Seattle Condo Blog and Community Information

The treasury department extended the tax credit until Sept. 30 to allow buyers to complete their purchases and qualify for tax credits of up to $8,000 for first-time buyers and $6,500 for existing owners who move. Under the original plan, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.

The extension only allows people who signed contracts to finish the transaction at the later date. This will help the buyers who are purchasing short sales which can take months or never actually close.

Received a call today from Bernard Troy of King 5 news.  He is doing a story on Madison lofts and how prices are dropping.  I gave him inputs about other projects where we are seeing price drops also.   One of the projects I mentioned is the Cosmopolitan where I happen to own an investment unit.  

 Buyers might be able to get a better deal on a condo that is 2-3 years old than buying new.  But isn’t this the case with buying a new car!  If you buy a car a couple of years old you can get a significant price savings,  but car buyers do buy new cars.  Why?  because they like the feel of a new car.   This seems to be the case with condos and houses.