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August 2015

This Weeks High and Low and Everything in Between

Each week we are going to highlight the highest priced condo and lowest priced condo to sell in Seattle during the previous week, not including distressed (bank owned or short sale) properties. We will also give you the averages for everything in between that sold in Seattle that week.

Here is the high, the low and everything in between for the week of August 17th through the 23th.

The High:
#1810 at Enso Condominiums – 820 Blanchard St in South Lake Union
High 8.17.15

  • List Price: $1,499,000
  • Sold Price: $1,499,000
  • 2bd 2ba
  • 1,893 square feet
  • Price/Sq Ft: $791.86
  • Built 2009
  • Days on market: 0

Continue reading "This Weeks High and Low and Everything in Between" »


Update on LUMA Condos

ConstructionToday I decided to do a walk by the new condo project Luma on First Hill to check things out and I was happy to see it looks like they're about a third of the way up on the construction of the main structure as crews are preparing to pour the concrete flooring for the 8th floor.

You can also start to see some of the larger patio spaces taking shape on the first and second floors which is fun to see how large those spaces are. Also while walking around the site I was surprised to see a new pocket park just one block to the north that has been built at the corner of Boylston and University and people already enjoying their lunch at the new tables and chairs.

Pre-sales at Luma are well underway and and the completion of construction is still estimated to be summer of 2016.

For those buyers currently in the market for a condo here in Seattle a pre-sale can be a great option especially in light of the very limited inventory of a resale condos. Also a pre-sale is a unique opportunity to pick the preferred floorplan and preferred view orientation that works best for you as well as avoid competition and competing offers found in the current condo resale market. If you'd like to talk through some of the pros and cons of different pre-sale condo buildings including Luma, our team is available to help.

Park Consturction2

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.


This Weeks High and Low and Everything in Between

Each week we are going to highlight the highest priced condo and lowest priced condo to sell in Seattle during the previous week, not including distressed (bank owned or short sale) properties. We will also give you the averages for everything in between that sold in Seattle that week.

Here is the high, the low and everything in between for the week of August 10th through August 16th.

The High:
#44 at Laurel Park Townhomes – 5051 50th Ave NE in Laurelhurst
High 8.10.15

  • List Price: $1,295,000
  • Sold Price: $1,295,000
  • 3bd 3.5ba
  • 3,670 square feet
  • Price/Sq Ft: $352.86
  • Built 1986
  • Days on market: 11

Continue reading "This Weeks High and Low and Everything in Between" »


Two New High Rise Towers in Denny Triangle May be Bigger than Expected - View Obstruction Advisory for Insignia Condominiums

Antoich Site
In a previous post I discussed the potential view obstructions to the west of the new south tower at Insignia from a new proposed 24 story condo building in Belltown at 4th and Bell.  Now, it’s the east side of Insignia Condominiums that we need to be aware of.  Many different rumors have been circulating as to what will be going on the current site of Antioch University in the Denny Triangle/Belltown area, as well as the large block just across the alley to the east of Antioch.

As developers try to be the first to get their project approved and permitted to allow them to build to the max height and with the most square footage, two different land owners and developers are looking to build on the two lots just across 6th avenue form the new Insignia Condominiums.

The latest information in this PSBJ article is indicating two 45 story towers on a 12 story podium with some ground floor retail are being proposed for the Antioch site.  The renderings show two towers at basically the same height as the Insignia towers, so those owners and potential buyers in Insignia should be aware of the upcoming development to the east which will likely obstruct views to the east oriented views including outlooks of Lake Union, Capitol Hill, etc. Even upper floor “penthouse level” units will likely be impacted if the buildings are built. This development risk has been known for quite a while, but it’s starting to look like designs are now being proposed.

As buyers, and even sellers in this very dynamic Seattle market, it’s important for you to know what’s being proposed and developed in your neighborhood.  Timing and location are big factors in the real estate market, even more so here in Seattle as things are changing and growing so incredibly fast.

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.


This Weeks High and Low and Everything in Between

Each week we are going to highlight the highest priced condo and lowest priced condo to sell in Seattle during the previous week, not including distressed (bank owned or short sale) properties. We will also give you the averages for everything in between that sold in Seattle that week.

Here is the high, the low and everything in between for the week of August 3rd through August 9th.

