Jun
02
2009
From the National Association of Realtors’ (NAR) Pending Home Sales Index, and based on contracts signed in April, pending house sales are up 6.7% – the highest monthly jump in seven years. Between the first-time homebuyer’s tax credit and low mortgage rates, home sales are on the rise for the third straight month, and up nearly 3.2% since a year ago.
Because of the date limitations of the tax credit (December 1, 2009), the NAR expects a flurry of buying activity over the next six months, both by first-time buyers and, as a result, repeat buyers. Nationally, the present median price for a single-family home sits right about at $170,000. The Northeast saw the highest jump on pending sales (33%); The West (the third highest on the list) saw a 1.8% increase.
The 30-year fixed mortgage rate rose yesterday; April 28 saw the lowest level since 1998 (when the first records appeared).
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Tags: Loan Information
Jun
01
2009
For those of you with some cash in your pockets and a desire for fine living in the heart of Seattle, the condominium auctions roll on, even despite the turnaround shift in the market. Numerous new constructions have taken their wares to the auction block to sell-out crowds, almost every time.
LUMEN just announced it will bring 19 brand new condos to auction in July. Located at 501 Roy St., Lumen offers beautiful living space with lots of great natural light (hence “lumen”). The condos, originally priced between $352,000 and $1.7 million, are accepting starting bids from $155,000 to $750,000. Square footage ranges from 630 – 2,082 in configurations from one bedroom/one bath to 2 bedrooms/den/and three baths.
The building sits at the northern edge of downtown Seattle, a close distance to the city’s best shopping, restaurants, theaters, and Lake Union. The construction is contemporary and offers a superb blend of comfort and elegance. Each condo home includes access to beautiful outdoor Continue Reading »
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Tags: Auctions, New Construction, Seattle Condos
May
29
2009
The Federal Housing Administration (FHA) announced on Friday May 29, 2009 that they will allow homebuyers to apply the Obama Administration’s new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. More information about the details of this plan may be found on Dept of Housing and Urban Developments website
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Tags: FHA, first time homebuyer, loans, tax credit
May
15
2009
The 780 billion-dollar economic stimulus plan – the American Recovery and Reinvestment Act of 2009 – includes an $8,000 first-time home buyer tax credit. Though we were all hoping for the originally proposed $15,000 tax credit, the 8K is still reason to celebrate.
Here are the top 10 things you need to know if you hope to take advantage of the tax credit:
1. The $8,000 tax credit is for first-time home buyers only. (“First time” means you cannot have owned a home for three years before your current purchase)
2. It can be applied to 2009 home purchases closing before December 1, 2009.
3. The tax credit does NOT have to be repaid (unlike the Continue Reading »
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Tags: first time condo buyer, home buyers credit
May
05
2009
The gorgeous brick Rollin Street Flat building (originally offered as condominium units) at South Lake Union is complete. However, with the huge number of empty condos in the city right now, and the economy being what it was these past eight months, the builders made the decision to convert all 208 units to rental properties, to be managed by Riverstone Residential.
Located at 120 Westlake Ave., the Rollin units are move-in ready, with 12 to 18-month leases available and with the bonus of one month to six weeks free rent upon signing. The great location (just across the street from Whole Foods) is complemented by great city and Space Needle views from three community rooftop decks and Continue Reading »
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Tags: Rollin Street, Seattle Condos, seattle new construction, Seattle Rentals, Valcan projects
Dec
14
2008
The stranger has a good writeup on the recent auction of the Press Condominiums on Capitol Hill in Seattle. The auction took place at the Grand Hyatt on 7th and Pine in Seattle on Sat December 13 and attracted many buyers looking for a good deal. Many buyers were disappointed and did not get the great deal they thought they would because the condos were bid up from the original asking price. In the current market there are many condos that are priced aggressively. I recently had the opportunity to put an offer on a condo at the 2200 building that was priced below market. It received several offers above the list price.
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Tags: Auctions, Press Condo, Seattle Condo
Aug
21
2008
The Moda condominium entry level condo development in the Seattle Area was switched from condos to rental apartments as reported in the Seattle Times. The building was offering 250 condominiums that were as small as 296 sq ft and started at approximately $150,000. Many building slated for condominiums are switching to apartments or are not being built . In my opinion in the long run if this continues it will cause a shortage of available condominiums in the area with projected regional area growth predictions. Vacancies in the area are quite low and rents are rising. Rent in one of the condominiums I own in Downtown Seattle increased about 20 percent from last year and. Buyers are currently waiting for prices to drop significantly and in a growing area like Seattle with new supply being eliminated has to ask will that happen.
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Tags: Moda Condominiums, New Construction, Seattle Condos
Jul
17
2008
The news rules proposed by Mayor Nickels are designed to make sure that new multifamily housing is attractive, sensible, and fits in with their neighborhoods, while also supporting affordable housing.” The new rules will reduce required parking in to one space per unit. In downtown and areas around the light rail stations, no parking is required. The proposal is scheduled to go to Council later this summer and regulations are not anticpiated unitl early 2009. The complete story can be found at http://www.seattle.gov/dpd/news/20080710a.asp
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Tags: Seattle Condo, Seattle Townhouse News
