Posted by: The Tim

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market.

9 responses to “King County Appreciation "Middling"”

  1. ob

    How about this cnn story placing king county in second place for a very dubious honor…
    http://money.cnn.com/2006/01/30/pf/real_wage_growth_slow/index.htm
    That isn’t going to be good for housing either.

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  2. Anonymous

    These “yearly” statistics need to be taken with a grain of salt. They can give a wrong impression about what has actually happened on a month to month basis.

    15% appreciation for the year is an average for the WHOLE YEAR ’05.

    It tells you notthing about what happened in the months of Oct, Nov. and Dec. ’05.

    Most of the US cities that had “15% year appreciation” in ’05 also had stalling and then actual falling off of the numbers for the last quarter of ’05.

    It is the monthly numbers that give an acccurate assessment of the real situation.

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  3. inseattle

    Check the “Bubble Markets Inventory Tracking ” link.

    The numbers are out for % of “Price Reduced” listings in Seattle.

    Our number for Seattle is !!!! 17% !!! of homes on the market have reduced their prices (so far!!!).

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  4. inseattle

    Also, check the Zip Realty “Price Reduced” category for listings that have been reduced in any given neighborhood.

    They also tell you how many days the property has been on the market.

    That info is not generally available on the other MLS lists.

    http://www.ziprealty.com

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  5. biliruben

    Using Zip, I see a sweatin’ flipper at:
    15755 DAYTON

    The flipper bought this fugly rat-trap in the “great area” a few blocks off Aurora (great if you want to walk to strip clubs and Casino’s I guess) for 278K, threw more time and money than he should have at it (new roof, kitchen bath), and listed it for 360K 42 days ago. Then 355K… then 350K… then 340K .. now 335K, and now Brent “must sell!”.

    Looking at the details, yes he does.

    80/20 2/28 option arm.

    Given a conservative 10K in transaction fees, 2K/mo for mortgage and bills, and already two liens on the property; one for taxes and one for wastewater, he’s in serious trouble. He may get out dead-even, but I doubt it.

    His first, and my guess only, foray into real estate looks like a disaster.

    This is the first of many more investor horror stories to come, is my guess.

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  6. Anonymous

    Zip Realty ROCKS!!

    Anyone who is remotely considering buying or selling RE at this time NEEDS to sign up and take a look at their site.

    I am sitting on the sidelines, ready to buy when it seems appropriate (ie. when prices have fallen A LOT).

    But for sure when I am ready to buy, I’m going to contact the folks at Zip.

    Any RE organization that is freely sharing pertinent info right now, when most are doing whatever they can to hide the facts, REALLY DESERVES the public’s thanks and support.

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  7. biliruben

    I have mixed feelings about ZIP.

    A couple years ago, I was using their search engine (I liked the ability to search on yard size), but foolishly responded to an email and told them I already was working with another realtor.

    They tossed me off their system.

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  8. Anonymous

    Biliruben-

    Thanks for the tip re ZIP.

    Moral of the story: use their great resources but don’t make the mistake of telling them you’re using another RE agent!

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  9. Anonymous

    http://www5.metrokc.gov/reports/property_report.asp
    Your first stop in researching properties in Seattle and King County. Also provides links to tax liens, records, etc…

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