Complete teardown in Highland Park asks $1M

On two parcels with potential for three lots, this property's value is all in the land-- asking $1M On two parcels with potential for three lots, this property's value is all in the land-- asking $1M Photo: Brenda Peterson, Keller Williams Photo: Brenda Peterson, Keller Williams Image 1 of / 23 Caption Close Complete teardown in Highland Park asks $1M 1 / 23 Back to Gallery

Though the size of the lot and the opportunities it could offer explain the price tag, shambolic abodes asking $1 million are always worth a second look -- and this one is no exception.

The home

The house here isn't expected to stand once the deal goes through.

But once, it was a four-bedroom, four-bathroom home of 1,490 square feet. It was built in 1945. Subsequent decades have not been kind.

Triple the options

With two parcels totalling over 15,000 square feet, the value is clearly in the land. The property is zoned for single-family, up to 5,000 square feet.

Listing agent Brenda Peterson explained that this designation gives the new owner many options: Build one large house; split the parcels and build two homes; or pay to subdivide and create three lots for three homes.

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The area is hard to assess as there are no sales in the 98106 in the past 30 days. However, in November and December of 2018 and from this zip code, single-family homes of 1,400-1,700 square feet have sold for between $498,000 and $610,00.

The location

Highland Park is about an 20 minutes from downtown Seattle (unless it's rush hour). This home at 7323 Seventh Avenue Southwest is close to south Seattle University, parks, playgrounds, and the Duwamish Waterway.

It's also convenient to the West Seattle Junction and Interstate 5.

RELATED: Real estate outside King County continues to see price increases

What do you say readers? Deal of the new year?

See the complete listing here.

Anna Marie Erwert writes from both the renter and new buyer perspective, having (finally) achieved both statuses. She focuses on national real estate trends, specializing in the San Francisco Bay Area and Pacific Northwest. Follow Anna on Twitter: @AnnaMarieErwert