Not Verified | Land Sold $2,220,000 | SOLD $5,680,000
The bottom line: You can certainly make money renovating the existing house, but builders should be looking at the bigger picture. You're buying into a multimillion-dollar neighborhood at a price below comparable land acquisitions, with the potential to build something truly impressive.
Opportunities like this don't come around often. Bring your builder or architect, verify what can be built and run your numbers!
