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November 2010

Seattle Condo Project Update

If you are still looking for a condo in this last quarter of the year and trying to beat the year end deadline, here is a quick update on some of the condos on the market:

Decatur

The Decatur on First Hill has less than 30 homes left and is around 80% sold.  The seller is offering a 3% credit at closing.  On top of that, there are also offering a 2/1 interest rate buy down with Cobalt Mortgage.  Interest rates start from 2.25%.  With the credit at closing and buy down, in most situations, the homes are selling at ~35% off original asking prices.  The Decatur is FHA approved. 

1 BR units priced from $189,950
2 BR units priced form $269,950

 Trace North

There are still some homes available at Trace North and they have  made some price adjustments.  Here is their current price sheet.  The average price reduction is ~15%.  The building is around 90% sold, and Trace Lofts is 95% sold. The last two homes' prices were reduced by as much as $110,000.  

Trace Lofts

#407 
Open One bedroom, 703 square feet
was $369,950, now $324,950 ($45,000 reduction)

#406
Two bedroom , 1,154 square feet
was $699,950, now $589,950 ($110,000 reduction) 

  1111 East Pike

Eleven Eleven East Pike has sold 17 homes with 10 homes left.  The seller is offering a Smart Car credit of up to $14,000 with a Smart Car parking space.  One bedroom homes are priced from $239,950. 

More condos update to come.  Stay tuned. 


200 West Highland Relaunch

LR morning light View 502 terrace


200 West Highland is a high-end boutique condo on Queen Anne hill and is relaunching on November 16th, Tuesday at 3pm for brokers and 5pm for the public.  The building avoided foreclosure this past June and the developer worked with Bank of America to continue to sell homes.  As of their last press release,  they have sold 8 homes.  The relaunch event will be hosted by Apprentice Winner and HGTV Star Kendra Todd, who is also a real estate broker. 

The remaining two and three bedroom homes ranging from1,500to 2,800 square feet will be priced from $700,000 to more than $1.7 Million. 

Related posts:

200 West Highland avoids foreclosure
200 West Highland Update
200 West Highland 


Seattle Condo Market Update: October 2010

No two ways about it, October was not a good month for the Seattle condo market.  

In fact, October was the second lowest month of the year with 124 homes closed.  The lowest was February with 116 homes closed.  Inventory remains about the same with 1,349 units for sale, 0.9% higher compared to a year ago. 

Compared to October of 2009, both pending and closed sales in October 2010 took a big dip.  Pending sales were down 50.37% and closed sales were down 32.61%.  Median closed prices were 17% lower than a year ago (and dropped from $297,000 this September 2010 to $250,000 this past October).  

Based on pending sales, we have about 10 months of inventory on the market.  If we based it on closed sales, the number is slightly higher at 11 months.  As we approach the slower holiday season, next quarter number's are not expected to show much improvement. 

Related posts:
Seattle Condo Market Update: September 2010
Seattle Condo Market Update: August 2010
Seattle Condo Market Update: July 2010
Seattle Condo Market Update: June 2010