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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Aug
29
2009
A variety of units in Brix, the brand new condo building in the heart of Seattle’s Capital Hill neighborhood, are going up for auction on Sunday, Sept. 27. With the $8,000 first-time homebuyer tax credit (due to expire Nov. 1) and opening bid prices that are attractive to everyone, this is a fantastic time to buy a premier urban home. The Northwest development company, Schnitzer West, is doing its part to help stabilize the Seattle condo market pricing. By strategically offering a significant number of units for auction in a variety of new, up-scale buildings, the vacancy rate goes down which means the absorption rate goes up and the market can begin to find its balance again. Brix, located right in the center of energetic Capital Hill, at 536 Broadway, will have 40 two-story loft and Continue Reading »
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Jun
12
2009
Thornton Place Condos offer Summer Incentives for Easy Breezy Northgate Living
Thornton Place is the new buzz around Northgate – one of six Seattle neighborhoods identified for urban renewal by the Mayor’s office. It’s big, it’s classy, it’s convenient, its design is sleek and airy, and its mixed use, community-focused goals are bound to set a precedent in the greater Seattle area. Six separate buildings constitute a European-style village where staircases weave together private areas with the open space plaza, all incorporated within the natural parkland surrounding Thornton Creek.
Seattle-based and family-owned Lorig is a highly respected developer with a track record of community involvement. Mithun, who designed the REI Continue Reading »
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Jun
10
2009
Although the housing sales pendulum is still swinging, we Seattle area residents are starting to feel a little less dizzy these days. Because the Northwest market has not fallen nearly as far as other areas – like California, Arizona, and Florida, for instance – our rebound has been a little quicker. That all has to do with the fact that the economic climate here was not quite as stormy as in much of the rest of the country. Knock on wood.
One buzz word that seems to be surfacing these days is “overvaluation” – that is, that with the big boom in tech and other industry in the past five to eight years, housing prices climbed much faster than anywhere else. So right now, given the bust in some of those industries, our market is Continue Reading »
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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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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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