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July 2009

Announcing the Seattle Condo Market Trends Page

Ever wish you could see a whole lotta Seattle condo stats and charts in one place.  Well look no further, I've put a page choc full of charts for all the aspiring economists and chartists out there.  The page is updated twice a month so you'll always have the most current trends at your fingertips.

Here's an example of one of the 12 auto updating charts you can refer to anytime to get the latest info.  

Real Estate Market Chart by Altos Research www.altosresearch.com

 

To see all the rest, go to the new Seattle Condo Market Update page.  Enjoy!

-Wendy


Harvard and Highland Update

 

(Pictures provided by Admiralty Group, archived under Seattle Condo Gallery)

Harvard and Highland's Broker open house was yesterday and they had a pretty good turn out.  If you are curious how a high-end luxury condo in the Historic Landmark District looks like, they're having their open house on Saturday from 1-4pm.  Prices range from $1.5M to more than $5M.

22 out of the 38 homes are pre-sold with completion expected in one month.  Since the launch of the project, there haven't been any price changes.  Four homes were available for viewing yesterday.  I noticed during the tour that there were no back splashes or cabinets hardware installed in the kitchen.  According to the developer, George Kropinski, many of their home buyers are pretty particular about the type of back splash and hardware that goes into their kitchen. They want to be able to pick their own materials.  

Continue reading "Harvard and Highland Update" »


Four Seasons Condo Cut prices

Four Seasons Condos is planning to cut prices for their 11 remaining homes.  So far, 22 homes have closed with three more units (presold 6 months ago) waiting for custom finish work to complete.  Read more here. It comes as no surprise that the higher end million dollar homes are affected given the current market conditions.  

We are looking at more than 2 years of inventory on the market for the $1M and above homes in the Belltown/Downtown neighborhood.  This is probably the time when buyers who are in the market are going to keep their eyes out for good values.

One question that remains is are all of these price cuts we hear about enough to get buyers back into the market or will they end up being a series of small reductions which may only cause buyers to wait for the next one.  The more I think about it, I tend to think lots of small cuts will actually reduce buyer confidence as opposed to holding prices or doing major cuts in one fell swoop.

Thoughts?

Related posts:

My thoughts on Four Seasons
Four Seasons Update 2
Four Seasons Update


July Seattle Condo Market Update

June numbers are in.  My thoughts:

  • The free fall appears to have ended in March 2009 when pending sales were about half of March 2008. Since then (April, May, and June 2009), we've seen pending sales within 10% of the same month previous year. 
  • While we're seeing glimmers of hope, we're still not beating last year's numbers.  It's getting close but still softer than 2008 across all major metrics.
  • If I were a betting person, I'd say we'll see continued improvements over time but it will probably be a long, hard slog for the next 6-12 months.  The good news is that painful period late last year and early this year where each month was worse than the last seems to have passed.

Seattle condo market july 2009

Related posts:

May Seattle Condo Market Update
April Seattle Condo Market Update
March Seattle Condo Market Update


Marselle Condos Update

 

Marselle Condos opened their sales center last weekend.  I dropped by yesterday to check out the building.  According to the sales center, the building is not affected by Fannie Mae's requirement of 70% presales.  Buyers must use their designated lender, Cobalt Mortgage, which will be underwriting the loan (Frontier Bank, the same bank that is financing the project will be funding the loan). The developer's past projects include the Matae in Belltown.  You'll see a strong resemblance.

Here is a summary of the Floor plans and pricing:

Marselle Price Sheet.

Continue reading "Marselle Condos Update" »


Lumen Auction Results

Ben Miller over at the PSBJ has a great post on his experience at the Lumen Auction.  I agree with him on the vibe of these auctions but differ on the attractiveness of the Lumen final prices.  I suspect a few years from now, most of us will wish we got in at some of these prices.  

 

As an example, someone got a brand new 1,272 square foot condo for $355k (they paid half of the original $712k asking price).  Here's a couple of charts summarizing the results.

Lumen auction results 1

Lumen condo

1111 E Pike Tour

 Picture 037  Picture 036  

The 1111 E Pike building is nearing completion.  The 6-story building has 26 residential homes and two commercial spaces.  One of commercial spaces will be occupied by Cupcake Royale.  I took a quick tour on Tuesday but unfortunately was unable to take any pictures as they are not allowed.

There are 6 homes on each floor with the exception of the penthouse level which will have 3 homes (2 of which has been spoken for).  2nd floor homes have concrete floors and the other homes have dark hardwood floors.  The lobby and roof top decks are the only amenities.  Homeowner dues are expected to be less than 50 cents per square foot.  Square footage for these homes ranges from 600-1,200.  Most of the homes are priced $250,000 to $450,00.  There is only one penthouse unit available priced at $450,000 (~652 square feet). 

Continue reading "1111 E Pike Tour" »