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October 2007
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December 2007

November 2007

Sales Center Visit Experience

Most buyers focus on the location, building, amenities, and unit floorplans when considering a new condo purchase. What many have learned is that finding out the information you need can be made much easier (or more difficult) based on how well the sales center is organized and managed.

Did you feel wowed, pampered, and delighted by one particular sales center? Share your feedback and vote for your favorite sales center (even if you didn't end up buying, you're welcome to recognize a particularly satisfying visit).

-Wendy


Happy Thanksgiving!

Happy Thanksgiving to all SCR Readers!

Happy_thanksgiving_2

Even though the market is not as hot as it was last year, we still have a lot to be thankful for in Seattle. The market is performing dramatically better than most other parts of the country and the rising rental market is providing a good parking spot for many long-term investors.  Moreover, most owners still have a ton of equity from years of appreciation and buyers can once again find a great place without worrying about escalation clauses and hasty pre-inspections. 

While we'll need to see how next year's numbers look, I'm already starting to see buyers come back into the market and suspect this will continue as an increasing number of people determine prices are not likely to move down much further and want to get a head start before all the deferred purchasers re-enter the market. With any luck, we'll be in a nice balanced market next year. In the meantime, let's remember how well the Seattle condo market has performed over the last few years and give thanks that it's been a really mild landing so far. 

Gobble Gobble!

-Wendy


Seattle Largest Condo Project- Insignia

2301_6th_ave_2The site of Teatro Zinzani will soon become home of Seattle's largest condominium project. Occupying the whole lot between 5th and 6th Ave and Bell and Battery Street, Insignia condominiums will begin construction next year. The twin tower condos will feature a whopping 643 units ranging from one to three bedrooms and from about 763 sf to 2,650 sf. Read more.

Seattle Condos 2.0

-Wendy


Seattle Condo Market Update

As we move into the last quarter of the year, let's examine the numbers. Overall for the month of October, inventory in Seattle remains higher than same time last year by 76.15% with a total listings of 1,573 condos. Median closed price is still holding up at 10.61% higher than Oct 2006.

Oct_07_statistics

Pending sales have slowed down for Capitol Hill/Madison Park/Central and Queen Anne/Lake Union/Magnolia areas by 9.52% and 38.71% respectively versus the same time last year. The Belltown/downtown area on the other hand is showing an increase in pending sales by 42.86% compared to a year ago with more than half of the pending sales coming from new construction condos. However, median closed price in Belltown/downtown area dipped by 19.66%, this is due to a higher number of lower price range condos sold last month compared to a year ago.

Many industry experts argue that with the low interest rates and the increase in the month of inventory, this last quarter presents a good opportunity for home buyers.

Oct_07_active_sold_listing_2

Moving into a the slower season with Thanksgiving around the corner and many buyers deferring their searches till next year, market activity will most likely slow down for the rest of the year.

September update

-Wendy


Seattle Rental Market

Let's face it. With the exception of the high end of the market, the mainstream downtown condo mid-market is not really moving. In fact, increasing numbers of patient home buyers are worried prices will retreat further the moment after they buy. As a result, more and more sellers are tired of waiting for a buyer and opting to become these waiting buyers' landlords rather than raise the white flag and make huge price reductions. 

Moreover, those sellers who have experimented with dropping selling prices aren't seeing much change in buyer activity anyway. Much of the market is on lock-down mode and it seems most buyers have made up their minds that they're not getting in this year regardless of the numbers. It would appear as though there have only been 2 speeds in downtown Seattle condos for the last few years, fast and stop.  As an example, only one 2BR condo less than $500K was sold in Belltown in September and another one in October.

The optimistic owners are quietly taking their units off MLS and hoping buyers return to the market at the same time in the Spring to compete against each other for the most desirable units next year (probably in May/June). In fact, 15% of those who took the recent SCR poll as of the time of this post believed prices will rise in the Spring and another 15% believed prices will be steady but inventory will move more quickly.

Continue reading "Seattle Rental Market" »