The High:
#2501 at One Pacific Tower – 2000 1st Ave in Belltown
High 8.3.15

  • List Price: $1,625,000
  • Sold Price: $1,595,000
  • 2bd 1.75ba
  • 1,523 square feet
  • Price/Sq Ft: $1,047.28
  • Built 1994
  • Days on market: 50

The Low:
Division 3 Condos - 10617 Glen Acres Dr S in Glen Acres
Low 8.3.15

  • List Price: $199,000
  • Sold Price: $150,000
  • 2bd 2.25ba
  • 1,371 square feet
  • Price/Sq Ft: $109.41
  • Built 1972
  • Days on Market: 58

Everything in between:

  • 68 condos sold in Seattle
  • Average List Price: $546,140
  • Average Sold Price: $547,825
  • Average Square Footage: 1,021
  • Average Price/Sq Ft: $539.70
  • Average Days on Market: 18

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.


Home Prices Fall in July – Is the Market Cooling?

MedianSalePrice_715You may, or may not, have read the two articles recently published last week, one by The Seattle Times, and the other by The Puget Sound Business Journal, regarding July home prices falling and a cooling of the market.  One article states that the market is cooling and the other says those figures don’t necessarily mean that the market is cooling.  We have been getting questions about this from our clients and readers, so I thought I would add my perspective.

Why do we bring up these contradicting articles? It is always good to remember that all data can be interpreted differently and it is important to dig into it to see what the numbers really mean to you specifically.  Also important to evaluate, is whether or not the numbers are talking about single family homes, condos, or is it a combination of both? Also are the numbers an average of King County as a whole or specifically here in Seattle?

Both articles contend that sales prices declined between June to July in the Puget Sound Region. Which is true from a month to month comparison, but median closed prices are still up 5.9% percent for single family homes over last July in Seattle, with condo prices being up 34% over last July in Seattle.      

There may be a “cooling” in closed prices in some segments of the market when comparing July to June this summer, but the velocity of sales and the number of sales increasing over last year,  also indicates that there is still a shortage of inventory, which will still drive pricing up over the long term. After the summer months come and go, I anticipate a “warming” back up until the holidays where prices may ebb again.  This is especially true, if feel, in the Seattle condo market, where the heating up is just really starting with Insignia just recently starting it’s closings of the first phase of condos in July.  These will set a new bench mark for condo prices downtown and possibly create some inventory movement caused by move up buyers who have purchased in Insignia and therefore need to sell their current condos (or single family homes) in the city.  

*chart above is the median home prices for 13 months for both Condominium and Residential
listing data throughout NWMLS’s coverage area in Washington State but is representative of the overall pricing trends


By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.


This Weeks High and Low and Everything in Between

Each week we are going to highlight the highest priced condo and lowest priced condo to sell in Seattle during the previous week, not including distressed (bank owned or short sale) properties. We will also give you the averages for everything in between that sold in Seattle that week.

Here is the high, the low and everything in between for the week of July 27th through August 2nd.

The High:
#1 at The Fairmont – 941 11th Ave E in Capitol Hill
High 7.27.15

  • List Price: $1,295,000
  • Sold Price: $1,295,000
  • 2bd 1.75ba
  • 2,121 square feet
  • Price/Sq Ft: $610.56
  • Built 1920
  • Days on market: 7

Continue reading "This Weeks High and Low and Everything in Between" »


Client Question: What Documents Will My Lender Need?

Mortgage App OnlineClient Question: “I'm about to meet with my lender and want to be prepared, what documents will they need from me now for the pre-approval and for the loan in general?”

Dear What Documents Do I Need:

This is another good question. The lending portion of the home buying process can sometimes be the most stressful if you don't know what to expect. And although all loan situations are unique, here is a list of the documents you will most likely need to supply to your lender for both your pre-approval and your actual loan, along with a list of potential documents you might need.

Basic Commonly Needed Documentation

  • W-2: two years worth of W-2's (if you have a conventional W-2 job)
  • Pay Stubs: at least one month worth of pay stubs
  • Bank and Asset Statements: last two months of bank and asset statements (make sure to provide ALL pages, even if some are blank)
  • Tax Returns: the last 2 years tax returns and all schedules (but might need to provide more in certain circumstances like being self-employed, having a rental property, etc.)
  • Identification: your driver's license, passport or state ID card
  • Business Tax Returns: if you own a business or are self-employed you have to document all income you claim on your loan application and the docs you need to provide vary based on the business structure but might include profit and loss statements, business tax returns, etc.
  • Source of Funds: if your submitted bank statements include any large or unusual deposits you will have to verify where you received the money from
  • Proof of Reserves: most lenders want to see proof that you have enough reserves to cover at least 3 months of your mortgage payments
  • Cancelled Rent Checks: if you don't own you will need to prove you pay your rent on time with a landlord verification form or 12 months of cancelled rent checks (giving your lender your landlord's contact information up front is super helpful too!)

Continue reading "Client Question: What Documents Will My Lender Need?" »