Sep
27
2009
The Gallery Auction was held tonight at the Hyatt hotel in Seattle. I attended with a buyer who was interested in a unit at this condominium. There was a full room of people, it looked as though there was close to 350 seats and they were all filled. Some of the bidding seemed to be emotional and the following table shows the results of the auction. All the units sold and there were multiple bidders on all of the units. Four units were added just prior to the auction. Click on chart to enlarge.
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Sep
13
2009
The news is nothing if not interesting these days with regards to real estate. From TIME Magazine to National Public Radio, you can hear the first big sighs of relief when it comes to discussing the real estate market, and especially here in the Northwest.
It’s encouraging to me to see that young people are putting a brave foot into the waters and starting to understand that if they buy young – mid-20s say – and start small, then there’s only one way to go on the ladder, and that’s up. While condo sales are still a bit wobbly in the knees, there is movement, especially in the non-luxury units. In housing we’re actually starting to see a shortage for first-time homebuyers because young families have seized the “buyers’ market” opportunity for smaller single family houses.
Sure, it can be scary that first time, but remember, 3.5 percent down is still very common, and with a good realtor to guide you, there still is no better investment when you’re young. Another plus is that plenty of people are still moving to the Continue Reading »
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Sep
02
2009
If you’ve convinced yourself that you need to give up your dream of living in downtown Seattle, in a luxury condo with a view, here’s a chance to rethink that. Multiple units of different sizes in Belltown’s upscale Gallery building are going to auction on Sept. 27 with a wide range of affordable starting bids. Schnitzer West, the Northwest development company, is including units in Gallery in its auction plan (along with Brix – see previous Blog), in the hopes of shrinking Seattle’s condo vacancy rate. When we see this begin to happen, then we know the market is beginning its climb toward stability and we’ll all see prices level out. For now, both first-time homebuyers (remember that $8,000 tax credit due to expire on Nov. 1), as well as those looking for a way to move up, will see the Gallery condo auction as a unique opportunity worth jumping on. Gallery condos, at 2911 Second Ave. offer upscale urban living in Continue Reading »
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Sep
01
2009
While TIME Magazine’s latest issue puts Seattle in the better-to-rent-than-buy-now category, it may be wise to question that thinking before putting down that first, last and security deposit. True, pricing still seems to be on the downward trend, especially in the condo world. In fact, July was the second month in a row to see prices continuing to dip––3.6 percent from June and a whopping 10 percent from July 2008. And, the condo inventory has gone up slightly.
What this means, if you can boldly look past the numbers, is that buyers actually may have the advantage. Even though prices may still have a short-term slide, today’s condo prices reflect those of three to four years ago, just before the bubble got out of hand. Add those numbers to the incredible variety of choice available in the market––think views, decks, downtown living, and neighborhoods you might not have dreamed you could afford––and buying vs. renting just might be starting to feel smarter. To top it off, don’t forget there’s the $8,000 first-time homebuyer credit offered until November 1. In the case of Seattle’s amenity-rich condos, we’re not exactly talking cash for clunkers.
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